Additional borrowing on mortgage Natwest

Danielleseabrook17

So we had a call to ask for 20k additional borrowing and it was rejected she said it wasn't the affordability issue it's something on our credit checks. (Our mortgage is with them) so I done myself and husbands equifax no issues and spoke with them they confirmed no issue must be Natwest criteria but they say its credit check.

What do I do now neither is willing to help and natwest have no details of why. We want to do some much needed home improvements.

[Deleted User]

If NatWest aren't willing to lend, you'll need to look elsewhere.

By credit check, they mean you haven't passed their credit scoring model. ie your risk is too high or you simply don't meet their criteria.

Danielleseabrook17

I don't understand why as our mortgage is already with them. She told me to do the experience check and make sure nothing was there which it isn't just so confusing as they don't tell you what it is that fails it. Im not sure anywhere else will do loans over 25 years but will look thanks 

[Deleted User]

Do you mean an Experian check?

Experian is one of the CRAs that will tell lenders what accounts you have and how they're managed. They may consider you have too much borrowing already, or haven't managed things well in the past, which might be obvious grounds for refusal.  But you also need to meet their lending criteria. 

Danielleseabrook17

Equifax is the one they use and she told me to create the accounts to check on there. I don't have any other borrowing except car finance. I may ring them again just to confirm the details and see if they have any knowledge of criteria I haven't met. Thanks 

sparklep0ny

Danielleseabrook17 said:

Equifax is the one they use and she told me to create the accounts to check on there. I don't have any other borrowing except car finance. I may ring them again just to confirm the details and see if they have any knowledge of criteria I haven't met. Thanks 

"Check your credit files" is a generic "go away" response.  You may just not have met their criteria but there's little point in ringing them back they won't tell you the reason.

vmguru

Today is June 8th 2022 and still waiting for something that should have been straightforward being additional borrowing!

Self employed
Application May 5th
Valuation   May 11th
Lots of questions 29th May
Still waiting for response 8th June

We are on 22 working days after application and 19 working days after valuation wow! crazy amount of time for additional borrowing for an existing customer, I no longer  wish to carry on being a NatWest customer after this experience.

My mistake is going directly with NatWest being an existing customer it would have been easier for me to change lenders than get additional borrowing with Natwest. The fact they happy to give you a buy to let mortgage but don't count rental income into your calculations is ridiculous! any property investors stay away from Natwest and use a good broker because Natwest lending criteria didn't suit my circumstances.

longjohnjohnson

vmguru said:

Today is June 8th 2022 and still waiting for something that should have been straightforward being additional borrowing!

Self employed
Application May 5th
Valuation   May 11th
Lots of questions 29th May
Still waiting for response 8th June

We are on 22 working days after application and 19 working days after valuation wow! crazy amount of time for additional borrowing for an existing customer, I no longer  wish to carry on being a NatWest customer after this experience.

My mistake is going directly with NatWest being an existing customer it would have been easier for me to change lenders than get additional borrowing with Natwest. The fact they happy to give you a buy to let mortgage but don't count rental income into your calculations is ridiculous! any property investors stay away from Natwest and use a good broker because Natwest lending criteria didn't suit my circumstances.

This isn't the mortgage boards.

[Deleted User]

Nor is acceptable to hijack another persons thread @vmguru you must create your own.

vmguru

[Deleted User] said:

Nor is acceptable to hijack another persons thread @vmguru you must create your own.

not hijacking, sharing my experience with Natwest for the benefit of the tread readers.

vmguru

longjohnjohnson said:

vmguru said:

Today is June 8th 2022 and still waiting for something that should have been straightforward being additional borrowing!

Self employed
Application May 5th
Valuation   May 11th
Lots of questions 29th May
Still waiting for response 8th June

We are on 22 working days after application and 19 working days after valuation wow! crazy amount of time for additional borrowing for an existing customer, I no longer  wish to carry on being a NatWest customer after this experience.

My mistake is going directly with NatWest being an existing customer it would have been easier for me to change lenders than get additional borrowing with Natwest. The fact they happy to give you a buy to let mortgage but don't count rental income into your calculations is ridiculous! any property investors stay away from Natwest and use a good broker because Natwest lending criteria didn't suit my circumstances.

This isn't the mortgage boards.

additional borrowing is a second change on mortgage account with natwest.