Natwest Declined full mortgage application

LouiseWil

Hi, we are first time buyers. We have a joint income of £61,000. Our broker put an application in with Natwest the underwriters declined us based on my partners bank statements. 2 recent missed payments in the last three months which showed up on the statement. He has a CCJ from August 2016 of £313 which was settled in July 2017. His credit rating is fair.

I am squeaky clean no missed payments and excellent credit. I have savings with Nationwide, which I have had since been a child and have had a couple of ISA’s with them and half my deposit is in an account with them.

Mortgage advisor has told us to apply to a specialist lender name Kensington who offer interest rates of 5%. Do we have any other options??? Please help

boo_star

Two in the past three isn't good.

Does your broker specialise in adverse? If they don't I'd approach an adverse broker, they're probably better equipped to deal with this.

Carrot007

If the broker knew of those issues and still applied to natwest get a new broker.

LouiseWil

Yes she does

LouiseWil

She applied to Natwest as the DIP was referred so supported application with cover letters for the default.

Thrugelmir

What were the late payments in respect of?

LouiseWil

Sky and Vodafone which caused him to go overdrawn

ACG

I am not sure the broker has done anything wrong despite being in the know about the late payments.

You want normal rates, the broker wants to get you normal rates and the specialist lenders do not credit score. By trying what could be a relatively flexible lender first (Natwest) they have not really done any harm on future applications witht he specialist lenders.

There may be alternative options between NAtwest and Kensington but unlike some posts on here where you see people have been recommend a very fussy lender to then a lender who will accept anyone with a pulse, this is not quite so much of a jump, but there are potentially a few steps in between.

A lot will come down to whether you want to risk another application or 2 or to just crack on and get it sorted I suppose.

Thrugelmir

LouiseWil wrote: »

Sky and Vodafone which caused him to go overdrawn

If these are fixed monthly outgoings then should have been budgeted for. Perhaps there's other activity which has caused the lender concern. Indicating a lack of personal financial discipline.

kingstreet

With NatWest they can take a harder line on current account conduct (seeing unpaids and unauthorised borrowing charges) than the simple fact of late paying something like a Sky or VM bill.

LouiseWil

Any other ideas? We have applied to Kensington and have our fingers and toes crossed