NatWest mortgage application

puzler

Hi 
my broker has got me a decision in principle for a NatWest mortgage . I have 2 four year old defaults with NatWest . I have a 30k deposit . My credit rating is poor but i can more than afford the mortgage . Will they reject me ? Thanks 

K_S

puzler said:

Hi 
my broker has got me a decision in principle for a NatWest mortgage . I have 2 four year old defaults with NatWest . I have a 30k deposit . My credit rating is poor but i can more than afford the mortgage . Will they reject me ? Thanks 

@puzler Since you've used a broker and passed the DIP stage, that's as much assurance as you're going to get at this stage

Good luck, I hope your offer comes through soon!

puzler

Thank you , I just wandered if they are likely to see the defaults were with them and reject me on that basis , not sure it’s worth taking it further as surely they won’t like that 

K_S

puzler said:

Thank you , I just wandered if they are likely to see the defaults were with them and reject me on that basis , not sure it’s worth taking it further as surely they won’t like that 

@puzler Both the defaults were on NatWest accounts? Did the broker ask for and review your credit report before recommending a lender?

puzler

That is what is concerning me to be honest . I sent my credit file to her she knows about the defaults but still recommends we go down this route . I don’t know what to do for the best 

puzler

Sorry yes both on NatWest accounts my ex got declared bankrupt I had a joint account I left open with him and NatWest demanded immediate repayment of the joint account overdraft and my personal account overdraft 

K_S

puzler said:

Sorry yes both on NatWest accounts my ex got declared bankrupt I had a joint account I left open with him and NatWest demanded immediate repayment of the joint account overdraft and my personal account overdraft 

@puzler Please only take this as a very very general comment as I know nothing of your case except the very limited information in your post.

Generally speaking, based purely on the issue of defaults, in the situation you've outlined, I would normally avoid recommending NatWest if there are alternative lenders that meet your requirements and aren't too much more expensive.

Do bear in mind that this may not always be possible. For example, NatWest is great for certain variable income (bonus, overtime, commission) scenarios, for maximising borrowing in some situations, using benefits income, etc. Perhaps there might be a criteria or affordability related reason that you need to go with NatWest.

If you aren't satisfied with your broker's advice, I would recommend just speaking to them to understand the reason for recommending NatWest and whether or not there are any other mainstream lenders that will consider who are not too much more expensive. There might be a simple explanation.

puzler

Thank you , yes I think you are correct , I’ve asked for some more advice on the issue from the Broker and I will see what they come back with, like you said there may be a good reason but they need to explain their reasoning , appreciate your responses thank you very much 

kingstreet

If you had debt issues with NatWest they may not show up at the early stages but usually do post-submission of a full application. The RBS Group has a very long memory where its unpaid credit is concerned.

puzler

My defaults were a result of my ex getting declared bankrupt and the NatWest demanding immediate payment of 2 overdrafts. 

My broker said she has contacted the BDM at NatWest to confirm that the decision in principle reviews my defaults . They are over 4 years old now. I’m very unsure about it all to be honest 

kingstreet

The defaults on the credit system (or used to be on the credit system) and RBS Group internal markers are two different things.

I had an app go nearly three weeks before NatWest binned it due to RBSG internal debt markers. Only those who have experienced this tend to even know about it.

No way of knowing if your situation resulted in such a marker.