NatWest mortgage declined by underwriters

Tuesday1510

Kiwistrawb1990 said:

Tuesday1510 said:

Kiwistrawb1990 said:

Tuesday1510 said:

Yes, we are using a broker. She was meant to apply somewhere else along side appealing, as our exchange date is tomorrow. She has not mentioned anything about applying somewhere else. We have booked in with a really trusted broker with experience of 28 years on Tuesday to apply with another lender if NatWest still decline. So the plan is to get the NatWest appeal decision this week ready in time for Tuesday. 
We submitted building contracts as proof of work and income until December, an accountants forecast with the same income as last year, and have also cleared all of our credit card debts to bring up affordability a bit more. Who knows what will happen!

How soon did you find out after application that you'd been declined? We are awaiting some form of decision and the anxiety is killing me. 

we applied on the 4th June and found out on the 18th. We appealed the decision a couple of days after and submitted contracts confirming that my partner is working until the end of December, his accountants predicted forecast and paid off all the credit cards completely - still declined and found out today. Have a meeting with a specialist broker tomorrow to try and sort it out. So frustrating!

Had you had your valuation done with Natwest? Just trying to work out the chances of us being declined at this stage, our application went in 10 days ago and our valuation was done last week.
I hope you get it sorted xxx

Hi yes, all of the valuation was done on the Monday when I applied on the Friday. I thought this meant good news so got excited but apparently this is their standard practice now.

Tuesday1510

Just in case anyone is in the same position this is what they said - 

Whilst I appreciate he has now returned to work and has contracts lined up we cannot verify how his income will be affected this year by having 3 months with no work.

Grrrrrr

Kiwistrawb1990

Tuesday1510 said:

Kiwistrawb1990 said:

Tuesday1510 said:

Kiwistrawb1990 said:

Tuesday1510 said:

Yes, we are using a broker. She was meant to apply somewhere else along side appealing, as our exchange date is tomorrow. She has not mentioned anything about applying somewhere else. We have booked in with a really trusted broker with experience of 28 years on Tuesday to apply with another lender if NatWest still decline. So the plan is to get the NatWest appeal decision this week ready in time for Tuesday. 
We submitted building contracts as proof of work and income until December, an accountants forecast with the same income as last year, and have also cleared all of our credit card debts to bring up affordability a bit more. Who knows what will happen!

How soon did you find out after application that you'd been declined? We are awaiting some form of decision and the anxiety is killing me. 

we applied on the 4th June and found out on the 18th. We appealed the decision a couple of days after and submitted contracts confirming that my partner is working until the end of December, his accountants predicted forecast and paid off all the credit cards completely - still declined and found out today. Have a meeting with a specialist broker tomorrow to try and sort it out. So frustrating!

Had you had your valuation done with Natwest? Just trying to work out the chances of us being declined at this stage, our application went in 10 days ago and our valuation was done last week.
I hope you get it sorted xxx

Hi yes, all of the valuation was done on the Monday when I applied on the Friday. I thought this meant good news so got excited but apparently this is their standard practice now.

Oh god, I was excited for that reason too! I hope you manage to sort something out x

RoloCookie

Sorry to hear this. We are in a similar situation and putting the application in this evening. Did you get it sorted?

Tuesday1510

Hello, no we didn’t. We lost that house. So now we are going to look at a flat 100k cheaper on the hope to stay in it a few years and rent it out after. Not getting our hopes up for this either tbh although NatWest said said they would support a max loan of 180,000. How is everyone else getting on?

Kiwistrawb1990

Tuesday1510 said:

Hello, no we didn’t. We lost that house. So now we are going to look at a flat 100k cheaper on the hope to stay in it a few years and rent it out after. Not getting our hopes up for this either tbh although NatWest said said they would support a max loan of 180,000. How is everyone else getting on?

Our offer came through on the 30th July. We are just waiting to exchange now. Fingers crossed you have more luck with your next application. I really feel for self employed people at the moment, it's like you're being penalised for something that isn't your fault x

Tuesday1510

Kiwistrawb1990 said:

Tuesday1510 said:

Hello, no we didn’t. We lost that house. So now we are going to look at a flat 100k cheaper on the hope to stay in it a few years and rent it out after. Not getting our hopes up for this either tbh although NatWest said said they would support a max loan of 180,000. How is everyone else getting on?

Our offer came through on the 30th July. We are just waiting to exchange now. Fingers crossed you have more luck with your next application. I really feel for self employed people at the moment, it's like you're being penalised for something that isn't your fault x

congratulations!! You must be so pleased. I have no idea how this is going to pan out fingers crossed! 

justme200194

We are currently in a similar situation, we were declined by halifax and have put in an appeal via our broker. Both self employed through our own Ltd Company, but can only submit one years accounts due to only being Ltd for a year. We have no debts, no defaults/negative marks on credit file, never missed a mortgage payment on our current house. We were declined based on the underwriter looking at our previous years income & not being able to work out how our income for the year submitted has been significantly higher. We appealed as we were advised the underwriter should only have been going by our years accounts as a Ltd company! We submitted our application alongside a letter from our accountant, have also sent a letter from a company we subcontract to evidencing future works & contracts for the next 2/3 years. We have a 20% deposit which we have offered to increase if this would help. If we get declined again at this point then I really don’t know what more the banks want in a borrower 😓 I know it would be a totally different matter if we were both employed which makes it all the more frustrating! 

Thrugelmir

justme200194 said:

We appealed as we were advised the underwriter should only have been going by our years accounts as a Ltd company! 

Where did you obtain that information from? 

justme200194

Thrugelmir said:

justme200194 said:

We appealed as we were advised the underwriter should only have been going by our years accounts as a Ltd company! 

Where did you obtain that information from? 

.

Our broker ... we submitted our application based on one years accounts as self employed as Halifax were the only lender that would consider one years accounts. We have only been a Ltd company for one year