NatWest mortgage in principal rejected excellent credit

Guru86

Good afternoon

We are currently in the process of selling our house and moving on. As part of this process I have tried to get a mortgage in principal and visited our IFA. He stated should be no issue getting a 95% mortgage with NatWest on a value of 165000.

He has come back today to say it has been rejected and asked us to get our credit reports from Equifax. I have got these which shows excellent reports with no problems and both have credit scores of 500 plus. The only issue I can see is that my wife has only been on electoral roll for 2years even though lived at the address for 7years.

Is this a NatWest issue or likely to be same at other providers?

Thank you

Malmo

Have you obtained & reviewed your statutory reports from Experian & CallCredit as well? Elsewhere on this forum, it is reported that Natwest search both Experian & Equifax, so it's advisable to be thorough and review your data with all 3 credit reference agencies.

Length of time on the Electoral Roll at current address and a significant gap prior to the last 2 years may be a factor.

Also, the scores generated by the agencies are not visible to lenders, so don't read anything into them as they are meaningless. UK individuals do not have a central "score".

Guru86

Thank you.

I have checked noddle as well as Equifax. I'm quite reluctant to pay for another credit check when I know there are no issues. I wish they all used one much simpler and fair for the consumer.

anna42hmr

Guru86 wrote: »

Thank you.

I have checked noddle as well as Equifax. I'm quite reluctant to pay for another credit check when I know there are no issues. I wish they all used one much simpler and fair for the consumer.

For the sake of £2 each and peace of mind I would ensure that you check the third one. At least then you will know that there is no issues across all of them. Until you do how do you know for sure the reason for the decline is not due to incorrect info on that report.

pmd123

The score they provide is meaningless, you need to obtain your statutory credit report from all 3 agencies for £2 each, and take these to your IFA, their job will then be to match you to the correct provider.