NatWest declined mortgage application and didn’t offered a closer offer

sofsar

I applied for a mortgage with NatWest and it got declined due to affordability. I’m using a broker so we asked if they would lend something else instead but haven’t responded to broker for a week. I chased it up myself with NatWest, a few days ago they said it’s with underwriting and rang today they said it stands as declined and refunds were requested on Tuesday. 

So I need to re-apply with other 2 options I have, Barclays or Leeds. I need to borrow 127k

Thrugelmir

Lenders respond to applications made. They don’t second guess what might be acceptable. Waste of their time.

sofsar

Thrugelmir said:

Lenders respond to applications made. They don’t second guess what might be acceptable. Waste of their time.

Wasn’t good advice from broker then  
he said as it’s declined  sometimes they will offer you around the original amount 
natwest haven’t pinpointed the refusal, just stated  affordability 

Carl2510

sofsar said:

Thrugelmir said:

Lenders respond to applications made. They don’t second guess what might be acceptable. Waste of their time.

Wasn’t good advice from broker then  
he said as it’s declined  sometimes they will offer you around the original amount 
natwest haven’t pinpointed the refusal, just stated  affordability 

Surely the affordability is the refusal there is nothing else to pinpoint! They basically don’t think you can afford it wether that’s down to wage or current debt.

Emmia

sofsar said:

Thrugelmir said:

Lenders respond to applications made. They don’t second guess what might be acceptable. Waste of their time.

Wasn’t good advice from broker then  
he said as it’s declined  sometimes they will offer you around the original amount 
natwest haven’t pinpointed the refusal, just stated  affordability 

I'm not sure what other information you'd need - they think you can't / won't be able to afford to service the mortgage, and so they don't want to lend to you.

No bank is obligated to give people mortgages.

sofsar

Emmia said:

sofsar said:

Thrugelmir said:

Lenders respond to applications made. They don’t second guess what might be acceptable. Waste of their time.

Wasn’t good advice from broker then  
he said as it’s declined  sometimes they will offer you around the original amount 
natwest haven’t pinpointed the refusal, just stated  affordability 

I'm not sure what other information you'd need - they think you can't / won't be able to afford to service the mortgage, and so they don't want to lend to you.

No bank is obligated to give people mortgages.

The information I’d like was have they declined because I was on furlough with agency or tax credits. But I understand rules are tighter than before. I’m currently paying for a mortgage £430 and the new mortgage would be £402 which comes out from NatWest too so all proof is there  

csgohan4

sofsar said:

Emmia said:

sofsar said:

Thrugelmir said:

Lenders respond to applications made. They don’t second guess what might be acceptable. Waste of their time.

Wasn’t good advice from broker then  
he said as it’s declined  sometimes they will offer you around the original amount 
natwest haven’t pinpointed the refusal, just stated  affordability 

I'm not sure what other information you'd need - they think you can't / won't be able to afford to service the mortgage, and so they don't want to lend to you.

No bank is obligated to give people mortgages.

The information I’d like was have they declined because I was on furlough with agency or tax credits. But I understand rules are tighter than before. I’m currently paying for a mortgage £430 and the new mortgage would be £402 which comes out from NatWest too so all proof is there  

You forget that banks have to stress test your mortgage and add easily another 5% at least to ensure you can afford. 

Maybe find a another broker perhaps? Were they L+C by any chance?

sofsar

csgohan4 said:

sofsar said:

Emmia said:

sofsar said:

Thrugelmir said:

Lenders respond to applications made. They don’t second guess what might be acceptable. Waste of their time.

Wasn’t good advice from broker then  
he said as it’s declined  sometimes they will offer you around the original amount 
natwest haven’t pinpointed the refusal, just stated  affordability 

I'm not sure what other information you'd need - they think you can't / won't be able to afford to service the mortgage, and so they don't want to lend to you.

No bank is obligated to give people mortgages.

The information I’d like was have they declined because I was on furlough with agency or tax credits. But I understand rules are tighter than before. I’m currently paying for a mortgage £430 and the new mortgage would be £402 which comes out from NatWest too so all proof is there  

You forget that banks have to stress test your mortgage and add easily another 5% at least to ensure you can afford. 

Maybe find a another broker perhaps? Were they L+C by any chance?

Broker is estate agent where I’m purchasing from, part of sequence. He said there’s Leeds or Barclays Bank as next option but I’m thinking which of these 2 would be less strict 

csgohan4

Using services from EA is often discouraged, not all are whole of the market and poor value for money. I would get an independent broker, forget he conveyor ones like L+C, habito e.t.c

sofsar

csgohan4 said:

Using services from EA is often discouraged, not all are whole of the market and poor value for money. I would get an independent broker, forget he conveyor ones like L+C, habito e.t.c

csgohan4 said:

Using services from EA is often discouraged, not all are whole of the market and poor value for money. I would get an independent broker, forget he conveyor ones like L+C, habito e.t.c

csgohan4 said:

Using services from EA is often discouraged, not all are whole of the market and poor value for money. I would get an independent broker, forget he conveyor ones like L+C, habito e.t.c

Iv already paid them £700 after the valuation fees were take out. He was the one of few others I asked if he could get me a mortgage with agency slips so he used both of my employment work, agency and other part time job I recently got. Hubby is self employed who claimed the grant and when I went in NatWest they said they don’t accept customers who claimed it 

Emmia

sofsar said:

csgohan4 said:

Using services from EA is often discouraged, not all are whole of the market and poor value for money. I would get an independent broker, forget he conveyor ones like L+C, habito e.t.c

csgohan4 said:

Using services from EA is often discouraged, not all are whole of the market and poor value for money. I would get an independent broker, forget he conveyor ones like L+C, habito e.t.c

csgohan4 said:

Using services from EA is often discouraged, not all are whole of the market and poor value for money. I would get an independent broker, forget he conveyor ones like L+C, habito e.t.c

Iv already paid them £700 after the valuation fees were take out. He was the one of few others I asked if he could get me a mortgage with agency slips so he used both of my employment work, agency and other part time job I recently got. Hubby is self employed who claimed the grant and when I went in NatWest they said they don’t accept customers who claimed it 

It sounds as though because your income comes from multiple sources there could be some uncertainty over whether it is reliable enough for the mortgage.