Natwest and dmp

Woodmatt13

Hi all,

Everyone on here is so helpful and so I thought I would ask a general question. We plan to use a specialist broker however just wanted to gauge the likely response.

I was in a debt management plan from 2012 until I paid everything off in June 2016. Since this no issues with any late payments or anything.

Our fixed rate is coming to an end. Natwest spoke to me and my husband in a review of our current account etc and said they thought we may meet their criteria for a new mortgage product now with them (we are currently with a sub prime lender). Their criteria does not seem to give info on a dmp. I wonder whether anyone has any experience of a mortgage with natwest after a dmp?

Any advice would be gratefully received.

Thank you

JayCeeEssex

I would be surprised if NatWest would entertain unless you were a full 6 years clear of a DMP. I think you might still struggle on the High Street.

ACG

I would not rule out Natwest personally, we do a lot of bad credit mortgages and last year natwest were in our top 5 lenders. They did tighten up towards the back end of last year and we have used them less this year as a result, but they are not against some bad credit.

The thing you need to think about is someone in a branch or in a call centre has said you might be able to get a mortgage with them... You have to take that with a pinch of salt. They could have a bonus/incentive scheme on getting appointments for the mortgage broker? They are not in any way qualified or experienced in mortgages?

Anything like this comes down to the detail. Get your credit file, if you have 50 debts on there all showing AR, then it is unlikely to pass. If you have 2-3 and then 5 accounts all showing good conduct, you stand a better chance.

If you are 90% LTV, you are unlikely. If you are at 60% then it has a better chance.

Were Natwest/RBS/Mint involved in the DMP? If so, did they get every single penny back? If not, then you have no hope of a mortgage with them.

What is there appetite for bad credit like at the minute? They seem to be wanting to fill their boots at the minute, we are seeing them at the top of a few searches, but that does not necessarily mean they want bad credit stuff.

There are so many variables and even after 7 years of doing bad credit mortgages we do not always get it right first time. It all comes down to the details, everyone is different, they may accept one person on a DMP but not another.

Woodmatt13

Thanks so much for your replies. We are currently in a help to buy mortgage. LTV would be 73%.

I have two on my report. One showing a debt management plan marker, the other just shows 1s and 2s.

One of my creditors on the dmp was natwest, however I paid it all off in full in 2016.

We both bank with natwest now. My husband has absolutely no credit issues whatsoever.

That’s a very good thought about the people in the bank and makes total sense.

Thanks again for your response, it is much appreciated.

[Deleted User]

With h2b equity loan remortgages you don't have a lot of choice in the market. Most lenders don't do h2b and even more don't so h2b remortgages.

As far as I remember Natwests adverse policy is mainly credit scoring driven (their internal one) and has very few hard limits beyond bankruptcy and dro.

So if you have a strong credit profile otherwise you might be OK, the couple of years of repaying the mortgage may just be enough to tip it over the edge.

When is your product due to expire?

Woodmatt13

Thanks very much for your advice. Our product expires on 1st January 2020. It is with kensington. I know that they sometimes offer a product switch, however they aren’t able to tell me on the phone if we are eligible for this. Just saying wait and see. So I am keen to get something sorted ASAP.

[Deleted User]

You should get on this ASAP then. Find a broker and make an appointment. I do my remortgages on average 5 months in advance and then just update the product if rates drop.

You will want to have this sorted so you know if you have to take whatever Kensington offer you.

The savings could be massive. Urgency required

Woodmatt13

Thanks so much for this. I will do this tomorrow.

Do you know if Kengsinton are likely to offer us a product switch?

Thanks again. This forum is so helpful.

Woodmatt13

Thanks for everyone’s advice. Our broker has been so helpful and got us a DIP with natwest and submitted the full application. Does anyone know if further credit checks are completed, a hard search was recorded at the DIP stage.

Do you know how reliable NatWest’s DIPs are?

Thanks in advance

Thrugelmir

One of my creditors on the dmp was natwest, however I paid it all off in full in 2016.

Was it clarified if this matter would cause an issue?

Woodmatt13

My broker was aware of it so hopefully ����