feeling in limbo..

pookied87

found a property we love, approached MA End of January he ran relevant checks and came back with a dip from NatWest the next day and told us to go ahead and make an offer fast forward 3 weeks after instructing valuation they declined their offer :mad: after the MA Was almost certain we'd get an offer with them, MA could not understand why and was really frustrated at them they still did not disclose their reasons.Me and my partner at the time of application with NatWest had overdrafts which now have been paid off in full.Anyway the next MA has put in a new application with Newcastle BS. MA has only just phoned today to say hes still chasing them at the initial stage.?!!! grrr me and my partner have fair credit ratings due to lack of credit no contracts,credit cards,loans. Our deposit is being gifted by my in-laws its the amount we require is £99,000 and our LTV is 90%..My partners salary is 23,000 and mine is 2,200 from child tax credit. just feeling in limbo:( i cant find anything on this BS and I just feel like after NatWest declining that we are not even going to get a mortgage!..

Thrugelmir

MA could not understand why and was really frustrated at them they still did not disclose their reasons.Me and my partner at the time of application with NatWest had overdrafts

Applying to the Nat West with a gifted deposit...........

The reason is very obvious.

pookied87

Thrugelmir wrote: »

Applying to the Nat West with a gifted deposit...........

The reason is very obvious.

Meaning?.. They knew our situation my inlaws signed an agreement to say the deposit is a gift and they wish for no third party involvement.. MA was almost certain they would lend to us. If the deposit was the reason then why instruct a survey on the property with no intention to lend? outrageous if you ask me.Thrugelmir have you heard of newcastle BS any reviews or history with them I cant seem to pull up anything? Any way thanks for replying.

DpchMd

Do you bank with Natwest?

Lovem

We are in the same situation as the op gifted deposit and valuation has been instructed after being with a senior underwriter.

pookied87

DpchMd wrote: »

Do you bank with Natwest?

No we don't bank with NatWest? Why do you ask? I found out Newcastle BS done credit checks on me and my partner on the 16th they are being painfully slow.

pookied87

Lovem wrote: »

We are in the same situation as the op gifted deposit and valuation has been instructed after being with a senior underwriter.

Have you been declined? Are you now in a new application?

Lovem

pookied87 wrote: »

Have you been declined? Are you now in a new application?

We are in the same application (first place we applied) fingers crossed it goes though as our deposit was a gift.

pookied87

No one said to is about gifted deposit being an issue. I have a feeling my MA is not all what he's made himself out to be. Should I be feeling like I'm in limbo or is that normal

amnblog

You should not be directing your questions and frustration on this forum.


Go back to your mortgage broker who knows your situation and is best placed to ally your fears.


I suspect you will have to be more patient than you expected to be.

Thrugelmir

pookied87 wrote: »

Meaning?.. They knew our situation my inlaws signed an agreement to say the deposit is a gift and they wish for no third party involvement..

Obviously don't know your full circumstances. However a deposit that's a 100% gifted and overdrafts at the point of application. Would be a concern for any underwriter given the tighter regulatory enviroment that lenders now operate in.