Mortgage Declined

Noobie2011

So after thinking it was too good to be true that we were going to be accepted by Natwest I have sadly been proved right and were have just been declined.

The reason we had been accepted initially was the names were inputted the wrong way around which somehow meant we initially passed their checks and now I presume on assessment by the Underwriter they have rectified the name thing and we have not passed their credit score.

Our broker has took full responsibility for this and rather than playing the blame game I am looking at it from the point of view that we would never have been accepted by them anyway so just a few weeks wasted really.

The only other option on the plate really (due to me only stating a new job a month ago) is Aldermore who have a lot higher rates but we knew this and still fits in our budget.

Our broker is starting the process with them but anyone got any rough timelines from start to finish with these as I imagine it will take them a lot longer than 2/3 weeks to get to an Offer decision or decline if we make it through their initial checks?

Jeden

Hi Noobie,

Sorry to hear about the mess up with your application.

We put an application in with Aldermore on the 16th of April. They hard credit checked us the day after and called me to setup the direct debit on the 19th and instructed the valuation the same day. Valuation took place a week later on the Friday the 27th and now I am sat here praying for an offer today!

Noobie2011

Jeden wrote: »

Hi Noobie,

Sorry to hear about the mess up with your application.

We put an application in with Aldermore on the 16th of April. They hard credit checked us the day after and called me to setup the direct debit on the 19th and instructed the valuation the same day. Valuation took place a week later on the Friday the 27th and now I am sat here praying for an offer today!

Thanks and that sounds like it is moving very quick so hope you get an Offer soon.

I have just noticed on their lending criteria that they class New Build as built in the last 12 months so unless I am reading it wrong they are out for us as our Ne Build is not due to be built until September

Jeden

Ours is a new build and doesn't finish until August. They've had the survey and all fine. I think they mean anything up to 12 months old. Including if it's still been built, so i wouldn''t worry about that.

Noobie2011

Jeden wrote: »

Ours is a new build and doesn't finish until August. They've had the survey and all fine. I think they mean anything up to 12 months old. Including if it's still been built, so i wouldn''t worry about that.

Thanks and just got the same response from Broker so he is working on the AIP now so the stress levels will start to go back up again ha

Candyapple

Noobie2011 wrote: »

So after thinking it was too good to be true that we were going to be accepted by Natwest I have sadly been proved right and were have just been declined.

The reason we had been accepted initially was the names were inputted the wrong way around which somehow meant we initially passed their checks and now I presume on assessment by the Underwriter they have rectified the name thing and we have not passed their credit score.

Our broker has took full responsibility for this and rather than playing the blame game I am looking at it from the point of view that we would never have been accepted by them anyway so just a few weeks wasted really.

The only other option on the plate really (due to me only stating a new job a month ago) is Aldermore who have a lot higher rates but we knew this and still fits in our budget.

Our broker is starting the process with them but anyone got any rough timelines from start to finish with these as I imagine it will take them a lot longer than 2/3 weeks to get to an Offer decision or decline if we make it through their initial checks?

Sorry what do you mean by this, your broker wrote your surname first and then your first name on the application?

How does writing your name incorrectly mean you get declined? That doesn't make sense to me. Do you have adverse credit or something else?

My broker spelt my partner's name incorrectly and this was resolved by a quick phone call to Natwest's mortgage team and was updated accordingly on their tracker system. I'm currently waiting for the offer at the moment.

Noobie2011

Candyapple wrote: »

Sorry what do you mean by this, your broker wrote your surname first and then your first name on the application?

How does writing your name incorrectly mean you get declined? That doesn't make sense to me. Do you have adverse credit or something else?

My broker spelt my partner's name incorrectly and this was resolved by a quick phone call to Natwest's mortgage team and was updated accordingly on their tracker system. I'm currently waiting for the offer at the moment.

Sorry what I mean is because our names were initially back to front so surname first etc we somehow passed their initial checks. Now that our names have been corrected and Natwest have done another credit check it has declined on not meeting the credit score. We have adverse credit so likely because of this.

so would have been declined initially anyway but annoying we wasted 3 weeks with false hope

Candyapple

Ah ok thanks, makes sense now. Phew, had me worried there!

Good luck with your application.

Confusedftb_2

@Noobie2011

We found out about DIP with Aldermore within 24-48 hours, it got referred to an underwriter and approved a day later. From there, our MA put in a full application and we were told 2-3 weeks until offer. She said they do the credit check first so if there is an issue we!!!8217;d hear about it within the first week. We didn!!!8217;t hear and valuation was instructed. Valuation came back ok and it!!!8217;s gone back for final checks where we were asked for proof of deposit and build up. That!!!8217;s been sent this week and Aldermore told us on the welcome call that we can expect to hear this week. Hope this helps and good luck with your application

Noobie2011

Confusedftb wrote: »

@Noobie2011

We found out about DIP with Aldermore within 24-48 hours, it got referred to an underwriter and approved a day later. From there, our MA put in a full application and we were told 2-3 weeks until offer. She said they do the credit check first so if there is an issue we!!!8217;d hear about it within the first week. We didn!!!8217;t hear and valuation was instructed. Valuation came back ok and it!!!8217;s gone back for final checks where we were asked for proof of deposit and build up. That!!!8217;s been sent this week and Aldermore told us on the welcome call that we can expect to hear this week. Hope this helps and good luck with your application

If ours goes that smooth I will happy. I understand the new Natwest way is to do everything in parallel so take the Valuation upfront etc as apparently it has reduced their average time frame but I would rather like above have the credit checks etc done first so we know pretty much at the start if we are suitable.

Our broker was straight on it today and did speak to them a few weeks back before Natwest so hopefully will be hearing something in the next 48hrs worst case

Noobie2011

So we have been Declined for an AIP with Aldermore due to our current outstanding Credit Commitments which is really disappointing as was our last chance really and now we are pretty much scuppered.

I do not hold any hope but I have gone back to our broker to say is there a figure that Aldermore would need the outstanding Credit reduced by in order to accept us as with changing some plans such as options for the new house and holidays in the next few months we could free up nearly 50% of our outstanding Credit Card and Overdraft debt.

I am just praying this may sway their decision but don't hold out any hope now