Mortgqge application- Declined :(

xphillx

Hey, 
So me and my partner are looking to buy a house together.  I am already a joint owner on a property and will be making enough to get a 10% deposit when it sells. I checked through are credit files I have 1 missed payment from March 2020 due to the virus etc it was an oversight as lots going on! Was only £30 which I paid straight away. My partner has a couple of missed payments from Nov 2019 due to work his old job messing up pay. Other than this payment records are spot on. We went to a broker who recommended platform mortgages so we done an application which was declined due to my partner having a default... we done some looking into this as wasn't showing on checkmyfile. So signed up to Experian and it turns out that a default has been registered against him but it wasn't in his name, although a very similar name. We contacted the credit agency who seem to of removed this info. So I started looking into mortgages again now and it seems Natwest could be an option. As we passed the DIP stage. We are very nervous about doing another application though to just be declined and messing credit files up more. Does anyone have any advice or experience with Natwest and whether the few late payments would be an issue. I have never had mortgage arrears. 

Thanks a lot

Phill

K_S

xphillx said:

Does anyone have any advice or experience with Natwest and whether the few late payments would be an issue. I have never had mortgage arrears.

@xphillx Passing the Natwest DIP is definitely a positive though no guarantee of a full application going to offer. How many late payments, how old, what kind of accounts, any late payments that went into 2+ months arrears?

And just to be clear, the wrongly added default no longer shows on the credit file?

xphillx

Hi ya, I have 1 late payment from March 2020 for PayPal for £30 just 1 month
My partner has 3 1 from a catalogue october 2020 and a nationwide loan it says 1 month in arrears on the report from November 2019. Platform didn't mention these in the decline just the wrongly entered default. The default doesn't show on Experian to us im not sure if that is what lenders will see or if it will take a while to update when they look at it. 
Thanks
Phill

ACG

If you did the DIP with natwest directly it is only a soft footprint so may not pick up everything. 
However, natwest only use equifax so it is probably quite likley they have not and will not pick up on the default. 

xphillx

Sorry ACG  the default I dont believe will be a problem as it seems to of been removed now due to it being incorrectly issued to the wrong person... just the few late payments, unsure how Natwest would view these. Although my partner was in hospital for about a month and rehab due to a type of stroke. We was considering asking if Nationwide would apply goodwill in this situation and possibly remove the late payment marker.
Thanks
Phill

mowgliisaG

xphillx said:

Hey, 
So me and my partner are looking to buy a house together.  I am already a joint owner on a property and will be making enough to get a 10% deposit when it sells. I checked through are credit files I have 1 missed payment from March 2020 due to the virus etc it was an oversight as lots going on! Was only £30 which I paid straight away. My partner has a couple of missed payments from Nov 2019 due to work his old job messing up pay. Other than this payment records are spot on. We went to a broker who recommended platform mortgages so we done an application which was declined due to my partner having a default... we done some looking into this as wasn't showing on checkmyfile. So signed up to Experian and it turns out that a default has been registered against him but it wasn't in his name, although a very similar name. We contacted the credit agency who seem to of removed this info. So I started looking into mortgages again now and it seems Natwest could be an option. As we passed the DIP stage. We are very nervous about doing another application though to just be declined and messing credit files up more. Does anyone have any advice or experience with Natwest and whether the few late payments would be an issue. I have never had mortgage arrears. 

Thanks a lot

Phill

Hi, did you get declined on DIP? Or did you pass the DIP with platform? 

xphillx

I dont think the broker even done a DIP with platform, just said it should be fine as they deal with some adverse credit

mowgliisaG

xphillx said:

I dont think the broker even done a DIP with platform, just said it should be fine as they deal with some adverse credit

You have to have a DIP before full application I thought..

xphillx

I'm not to sure, Platform can only be accessed by an intermediary... could be slightly different! I guess I could try a proper broker as this was one of the big companies that I guess just want straight forward applications

advisertryingtohelp

A couple of missed payments from 2019–2020 would usually not cause issues with many mainstream lenders, especially if everything since then has been conducted well.

If the default that appeared on the credit file has now been removed, that may well have been the reason for the original decline.

Passing the NatWest DIP is generally a positive sign because their DIP usually performs a fairly strong credit assessment. As long as the information entered matches the full application and the credit files are now correct, the chances of progressing should be much better.

One or two additional credit searches during a mortgage process generally won’t cause problems, so I wouldn’t worry too much about that aspect.