Natwest Mortgage refusal

DM128

I did not ask Natwest to do another credit check. I changed the details of the property and a lower amount to be borrowed. They carried out another check. That was there response when I asked. They said they did another check and I failed. No details. I have checked my credit score and there was no change in it. The FOA have stated that Natwest have an internal check and do not have to give any details of this.


But there was no reason for the application to be declined.

kingstreet

Have you checked all three versions of your credit file to ensure none show any changes?

ACG

But you wanted to stick with Natwest. If their process or your brokers process was to re-credit check then you have the option of no credit check and no mortgage or a new credit check and see how it goes.

In either case, you are no worse off. Had the credit check not been carried out, you would not have got the mortgage.

I have switched loan amounts without the need for a credit check - but that is because I know my account manager and their processes well. If your broker has just gone in to the system and recarried out a credit check/new application then you can hardly blame Natwest. As I said, I can not see your complaint going very far as you can not evidence you are financially worse off down to their error.

But it would be nice for you to keep this updated, if nothing else than to prove me wrong.

kingstreet

DM128 wrote: »

Thanks for the reply. I feel that Natwest have disadvantaged me. I have gone to the FOS about this.
I feel that they offered me a mortgage (agreed) and then when the sale fell through this application was used against me not to be able to get a cheaper mortgage with the same company.

You have to exhaust the lender's complaints process first.

When you have a final outcome letter, you have six months to escalate the matter to FOS.

DM128

Thanks for the response. I have been disadvantaged because the Mortgage with Natwest was for £485 per month. Because it failed the only mortgage I could get was with another lender and I'm paying £630 a month for the same amount. That's £145 extra a month. Over the term is £60,000 over the 35 year term.


Surely Natwest could see that the possible reason I failed the second check is because I already had an application with them.

DM128

I have been through Natwest Complaints and its now with the FOS.

ACG

No new credit check = no mortgage.
Failed credit check = no mortgage.
You are not disadvantaged as the outcome would have been the same had the extra check not been carried out.

Lenders have to pay for complaints that go to the ombudsman. So they must be pretty confident to not even offer you a goodwill gesture.

Im out anyway, I will keep an eye open for updates.

kingstreet

Sorry, I thought this was recent.

How long ago was this?

As requested, did you check all three versions of your credit file?

DM128

This was last year. The complaint has been with the FOS since last August. They have messed it up and have offered compensation for their poor service. It is still with the FOS who have requested Natwest provide extra information