Mortgage with NatWest

sunny89

Hi all,

Just writing here as I wanted to hear from you about my husband's latest mortgage application and what you think

He applied via an independent broker for a mortgage with NatWest (sole application), for a fixed 5 year and a 90% mortgage . They went to do the valutation and they are happy with the house so now it's just with the under writer ...

Who apparently raised questions about the high balance from the credit card, at some point it was around £7k but has gone down .. we recently married a few months ago and we put a few things on the BA Amex to get rewards and as it helped us as between wedding and honeymoon we did spend a hell of a lot. Since then we obviously gone back to normal and we are very comfortable money wise (I admit I suggested my husband to wait a few months as the wedding year did show we went a bit overboard with spending)

The Amex has been recently paid and it's down to 1K but my husband is a worried about NatWest refusing due to high balance a few months ago. (Unfortunately as the credit reports get updated, they are usually behind)
Note the cards were always paid on time, and a lot more than just the minimum payment (usually around 850-900 a month) so it's just a thing of utilisation at the time.

Also I forgot to mention, he sold his flat in November and paid off his previous mortgage (it was just a matter of wanting a new house closer to where we live now)

Any recommendations? Any tips? Should he be worried?

I asked our broker via email if maybe showing the under writer the current credit cards balances, would put their minds at ease

Thanks guys, hope this is detailed enough

YHM

The only reason they would concern themselves with a CC balance is if affordability was tight during the assessment. Evidencing current balance via a recent statement should work.

sunny89

True, even so a minimum payment from AMEX would have been £240 with that kind of balance a few months ago, and the broker assessed my husband not counting his expenses, and new mortgage, over £1K left over a month

Also, he doesn't have any overdrafts, or loan or anything else.

So showing the current balance would work?

YHM

Cant say would, as it up to the discretion of the lender. I would prefer the word 'should'

sunny89

Yes I guess it's never a certainty ..

we've been asking the broker, and said all seemed fine, and then Natwest conducted a final check before they went to offer the mortgage and noticed something on Equifax has changed and want to clarify it. so we sent our broker the report, who said they have access to equifax but it's not as detailed as the one you can download. thinking it could just be a misunderstanding.

in the meantime we noticed Natwest refunded the valutation fees :eek: is that game over? :eek: Hopefully the broker can speak to the under writer and fix the situation somehow. If not, I hope we can sort it out with the broker and find another bank who is willing to lend the mortgage

Just for your reference. husband is on 45K a year and has been employed in the same company for over 10 years

Thrugelmir

sunny89 wrote: »

Just for your reference. husband is on 45K a year and has been employed in the same company for over 10 years

Why aren't you party to the application?

sunny89

Because I'm freelancing and my income is not as reliable and we agreed it was better for husband to have his own property

Thrugelmir

sunny89 wrote: »

Because I'm freelancing and my income is not as reliable and we agreed it was better for husband to have his own property

Your husband supports you financially then at times.

sunny89

no he doesn't, but he's definitely the main earner and as he had a house before in his own name that he sold, we agreed it was best to have his house in his sole name.

while I have my own house (no mortgage) acquired before we got married in summer 2017