Help!

Jennifer_Davey

Hi all,

So in March we got an AIP with Natwest, after a hard credit check due to discrepancies on my credit report. Found a house and had our offer accepted. Submitted application to NW and it was declined due to 'trends' due to a few returned payments on my bank statements (all of which were paid the same day/following day - TSB have a ridiculous cut of time of 5pm) anyway. Our vendors are buying a new build so we have until August to obtain a mortgage.... Our broker has suggested we reapply in July... I've kept my account in credit of at least £1k since the decline... Realistically what are the chances of it all going through ok 2nd time around? I'm having sleepless nights over all of this...

amnblog

Why is your bank account running dry in the run up to a purchase?

No wonder the lender is not keen.

You have a broker, leave to them to advise you.

Jennifer_Davey

I was transferring everything into savings once all bills were paid. Just two instances when i forgot the gym was to come out and they moved little ones swimming lesson DD. Had the money sat in our joint savings but by the time i was home from work to transfer it the DD get returned...

I know it's no excuse and since this happened i've just been keeping all my monthly savings in my current account.. hence the £1k buffer.

MA has said to reapply in July but he's said he can't guarantee they'll do it and we've got no other options but Natwest

Jennifer_Davey

Also should add we weren't going to apply for the mortgage for a little while yet.. which would've given us time to bulk up my current account.. we were pressured to apply by the vendors and the EA.. which has subsequently turned into a delay and not needing to go ahead until July..

MortgageMamma

amnblog wrote: »

Why is your bank account running dry in the run up to a purchase?

No wonder the lender is not keen.

You have a broker, leave to them to advise you.

Always smile to myself when I read your posts they are so no-nonsense and to the point. Have a good week :T

MortgageMamma

Jennifer_Davey wrote: »

I was transferring everything into savings once all bills were paid. Just two instances when i forgot the gym was to come out and they moved little ones swimming lesson DD. Had the money sat in our joint savings but by the time i was home from work to transfer it the DD get returned...

I know it's no excuse and since this happened i've just been keeping all my monthly savings in my current account.. hence the £1k buffer.

MA has said to reapply in July but he's said he can't guarantee they'll do it and we've got no other options but Natwest

Why do you have no other options but Natwest? Its very rare I come across a case where only one lender can be used. Particularly if its a prime lender like Natwest.

Jennifer_Davey

Due to my credit history Natwest is the only bank willing to offer us an AIP.

MortgageMamma

I doubt that. Not purely on credit score there must be some other factor, perhaps your loan to value or affordability. Is the broker you are using whole of market? i.e. does he or she have access to all mortgage lenders or do they work from a panel "representative of the whole of market"

Jennifer_Davey

Our LTV is 90%. We earn well between us. Not sure why he's placed us with NW. I was skeptical at first and still am. We've been told no other lender will entertain us at all. He's whole of market.

MortgageMamma

I would shop around a bit Jennifer, maybe get a second opinion, if you have a copy of your credit report to send to a broker and instruct them not to do credit searches on you until you've agreed on which lender, it can't do any harm. Trust your instincts.

Jennifer_Davey

Thank you MortgageMamma, will ask around and see if i can get a second opinion.