Offer withdrawn from Natwest, Any Advice?

Ross3005

This may be one for the brokers on here.

We received a DIP then a written offer for a remortgage from Natwest for a 90%LTV, 247K Loan, house value 275K,

Moving towards completion the Natwest solicitors land registry search found an inhibition had been previously registered on my property in July 2011, The inhibition was removed in July 2012 as soon as I found out about it. However Natwest didn't like this and withdrew the offer despite the inhibition no longer being there. This even surprised the solicitor as they said as long as it's been discharged there is no effect on security over the property

To explain the Inhibition, I had a business unit which I rented under a LTD company. I'd had a bit of a dispute with the landlord over them hitting me with a backdated VAT bill which was on top of some rent arrears. Anyway I sold the business in July 2011 settled all monies owed to the landlord as I had a PG on the rent until end of 2011.

I was unaware that they had used the Personal Guarantee to put an inhibition on the house as I was in full communication with them and had settled by the time the inhibition was raised.

I only discovered it was there last year when I got a Secured loan, I got it removed and discharged from the land registry and the secured finance went through no problem.

The inhibition doesn't show up on any credit reports as it'not related to personal debt or finance. I passed all the credit checks with Natwest right through to offer but they won't budge on this.

I guess my question is that will this be the case with all mainstream lenders that a previously registered inhibition will scupper chances of getting a mortgage even though it's been removed?


I imagine that this is not a common occurence but any advice from anyone that may have come across or experienced this before would be appreciated.

Thanks

reapz69

Hi I know this is a bit off topic but I cant help you or give advice on your situation even though I would like to !

But I think you can help me, I was wondering did natwest re credit check after your survey was done ? Many thanks if you can remember or give advice

Ross3005

Hi,

My post offer experience with Natwest isn't the best as you can imagine but I'm pretty sure all credit checks were done before survey. Good luck.

reapz69

Ross3005 wrote: »

Hi,

My post offer experience with Natwest isn't the best as you can imagine but I'm pretty sure all credit checks were done before survey. Good luck.

ah thanks I am with natwest also:-)