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Turned down by underwriters!!
Downduck
Posts: 24 Forumite
So just got a phone call from Nat west underwriters. Got flat out declined for our mortgage because I got a pay day loan 4 months ago.
Don't know what to do next. Going to lose the house we fell in love with. Is there anything we can do? Will any other lenders consider us or is it best to just wait a year or so and try again?
Help appreciated.
:mad:
Don't know what to do next. Going to lose the house we fell in love with. Is there anything we can do? Will any other lenders consider us or is it best to just wait a year or so and try again?
Help appreciated.
:mad:
0
Comments
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Did you already have a mortgage in principal with full credit score?0
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Natwest a strict policy on payday loan usage, as understandably taking one appears that the monthly finances would be under strain.
Not all lenders assess the same, although the for your case the devil will be in the detail.
If you went directly, chances are you need a broker. If you used one, then you need a new one (as you should never have gone to Natwest with payday loans on file)
Best of luckI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Seems you went direct. I'm afraid Brokers are better for most people especially for FTB who don't know the rules and regulations of mortgages.
Get a broker and see if they can help you asap. Good luck"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
I think Dave sums it up, Natwest were never going to accept it as you do not fit their criteria. There are likely to be options at normal rates assuming that is the only issue but as you have found not all lenders are fans of PDLs.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Hi everyone thanks for your replies. I have been looming into brokers but I don't know where to start.
We went straight to branch I told the woman at Nat west about my past history but when the credit check came back clean she was very positive about the outcome.
Oh well I suppose it wasn't ment to be. Hello rental market for a year or 2 then try again with a broker!
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I got the pay day loan because I didn't want to touch our savings and my car needed some work doing quickly. I thought if they asked about it I could explain myself but the underwriter didn't even let me explain it. Just a flat out no.0
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Why not try a broker now if you want to buy?
You have gone in branch, some moron of an advisor has applied knowing you do not fit criteria. Don't let that put you off buying.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Based on what you've said it's highly likely there would be other lenders available to you.
I wouldn't give up so easily if you've found a property.I am a Mortgage BrokerYou should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I would see a broker - that's only one bank - there isn't anything to lose by speaking to someone who might be able to place you with a lender0
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