Natwest declinded FTB What next?......

R.o

Helptobuy loan app Declined due to account conduct – some unplanned overdraft fee’s and returned DD’s on our bills account) No overdraft facility on these accounts, just a bill comes out a day early before our finances are planned for the month. Different accounts which our salaries are paid into are in perfect order.

Despite advising my MB of this concern beforehand and being told Natwest would be fine with this with an explanation + they advised natwest rarely request statements (going by my research I’m not sure that is true), they have declined our application due to account conduct.

Anyone get around this with highstreet lenders? I could get away with ONE clean month on these bills accounts. Do I know have to move over to ‘specialist’ lenders? Credit history all good (passed Natwest hard search DIP)

Thanks in advance.

David_White

Generally speaking Natwest wouldn't ask for a bank statement on HTB due to the loan to value... not in all cases evidently though.

There must have been something about your case that made them want to see them such as using additional income (benefits?) or maybe you bank with them?

There can still be lenders that would consider this depending on your exact circumstances, I would ensure you're using an experienced broker though as you only have a few more throws of the dice if it's specifically HTB equity you require.

R.o

To be honest, MB said our case is very straight forward

Both in jobs 3+ years, car loan being cleared before completion, credit card zero balance. Student loan deducted from salary on payslips. Other than that few late payments 3.5 years ago. Extra I.D was asked for my partner due to not being on roll. Can’t think of anything else.

amnblog

What does your credit file look like? Has the broker checked it?

R.o

All 3 credit files examined by my broker at first stages (they didn’t request them but I sent them anyway) I’ve also checked ALL myself and fine. Apart from the late payments years ago, everything in good order and correct.

kingstreet

Who is the provider for the account with the unauthorised borrowing issues?

Were bank statements requested by/provided to NatWest?

Have you EVER has any issues with a NatWest or RBS account?

Has your broker not come up with an alternative yet?

R.o

Appreciate all replies so far guys…..

1, Lloyds Current Account

2, I am unable to confirm if they requested or were just sent over, MB requested 3 months worth of all current accounts at start of process. I’m unsure why they would want to see these as they are only for household bills etc.

3, We have never ever had any issues with Natwest or RBS (it’s our first time dealing with them).

4, I am just waiting on a response from MB regarding next steps. Depending on how the conversation goes I may look for an alternative MB. An important error was made by the MB on the helptobuy app at the start of the process which took me two weeks to fix for which valuable time was lost (exchange within 28 days) so time is vital.

kingstreet

You'll find most brokers require three months payslips, bank statements etc but only give to the lender what the lender actually requests. As noted, NatWest has no automatic requirement for bank statements on sub 75% HTB cases.

Is the conduct of your Lloyds account visible on your Equifax credit file?

It's very easy to make a mistake on a PIF as you have to ensure it matches completely what is on the reservation and what the developer enters on the HCA's IMS system. I've done probably between 200 - 300 in the four years the scheme has been running. It takes the HTB Agent upto four working days to acknowledge an error and one in particular, BPHA, won't actually tell us what's wrong. We have to wait for the purchaser or builder to tell us our mistake(s).