1 late payment from "residual interest" Help Full application Natwest

reapz69

Hi I have just put a full application in with natwest and decided to check my credit file.

I don't normally check it as I pay everything on time or so I thought.

I cleared a CC balance off 800 pounds in Jan and stopped the direct debit.

I now see on my Credit report I have 1 late payment of 5 pounds in Feb. After speaking to Tesco on the phone they told me it was a residual interest payment that I cleared in March and its a very common error people make.

Now I wonder will this late payment of 5 pounds in Feb send the whole application down the toilet.

Many thanks

reapz69

Valuation booked now I guess this is a good sign

ACG

The late payment will get taken in to account when scoring your application.
The fact your application is in and you have not had any news to say it has been declined I would read as being all ok.

On a side note, I used to work for RBS/Natwest in their credit card department. At the time we managed Tesco credit cards also and you are not the first person to get caught out by residual interest. I could guarantee I would have that conversation at least once a day. Half the staff could barely get their head around it.

reapz69

i just rang in and explained it and she said, she will pass it to the underwriter and i did the correct thing ringing in and being proactive.


She also said I passed the credit scoring.

reapz69

ACG wrote: »

The late payment will get taken in to account when scoring your application.
The fact your application is in and you have not had any news to say it has been declined I would read as being all ok.

On a side note, I used to work for RBS/Natwest in their credit card department. At the time we managed Tesco credit cards also and you are not the first person to get caught out by residual interest. I could guarantee I would have that conversation at least once a day. Half the staff could barely get their head around it.

I'm just wondering if the underwriter will see it as 5 pounds and not an unknown quanity

ACG

It depends how it appears on your credit report.
In either case, you have passed the credit scoring. All they are doing now is checking what you have said matches up with the evidence provided. If they decline you now, I would be very surprised - unless it is for something unrelated to the late payment.

reapz69

ACG wrote: »

It depends how it appears on your credit report.
In either case, you have passed the credit scoring. All they are doing now is checking what you have said matches up with the evidence provided. If they decline you now, I would be very surprised - unless it is for something unrelated to the late payment.

So if im getting you correctly, all the underwriter does is check payslips and everything on the application is correct

reapz69

I'm also settling a lot of unsecured debt from the house sale which was pretty much all put into the house.

ACG

reapz69 wrote: »

So if im getting you correctly, all the underwriter does is check payslips and everything on the application is correct

Exactly

ellison007

Hi reapz69, good luck with your application. We have an appointment with NatWest to complete a full mortgage application on the 9th June.


I believe NatWest instruct a valuation on the same day as the full app goes in & they then progress in parallel. When the valuation report comes back, the underwriter then reviews all the paperwork etc. & makes a final decision.


btw, my understanding is that NatWest merely check the Equifax report when doing the credit scoring on the full app. Is that all you can see? i.e. a search from NatWest on your Equifax report but not on the Experian or Callcredit reports? We did a DIP with a NatWest financial advisor in branch and the soft search just appeared on the Equifax report.


I hope all goes well with your app.


Best Wishes.

reapz69

No searches on Noodle just Equifax, as said before I think we have passed the full credit check. I'm just kicking myself for the one late payment marker on an otherwise perfect sea of green.


Here are the searches

30/05/2017 Credit Search Natwest Intermediary Solutions Opt In


31/05/2017 Subsequent (or follow up) Credit Search Natwest Intermediary Solutions