Anyone want to join me? Awaiting Mortgage decision...

Jackofalltrades29

Applied for a mortgage with RBS directly, but got declined today.

Now managed to get hold of mortgage broker (whole of market) and he has said Natwest, he has put full application in today.

Only problem is we had a credit card we paid off about 2 weeks ago and we got declined as that was still appearing on RBS credit check, I said it is now paid off and couldn't get through to anyone to appeal it.

Are Natwest likely to say the same thing or if I prove its paid off will they disregard it? Thanks!

Monobrow

Hi Jackofalltrades, We are currently applying for a mortgage with Natwest. On our credit search both natwest and RBS have left a hard search, Natwest is part of RBS. Did you let your broker know you'd been declined by RBS? Maybe one of the mortgage advisors on here could shed some light? It does seems strange to have been recommeded to apply to the same bank you've been declined from?!

Jackofalltrades29

Hi Monobrow.

Thanks for your reply. RBS declined us based on seeing the credit card of £5k on our credit history but it has actually been repaid. If I could get hold of them and provide the letter from the credit card company showing its been repaid in full and the account closed I wonder if they would reconsider as they said the decline was based on affordability because of this credit card.

The broker applied to Natwest because he said that he can get much lower rates and can argue the bit himself regarding the repaid credit card when it comes to them seeing it still showing as outstanding on our credit file.

Just hoping they accept it on this basis.

Monobrow

Well I am sure these brokers know the system better than we do!
I know our broker had a better rate with natwest than it showed us online.
I think we just have to go with it! Harder said than done when you future is held in someone else's hands!

fairymoneysaver

Jackofalltrades29 wrote: »

Hi Monobrow.

Thanks for your reply. RBS declined us based on seeing the credit card of £5k on our credit history but it has actually been repaid. If I could get hold of them and provide the letter from the credit card company showing its been repaid in full and the account closed I wonder if they would reconsider as they said the decline was based on affordability because of this credit card.

The broker applied to Natwest because he said that he can get much lower rates and can argue the bit himself regarding the repaid credit card when it comes to them seeing it still showing as outstanding on our credit file.

Just hoping they accept it on this basis.

We were declined by Santander because a credit card balance was still showing on our credit file. They would not budge even though we had proof it was paid off. We ended up ringing up the credit card company and asked when it would be cleared from our credit file. Please be aware it can take up to 2 months! When it was cleared we then put another mortgage application in with another lender.

DGE199

I phoned NatWest yesterday to get an update direct and they informed me that our Mortgage was with their offers team! :j

Also had a call this morning (from Broker) to say that it'll be issued by COB Wednesday, so we should have it in time to celebrate at the weekend!

All in all it's taken just over a month from reservation to offer, which sounds longer than it's actually felt!

Thanks to all on here for their help and support (been reading posts long before I first posted!). And good luck to Jackofalltrades and Monobrow with your applications! :beer::beer::beer:

mashmash90

Dave808 wrote: »

I find the Leeds very cryptic indeed!!!!!

Have you heard anything yet? I'm still waiting despite the letter last week. Last I heard its still with underwriters and they were querying something about our rental payments (weird, as we've rented the same place for 4 years and always had the same standing order so no missed payments etc!)

airyfairy76

I have deja vu! Had a mortgage approved in April by Santander for a new build - no issues, went through within a week, and I barely had to think about it due to my fab broker. Due to all sorts of issues leading to delays on the build, my broker is now submitting a new mortgage appication, as the formal offer expires on the 27th of this month, and the build will be ready at the earliest at the end of November.

I have been super careful not to change anything on my credit history in the last six months (new builds are rather prone to this kind of thing), and exchanged contracts back in July - fingers crossed no issues! The good news is that interest rates are lower than they were six months ago.....

glimmerofhope

Can I join you

Reservation on a shared ownership new build end of August
1/9 AIP Woolwich
9/9 meeting with broker
12/9 Full Application
Sit twiddling thumbs for next month whilst the valuation is arranged......comedy of errors seeing house is empty
12/10 Valuation

Now just a waiting game....broker to Chase tomorrow

AmTheMan87

Hi,

Just had word, so far mortgage application with Natwest going good, just waiting on a date for the valuation...

Once that's arranged, unless there is a difference in the value (unlikely)... what's the likelihood thereafter of being declined...

Is it just a few final checks if they are happy with the valuation and that's it?

Thanks