Declined mortgage offer!! on to the next lender...

pookied87

Well after being convinced by our MA that our overdraft's were not a issue we proceeded with the application with NatWest and they declined the offer:mad:...MA doesn't seem to know why, and is shocked as our salaries are more than enough and we matched their underwriting criteria credit check they even carried out survey on the property. However i have a feeling it was because we went into our overdraft during the underwriting process!! MA has now found another lender Newcastle building society..any reviews? also we have cancelled our overdrafts paid in full will this make a difference to the new mortgage application??

Thrugelmir

pookied87 wrote: »

we matched their underwriting criteria credit check

Underwriting criteria is confidential as is commercially sensitive. Was the MA in house ?

ACG

I ran a case by natwest today where the clients are in their overdraft, my account manager told me not to send it to them...

No idea on newcastle, I have never used them.

DpchMd

From what I understand, this is unusual. Natwest normally confirm affordability before instructing the valuation survey. If your overdrafts were the problem, I'm surprised they did the valuation.

Dave_Ham

Natwest underwrite upfront and therefore this is surprising that it is happened, but we do not know the case. You can call Natwest and get them to fast track the valuation at the clients risk.


I can only imagine an Estate Agent in house advisor would have done this though?


I would not be going to Newcastle with a Natwest reject, especially based upon speed and assuming your Estate Agent is all over you.


Sounds like shoddy management to be honest, as it appears you declared the overdrafts.


Best of luck