Natwest Mortgage Issues

NikkySC

Thankfully, I don't have any defaults. I've always taken pride in paying everything and being reliable. The only one late payment I have was because I was overcharged by Virgin Mobile at the time. (They are good at this stuff, Virgin Media charged me three months in one month at one point).

as to waiting, well I've already put the offer down for the house, and it's a really great house for the location. Probably won't find anything like it again in the North East area to be honest, for the price.

I'll do some research into them and see what they come back with, and yeah they seem to be very commission focused.

MrsNubs

Your age has absolutely no impact on your likelihood of getting a mortgage. When Halifax say the average age of a first-time buyer is 27 they are stating facts, that is the average age of a first-time buyer. Not saying that is the average age at which they will lend. Plenty of people get mortgages considerably younger than 24.

Realistically, a 95% mortgage may not be achievable, banks don't like to lend on such high LTV's as it reduces their security. Much as you don't want to rent for another 6 months, it may be your only option. Always remember you are not entitled to a mortgage. It is the banks money and they decide who they lend to, they don't need to explain their reasons or criteria to you. Find a whole of market broker, it really is the best option.

Keezing

NikkySC wrote: »

Thankfully, I don't have any defaults. I've always taken pride in paying everything and being reliable. The only one late payment I have was because I was overcharged by Virgin Mobile at the time. (They are good at this stuff, Virgin Media charged me three months in one month at one point).

as to waiting, well I've already put the offer down for the house, and it's a really great house for the location. Probably won't find anything like it again in the North East area to be honest, for the price.

I'll do some research into them and see what they come back with, and yeah they seem to be very commission focused.

One late payment could be enough for some lenders to reject you. Besides, you have more than 1 late payment because you paid Capital One late, too!

You need to get copies of your credit report and sit down with a good independent mortgage broker. They will review your full situation and place you with the appropriate lender.

You won't get the advice you need here because it's impossible for us to see your full situation.

Good luck!

NikkySC

Alright, well thanks anyway.

Just to make sure you're aware I didn't pay Capital One late, and I checked that against my credit report to ensure as such. I paid it on the last day of the month and it was classed as a payment. Also, the costs weren't due until Mid-March anyway, they just sent a bad utilization report. I thought I made that clear?

Keezing

NikkySC wrote: »

Alright, well thanks anyway.

Just to make sure you're aware I didn't pay Capital One late, and I checked that against my credit report to ensure as such. I paid it on the last day of the month and it was classed as a payment. Also, the costs weren't due until Mid-March anyway, they just sent a bad utilization report. I thought I made that clear?

I'm sorry but it's still not clear. What you've said doesn't make sense to me, but maybe it's just me

Zeni

I'm currently applying for a 95% mortgage with a mortgage broker who advised is that with such a high LTV you especially need to have a clean credit history which is seems with the missed payment (and this capital one issue) it may of been affected. Are you especially attached to going with Natwest? I t sounds like you're using one of their financial advisors, maybe consider going to an independent mortgage broker for advice and give yourself a bigger range of 95% mortgages to apply for?

NikkySC

Heya Zeni,

I wasn't really attached to Natwest, so I got in contact with Santander and spoke with them about it. I described my problem and they said that would pass just fine as they look at my credit report and history as opposed to just my score (which is affected by the Capital One issue). They also said they take my credit limits into account so using all of a 200£ credit card wouldn't mean much when you look at my financials instead.

They went over my affordability and I passed that, and then they ran a credit check and I passed! They have been awarded best for first-time buyers so I guess that speaks for itself. With Santander I get a much better rate too and better offers, which is nice.

Seems the adviser at Natwest was wrong when he said the Credit Check didn't matter and the underwriters would see it anyway, as the underwriters were apparently refusing to look at applications if they failed the check, which is a really bad catch-all attitude to take considering we all have different circumstances.

Thanks for the advice on looking around, Zeni.

Seems my Experian score is the winner here and got me through, because my Equifax score is strangely awful. Thankfully Santander use primarily Experian so that's probably what did it. Very strategic this stuff ha ha.

This thread can probably be closed? I dunno.

Conclusion: Looks like I'm going to get my 95% mortgage and have my house in May! Thanks again to everyone who offered their help and advice on the issue!

Keezing

Well done Nikky!

However, you would almost certainly have saved money by talking to a broker and being placed with a more competitive lender than Santander.

But it sounds like you're happy and money isn't everything. All the best with your house purchase, I hope everything goes smoothly for you

NikkySC

Thanks

To be honest with you, for now I want to just get onto the ladder. I will probably go for a 2-year fixed rate, and then remortgage in the future when my stats look better for a cheaper rate at the end of the 2-year term. Plus Santander has a 10% overpayment with no charge which works in my favour as I'm hoping to pay off at least 5000 up to the max 8000 in overpayments in the first full year of having the mortgage with them.

So by the time I remortgage I shouldn't need to ask for more than a 60% mortgage the second time, which will instantly improve my mortgage rates by a considerable amount, plus I'm expecting Brexit to keep interest rates low over the first couple years of us being out of the EU.

But you're not wrong, I might have gotten a better deal with an experienced broker. Nothing beats their advice in reality, and if the seller wasn't getting concerned that I'm not actually going to buy the house, as they've been waiting a little bit longer than either of us wanted (a couple months only but they seem anxious as first time sellers), so really I'm doing this to keep all parties happy as time isn't a luxury I have, whereas money is a bit more of a luxury I can afford to lose in the short term.

Thanks again! Passing the credit score/credit check part was definitely the hardest part, but credit to Santander, they looked at my report, and really weren't interested in the score aspect at all, which made my life so much easier as my stats of meeting payments etc (minus that one late payment) are perfect in that category, which made them a lot more confident in me.