Mortgage Lending Disgrace - Very Unfair!

dunstonh

Bumping to encourage an update to the latest questions asked.

John_

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,

It sounds like you maybe need to find a better broker if this one’s wasted so much of your time on a process that others are telling you was unlikely to succeed.

They are under no obligation to lend to you, so it’s not clear what you expect the ombudsman to do here. What is it that you want from the complaints process? If it’s a loan, that’s not now going to happen.

Seashell517

How do you lose your home because of a re-mortgage not going through? Surely you just go on to SVR or pick a different deal with the current lender?