Mortgage Application worries

JBAB17

Hi All!

Brand new member here just looking to gain some info on what to expect.

I currently have a mortgage with NatWest but currently looking to move house and staying with NatWest. We have had an offer in principal of all the money we need which is good but not taking it as a guarantee. Me and My wife went to the bank to do the application which went really smooth as we can afford the repayments no problem but later on a red flag appeared on my credit file which was settled in December, this has halted the application and it has gone to referral. Our adviser was great and is doing everything she can do to get it through successfully for us. I was optimistic as the account is settled but You can never be too sure.

We really want this house and I'm really panicking about being rejected for this mortgage.

has anyone ever had any experience of this or knows anything about the situation?

Thanks for taking the time to read this

J

ashp_2

What's the issue on your credif file?

Late payment? Default? CCJ?

JBAB17

It's a default but has been settled. Praying I haven't done too much damage!

Candyapple

Is this a new default? Or an old one that you knew about and have paid off?

The older the default, the better chance you have. Otherwise, you may need to seek the advice of a specialist mortgage broker who will be able to advise you of what lenders will lend to those who have a less than perfect credit history.

JBAB17

It's an old default from Jan 2015 and paid off in December 2016 (last year)

I was up front about this with the bank and just hoping they will take this into consideration.

It was all over a Vodafone bill which they over charged me. I challenged it but they wouldn't back down and sent it to an agency who I then made an agreement with to pay it off.

Candyapple

Did you make the application with the bank direct yourself?

You really should have gone with a broker as they would know what banks accept those with defaults and which ones are a no-go. You may have wasted a hard search for nothing if it comes back with a decline.

JBAB17

Yea I went direct, I am freaking out about wasting the opportunity.

I completely forgot about it as it was paid off and didn't realise about the footprint . stupidity on My part, just hopeful at this point as it's the only glitch on my report and the whole application process. I also have an excellent internal score with NatWest.

It's just 50/50 at this point i guess

Candyapple

Fingers crossed, make sure you come back to the thread and update us either way.

Try not to stress too much, what's done is done and you can't change anything now. Enjoy your weekend

JBAB17

I will do! going to try and be a regular on here to help with cash flow and things

Thanks for helping Me out!

Enjoy the weekend!