NATWEST MORTGAGE APPLICATION - ITS A JOKE! HELP!?!

joa02ds

Can anybody relate or help in this scenario as I feel I am in a losing battle. Which they can not help with or explain!

I have a mortgage in principal agreed with NatWest. 
In agreeing this they did a hard check on my credit file and approved.
I have all my docs and deposit collated 3 days later. 
Today we (broker) submit the application   -which is rejected due to credit score being lower. 
The only activity which has lowered it in 3 days is their search. so they are rejecting based on their own activity.  everything else is in a good state. 
They say they can not manually review and computer says no. 
I am now left with a negatively affected score and no mortage offer.
Surely this is illogical but im not sure where to go - 
Any ideas?
thank you 

KAP0365

joa02ds said:

Can anybody relate or help in this scenario as I feel I am in a losing battle. Which they can not help with or explain!

I have a mortgage in principal agreed with NatWest. 
In agreeing this they did a hard check on my credit file and approved.
I have all my docs and deposit collated 3 days later. 
Today we (broker) submit the application   -which is rejected due to credit score being lower. 
The only activity which has lowered it in 3 days is their search. so they are rejecting based on their own activity.  everything else is in a good state. 
They say they can not manually review and computer says no. 
I am now left with a negatively affected score and no mortage offer.
Surely this is illogical but im not sure where to go - 
Any ideas?
thank you 

You should re check with your broker. They don’t use the made up numbers that we see, and they search multiple agencies (for us, Transunion and Equifax). More likely that they said it’s due to your credit report. Automatic computer process has thrown up something that doesn’t fit criteria. Your broker should have been given this beforehand and should have matched you to their criteria, unless is it an online free one? Have a look at your report on all the credit agencies and check there aren’t any surprises. Or perhaps your credit utilisation or debt to income ratio is too high. But lenders don’t see the ‘credit scores’ that the consumer sees. If you were hard checked at AIP stage I don’t think NatWest hard check again, so this doesn’t sound quite right. 

joa02ds

KAP0365 said:

joa02ds said:

Can anybody relate or help in this scenario as I feel I am in a losing battle. Which they can not help with or explain!

I have a mortgage in principal agreed with NatWest. 
In agreeing this they did a hard check on my credit file and approved.
I have all my docs and deposit collated 3 days later. 
Today we (broker) submit the application   -which is rejected due to credit score being lower. 
The only activity which has lowered it in 3 days is their search. so they are rejecting based on their own activity.  everything else is in a good state. 
They say they can not manually review and computer says no. 
I am now left with a negatively affected score and no mortage offer.
Surely this is illogical but im not sure where to go - 
Any ideas?
thank you 

You should re check with your broker. They don’t use the made up numbers that we see, and they search multiple agencies (for us, Transunion and Equifax). More likely that they said it’s due to your credit report. Automatic computer process has thrown up something that doesn’t fit criteria. Your broker should have been given this beforehand and should have matched you to their criteria, unless is it an online free one? Have a look at your report on all the credit agencies and check there aren’t any surprises. Or perhaps your credit utilisation or debt to income ratio is too high. But lenders don’t see the ‘credit scores’ that the consumer sees. If you were hard checked at AIP stage I don’t think NatWest hard check again, so this doesn’t sound quite right. 

thanks so much for the above - first time ive ever used a forum
Hard search was on 18th. today was soft search with the follow up application. I did look at both Equifax and Experian. Experian is a good score (940 i think - I know they don't use this but just for ref) even with the hard search on 18th. 
Equifax however was fair into good on Friday when the Mortgage in principal was accepted. but then the hard search has been added and the score down to poor!. no other changes in past week at all except that. checked both agencies to be sure. all green except search has jumped to red because of NatWest.

So I have 2 scores completely different on 2 systems with the exact same information. 

I have seen the submittal response in the online system which doesn't let the broker submit my documents as it says rejected due to credit score. 
yes my credit utlilisation on my credit card is high.. like 90 percent and I appreciate this brings my score down.. BUT that is the same as it was on 18th last Friday as I say so shoudn't now be the factor causing change. 

My broker called the NatWest area manager for mortgages and she also said it makes little sense if accepted for mortgage in principal but that that cant assess if computer rejects.... so im left worse off than I was before through their odd system. 

ACG

It could be a number of things:
1) An application requests more information than a DIP. So the additional information requested on the application may have pulled the score down. 
2) They may have tweaked their scoring system and made it harder to pass. This could be possible as they are upping their rates tomorrow. 
3) Have you checked your equifax report? Are you 100% sure there is nothing else on there? 

Not much you can do with natwest, a hard decline is a decline that cant be overturned. You just need to move on to a new lender. 

joa02ds

1) An application requests more information than a DIP. So the additional information requested on the application may have pulled the score down.  not sure on this  - broker sent me the screen grab of the submittal of all docs and it says rejected from credit score.  cant do much on this one.  would be an odd process to conduct 2 different automated checks though surely. 
2 - maybe again I cant do anything. 
3 - yes over and over. no changes except for search on 18th. I think the utilisation is actually a little better as obvs each month my credit card goes down
again doesn't really explain the reason my 2 scores are completely different on differing systems. 

my mortage broker is looking at other lenders - but now my score is hit from the search im worse off. 
we were eligible for NatWest based on the pre  checks and score and mortage in principal so both broker and NatWest regional manager say its odd.

thanks for your response though but I still feel a bit muddled. 

bradders1983

For the second time, the score you see is irrelevant.

Irrelevant. 

It is made up by the credit reference agencies to promote other products. 

Sorry to be blunt but get it out of your head!

ACG

Forget the score you can see. That is the score the credit agency gives you. 
Your application takes that into account in addition to the information on your application form. As an example, your credit report does not know your annual income, it may not even pick up all of your commitments. 

Your broker may have put something incorrect on the original DIP? I did a DIP for a lady once, it passed when I put her income down as £150k... it failed when I corrected it to £15k (we placed her elsewhere and all was ok in the end). 

It is what it is, its time for Plan B. 

sully1311

Natwest's site says they don't do a hard check for AIP.

[Deleted User]

sully1311 said:

Natwest's site says they don't do a hard check for AIP.

If you apply for a DIP direct they don’t and if you use a broker they do. 

Keano24

You said your CC utilization is 90%. Is that on interest bearing cards or 0% promo?

If it is on interest bearing cards then it gives the impression that you are reliant on credit and cannot afford to clear your balance and that is maybe what caused the rejection.

csgohan4

A good example where getting a DIP doesn't guarantee acceptance for a mortgage. There's more to this, have a look at your credit history and discuss with your broker