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Natwest Driving me Insane!
Stingmetwice
Posts: 5 Forumite
Hi all
First time here so please don't be too rough! I'm wondering if there are any mortgage advisors out there with any experience of using Natwest. My situation is as follows:
Due to redundancy, I got into a pickle with finances over 7 years ago. Long story short, I got back on my feet, fought the good fight and all that and finally had a final CCJ drop off last week. I applied online for an AIP with Natwest (I know it seems soon but a new build is about to be released and I wanted to know I could get the mortgage before I wasted the builders time). The AIP was a yes (huge relief) and I made an appt to see their in house mortgage advisor for this Friday. The house is due to be released on Saturday so I thought it was perfect timing. I then received a call from Natwest to say they were cancelling my appointment because my application was coming up as a decline. I queried why they had offered an AIP and she couldn't answer. I went in branch today to see someone and when she tried to enter my details (no different to me doing the AIP) it was declined before we could even discuss affordability or rates. My accounts are impeccable (her words) my credit utilisation is 1% I have car finance that is paid each and every month and have no other blips on my credit file. I then came home and tried again myself and it was giving me another AIP! Why is it declining at the bank but not at my end?? She has sent my file to a mortgage adviser who is going to call but I wondered how it would be best to handle this? I want to use HTB and have 15% deposit myself so am not asking for high LTV.
I know I could think about using other banks but I earn 100% commission and my mortgage company sold their portfolio around 18 months ago and old late payments are still displayed on the old account. Equifax only reflects the last 3 years so they don't appear there and I know Natwest use them only for mortgages. I really thought they were my best bet to move forward.
Does anyone have any constructive advise? I really want to get this house and I can more than afford it.
Thanks
First time here so please don't be too rough! I'm wondering if there are any mortgage advisors out there with any experience of using Natwest. My situation is as follows:
Due to redundancy, I got into a pickle with finances over 7 years ago. Long story short, I got back on my feet, fought the good fight and all that and finally had a final CCJ drop off last week. I applied online for an AIP with Natwest (I know it seems soon but a new build is about to be released and I wanted to know I could get the mortgage before I wasted the builders time). The AIP was a yes (huge relief) and I made an appt to see their in house mortgage advisor for this Friday. The house is due to be released on Saturday so I thought it was perfect timing. I then received a call from Natwest to say they were cancelling my appointment because my application was coming up as a decline. I queried why they had offered an AIP and she couldn't answer. I went in branch today to see someone and when she tried to enter my details (no different to me doing the AIP) it was declined before we could even discuss affordability or rates. My accounts are impeccable (her words) my credit utilisation is 1% I have car finance that is paid each and every month and have no other blips on my credit file. I then came home and tried again myself and it was giving me another AIP! Why is it declining at the bank but not at my end?? She has sent my file to a mortgage adviser who is going to call but I wondered how it would be best to handle this? I want to use HTB and have 15% deposit myself so am not asking for high LTV.
I know I could think about using other banks but I earn 100% commission and my mortgage company sold their portfolio around 18 months ago and old late payments are still displayed on the old account. Equifax only reflects the last 3 years so they don't appear there and I know Natwest use them only for mortgages. I really thought they were my best bet to move forward.
Does anyone have any constructive advise? I really want to get this house and I can more than afford it.
Thanks
0
Comments
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Was any of your previous financial history in anyway connected with the NatWest or any of it's trading subsidiaries?0
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Thrugelmir wrote: »Was any of your previous financial history in anyway connected with the NatWest or any of it's trading subsidiaries?
This!
Natwest are like Marmite great for some things but absolutely terrible for others.I am a Mortgage & Protection Broker
MSE doesn't check my status so you have to take my word for it. Any information posted is for discussion only and should not be seen as advice. I am FCA Registered, registration details available on request.0 -
No I don't believe so. Yet again, another reason I opted for them. They issued me with a credit card last year for almost £7k. Surely they wouldn't have done that if I had anything adverse with them??0
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Stingmetwice wrote: »No I don't believe so. Yet again, another reason I opted for them. They issued me with a credit card last year for almost £7k. Surely they wouldn't have done that if I had anything adverse with them??
Different products have different criteria set. Borrowing and spending on a credit card is highly profitable to a bank. Mortgages are far lower margin and criteria is a consequence far more risk adverse. Sums involved with a mortgage are also much greater.0 -
Don't bang your head against a brick wall, simply take professional advice and approach another lender.
You may also benefit from using a specialist new build broker.I am a Mortgage Adviser
You 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 -
Ok, update: Natwest have now come back and said it's a glitch in their system and I can get a mortgage with them. Their mortgage adviser, however has told me that if I'm going for the help to buy equity loan that I can only put down 5% deposit and I have to have that in place before I can make an application. I'm ultra confident she's wrong about the 5%, I'm pretty sure that's related to the Government backed mortgage guarantee scheme but is she correct about the HTB approval first?
Thanks0 -
She's wrong about the deposit but right about you needing the H2B approval first.I 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 -
I think I'm going to approach a broker and ask them to deal with it. Definitely worth paying a fee to not have to deal with Natwest myself. I'll end up in an early grave if I keep listening to them!! Thanks for all the advice, I really appreciate it.
Sting0
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