Nat west Mortgage declined

Heam2005

Our mortgage with NatWest has been declined 😢😢🍑 on the basis that my husband has to much debt and because of a default on my credit report.
He has a car payment of £250 per month, motorbike payment of £150 per month and pays a bank loan of £300 per month no CC or overdraft , he earns £45k+ per year and I earn £28k - it is a joint mortgage application
My default is with BT for £13!!!!!! From 2 years ago which I didn’t even know about until last month when NatWest flagged it on my equifax report, it’s from our final bill before we moved to sky and I didn’t even know about it! So que the long and stressful phone calls to try get this removed.

My question is, now we have been declined by NatWest how likely is it to get approved by another lender?

Bermonia

There will always be someone willing to lend... but perhaps at a cost.

Find yourself a good broker, given your circumstances they will be worth every penny you may pay them.

haras_nosirrah

That surprises me. Usually an aip from natwest is pretty sound

ACG

Are you sure you passed the DIP stage? As above, they are usually 100% spot on.

With natwest it will be an automatic decline if you have an outstanding default.

There will be other lenders but with a large amount of debt and a default, you might want to think about using a broker. The more checks you have the more harm it can have on your credit report so it would be better to try and get accepted next time.

Heam2005

It was referred to an underwriter and a full application was put in as it didn’t come back with approved or declined just referred. ��
Our broker said she is looking at other lenders and she may have to not use high street but will assess affordablility.

Our house went under offer last week so we really need to try get something sorted if not looks like we will be moving In with my parents for a little while!

Carrot007

Heam2005 wrote: »

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Our broker said she is looking at other lenders and she may have to not use high street but will assess affordablility.

A good broker would have assessed your situation and not made a pointless application.


Just saying.

Heam2005

Thanks for that advice @carrot007
Just what I was looking for!

Carrot007

Heam2005 wrote: »

Thanks for that advice @carrot007
Just what I was looking for!

It's true, they should either ask for all three credit reports or ask you to check them yourself. Mine did.


A good broker is not expensive either. Mine was either free if the company pays them or pay if they do not, and not that large a fee. Used them twice. First under bad circumstances and then 2 years late actually moved to natwest myself!