NatWest AIP - how reliable?

jacobswell

I got a NatWest AIP a few days ago and have just submitted all the requested documents through their system. It's now with underwriting...

I was just wondering: How sound are NatWest AIPs? I've got 4 defaults (registered and settled) going back to 2015 to a total value of £12.5k, so I was surprised my AIP was accepted, especially as I they do a 'hard' search at the AIP stage.

I've checked the 'adverse credit' criteria on the NatWest intermediary website, which says they don't consider bankruptcy orders or IVAs within the past 6 years, but no mention of defaults. Also, on my AIP letter from them, it says: "A satisfactory full credit assessment has been undertaken."

So, might I have a chance?

amnblog

If they have brought up your credit file correctly its an auto system so not much to go wrong.

Complications arise if there is a name miss-spelling, a missing middle name, or an incorrect date of birth keyed, which when corrected changes the score. Another classic is an extra address found and searched.

jacobswell

Reassuring to know - thanks amnblog. Not using a broker, so I just phoned NatWest and have been completely honest and upfront about the defaults. The lady made a note on my application for the underwriters - she said it'll really help the fact I've been honest, which is good! Fingers crossed!

kingstreet

I thought NatWest used a soft search on direct AIPs and a hard search on broker introductions?

2scompany3sfamily

kingstreet wrote: »

I thought NatWest used a soft search on direct AIPs and a hard search on broker introductions?

Not to worry OP but I feel that this is correct...

Our first application was direct to Natwest and not very good at all. They performed a soft search on the spot from the office we sat in a printed out a tatty piece of paper saying we could borrow pennies pending XYZ.

A year later, with a broker we were hard searched for a Natwest AIP and offered pounds for a 10% LTV.

OP - I wouldn't worry overly - worst case scenario it goes tits up and you find an excellent broker to carry you through in a month or less.

Alternatively, it all goes well and you needn't have sweated!

You WILL get there. :beer:

halfway1

I got an AIP with Natwest in not dissimilar circumstances to the OP and was then declined at underwriting.


I know that's maybe not what the OP wants to hear but just to share my experience.


I really hope the application goes through for you though.


As 2scompany says, if (and its still an if) they decline get a decent broker on the case and they will be able to sort something out.

MortgageMamma

There are lots of other lenders who would do this mortgage for you, I know everyone likes the high street banks but there are competitively priced products from specialist lenders.

I personally have never had a case with defaults passed with Natwest.

jacobswell

kingstreet wrote: »

I thought NatWest used a soft search on direct AIPs and a hard search on broker introductions?

Here's the timeline (from credit report):
01/06/2019: Soft credit search done, the day I did the AIP and full application.
03/06/2019: Hard credit search done.

Bit confusing! I guess it's different going to them directly? I thought with any mortgage application, the underwriter did the hard credit check, but NatWest have obviously automated this, perhaps to save the underwriters time and speed things up? Then the underwriters just verify documents and affordability? That would make sense based on what they've told me already...

Anyway, valuation fee was paid yesterday, but I find out either today or Monday if it's approved subject to the valuation coming back ok.

jacobswell

To anyone interested, the result was a decline from NatWest. I was absolutely gutted! I heard about 10:30am, got in touch with a broker at 11am today who then phoned me with an agreement in principle at 5pm. 3 years fixed rate at 2.59%, 90% LTV, with a small building society, which is only a bit higher than NatWest. Couldn't be happier!

Thanks for everyone's replies.

Yan101

May i ask who the small building society is? Struggling myself