Mortgage Lending Disgrace - Very Unfair!

hopeofahome

dunstonh said:

I think they are a National Disgrace 

One case doesn't make them a national disgrace. 

need to be investigated as they are not meeting the fair lending criteria by accepting Applications which they later reject for no good reason.

They will have a reason and unless you can show the reason is based on flaws then it will be classed as a good reason.

 I understand a lender is not required to lend however if they were to be honest and professional when they have all the required information from day 1 then I would at least be able to move onto another lender who would accept me, however because of their incompetence they have left me with no time to execute a back up plan if need be.

They dont have all the information from day 1.  Bits of it come in later when checks are carried out.

 and what is the point of the 6 years to clear your credit report rule? 

There is no such rule. 

My thinking is if they are potentially rejecting people like me earning good money, with Property Equity, Cash, ISA’a, Assets and Investments then who are they accepting? Millionaire’s only? So I feel for first time buyers and every other applicant.

Different lenders target different markets in different ways. Natwest are not known for being generous with self employed.   A historic bad debt with them doesn't help your cause.

Did you inform your mortgage broker of the historic bad debt?    Is your accountant (as in person) actually your mortgage broker or did you mean accountant (as in firm) the mortgage broker?  The former is a good indication of why being a jack of all trades is not a good idea. If it is the latter then they should know what Natwest are like if they have the experience.  Although if they didn't know of the historic debt issues then it is just one of those things.

My Broker is a specialist and highly professional. We;ve been complaining since September which is when my current deal expired. Its got to the point my broker has just said lets forget about Natwest and go with another lender. I will be complianing to the financial Obudsmen about them,

ACG

hopeofahome said:

dunstonh said:

I think they are a National Disgrace 

One case doesn't make them a national disgrace. 

need to be investigated as they are not meeting the fair lending criteria by accepting Applications which they later reject for no good reason.

They will have a reason and unless you can show the reason is based on flaws then it will be classed as a good reason.

 I understand a lender is not required to lend however if they were to be honest and professional when they have all the required information from day 1 then I would at least be able to move onto another lender who would accept me, however because of their incompetence they have left me with no time to execute a back up plan if need be.

They dont have all the information from day 1.  Bits of it come in later when checks are carried out.

 and what is the point of the 6 years to clear your credit report rule? 

There is no such rule. 

My thinking is if they are potentially rejecting people like me earning good money, with Property Equity, Cash, ISA’a, Assets and Investments then who are they accepting? Millionaire’s only? So I feel for first time buyers and every other applicant.

Different lenders target different markets in different ways. Natwest are not known for being generous with self employed.   A historic bad debt with them doesn't help your cause.

Did you inform your mortgage broker of the historic bad debt?    Is your accountant (as in person) actually your mortgage broker or did you mean accountant (as in firm) the mortgage broker?  The former is a good indication of why being a jack of all trades is not a good idea. If it is the latter then they should know what Natwest are like if they have the experience.  Although if they didn't know of the historic debt issues then it is just one of those things.

My Broker is a specialist and highly professional. We;ve been complaining since September which is when my current deal expired. Its got to the point my broker has just said lets forget about Natwest and go with another lender. I will be complianing to the financial Obudsmen about them,

4 Mortgage brokers on here are saying they would not have sent your application to natwest, yet yours did and you are adamant the fault lies with Natwest? 

haras_n0sirrah

Where Natwest are really not interested is if people have taken any covid support schemes - seiss grants, bounce back, payment holidays - have you taken any of these op?

Thrugelmir

hopeofahome said:

dunstonh said:

I think they are a National Disgrace 

One case doesn't make them a national disgrace. 

need to be investigated as they are not meeting the fair lending criteria by accepting Applications which they later reject for no good reason.

They will have a reason and unless you can show the reason is based on flaws then it will be classed as a good reason.

 I understand a lender is not required to lend however if they were to be honest and professional when they have all the required information from day 1 then I would at least be able to move onto another lender who would accept me, however because of their incompetence they have left me with no time to execute a back up plan if need be.

They dont have all the information from day 1.  Bits of it come in later when checks are carried out.

 and what is the point of the 6 years to clear your credit report rule? 

There is no such rule. 

My thinking is if they are potentially rejecting people like me earning good money, with Property Equity, Cash, ISA’a, Assets and Investments then who are they accepting? Millionaire’s only? So I feel for first time buyers and every other applicant.

Different lenders target different markets in different ways. Natwest are not known for being generous with self employed.   A historic bad debt with them doesn't help your cause.

Did you inform your mortgage broker of the historic bad debt?    Is your accountant (as in person) actually your mortgage broker or did you mean accountant (as in firm) the mortgage broker?  The former is a good indication of why being a jack of all trades is not a good idea. If it is the latter then they should know what Natwest are like if they have the experience.  Although if they didn't know of the historic debt issues then it is just one of those things.

I will be complianing to the financial Obudsmen about them,

Totally pointless. You've no right to a mortgage from any given lender. 

csgohan4

OP your broker is a disgrace, sending you to a lender with your credit history
You cannot force a lender to lend money to you, their money their rules, which sadly your broker is clueless about

haras_n0sirrah

csgohan4 said:

OP your broker is a disgrace, sending you to a lender with your credit history
You cannot force a lender to lend money to you, their money their rules, which sadly your broker is clueless about

If the broker knew about the previous decline and the former credit issues with Natwest then they should have known the op is effectively black listed from Natwest due to the previous credit issues and this was a pretty poor show - Natwest is a lender who very much ascribe to 'once bitten twice shy'
If the op did not tell the broker this then that is different. Not everyone has attempted a self employed natwest case post covid before - those of us who have know that you do not put a self employed case with natwest unless there has been no drop in income post covid and no self employed grants applied for and taken. I tried a self employed case with Natwest - never ever ever again but I gave up once it was clear it would be going nowhere. To try for 5 months and not go elsewhere is pretty poor regardless

Raffi2020

I'm not sure how far a complaint to the ombusdman would go. I do get the anger and frustration but you're better off putting your energy into finding a lender who is likely to lend to you.

As others have said above (and you said yourself in your first post) - it's the lender's money and they set the rules and criteria. Those rules and criteria can and do change pretty much arbitrarily as the lender sees fit. There are lots of people wanting a mortgage in what is a very uncertain time, meaning lenders can basically cherry pick their customers from a large pool of prospective applications, and so most don't have to or don't want to take much risk. That's not a dereliction of duty because no duty is owed. 

It's annoying how sometimes these things can drag on for weeks and months until they finally spot a problem you'd have thought they'd have seen instantly, but that's how it is I guess. Lockdown, working from home, computer errors, high levels of applications - everybody is stretched this year. 

I think a complaint is just going to be another thing to worry about that almost certainly will go nowhere. I'd have a frank conversation with your broker and find a lender likely to give you what you want, and deal with that first.

md258

So you defaulted with Natwest 10 years ago and feel that they should lend you money now because 6 years have passed? Would you lend someone money if they didn't pay you back before?

The only thing I can possibly see that Natwest have done wrong is the time it has taken- the decision itself I agree with.

csgohan4

haras_n0sirrah said:

csgohan4 said:

OP your broker is a disgrace, sending you to a lender with your credit history
You cannot force a lender to lend money to you, their money their rules, which sadly your broker is clueless about

If the broker knew about the previous decline and the former credit issues with Natwest then they should have known the op is effectively black listed from Natwest due to the previous credit issues and this was a pretty poor show - Natwest is a lender who very much ascribe to 'once bitten twice shy'
If the op did not tell the broker this then that is different. Not everyone has attempted a self employed natwest case post covid before - those of us who have know that you do not put a self employed case with natwest unless there has been no drop in income post covid and no self employed grants applied for and taken. I tried a self employed case with Natwest - never ever ever again but I gave up once it was clear it would be going nowhere. To try for 5 months and not go elsewhere is pretty poor regardless

surely a fact find would tease this out and asked have you 'Ever' had defaults or CCJ's and which lender. 

haras_n0sirrah

csgohan4 said:

haras_n0sirrah said:

csgohan4 said:

OP your broker is a disgrace, sending you to a lender with your credit history
You cannot force a lender to lend money to you, their money their rules, which sadly your broker is clueless about

If the broker knew about the previous decline and the former credit issues with Natwest then they should have known the op is effectively black listed from Natwest due to the previous credit issues and this was a pretty poor show - Natwest is a lender who very much ascribe to 'once bitten twice shy'
If the op did not tell the broker this then that is different. Not everyone has attempted a self employed natwest case post covid before - those of us who have know that you do not put a self employed case with natwest unless there has been no drop in income post covid and no self employed grants applied for and taken. I tried a self employed case with Natwest - never ever ever again but I gave up once it was clear it would be going nowhere. To try for 5 months and not go elsewhere is pretty poor regardless

surely a fact find would tease this out and asked have you 'Ever' had defaults or CCJ's and which lender. 

A lot of people only declare things within the last 6 years as that is all that shows on a credit report. 
I had someone a few days ago say they had no adverse. Checked the credit report and had an active ccj from feb 19, 2 defaults and a run of 6 missed payments within the last 12 months. This is why I always get a credit report upfront however I wouldn't know about stuff over 6 years ago unless it was declared to me.