Issue with Natwest Mortgage Application

tulleymartin

Has anyone else had issues with a Natwest Mortgage application that was initially accepted, and then rejected with the statement that you failed the credit check? This happened  to my daughter on 14th September, and Natwest failed to inform her of their decision until she checked with them today. When she checked with equifax (who Natwest say they used) they were adamant that she had a very good credit score, and furthermore there had been no credit checks on her record for the last 6 months .
What does she do now?

kingstreet

Obtains copies of all three versions of her credit file and puts them in front of a decent independent broker.

K_S

tulleymartin said:

Has anyone else had issues with a Natwest Mortgage application that was initially accepted, and then rejected with the statement that you failed the credit check? This happened  to my daughter on 14th September, and Natwest failed to inform her of their decision until she checked with them today. When she checked with equifax (who Natwest say they used) they were adamant that she had a very good credit score, and furthermore there had been no credit checks on her record for the last 6 months .
What does she do now?

@tulleymartin A couple of years ago when I used to work in large firm, we used to frequently get clients coming to us who had got a direct AIP from NatWest and then when they submitted a direct application online it got declined on 'credit-score' straight away. Turned out that the NatWest system was issuing DIPs based on the information input without doing any kind of soft credit check to factor in the credit history of the applicant.

Perhaps that's what has happened in your case. In any case, if it's been declined on 'credit-score' you should definitely get a copy of your Equifax (Clearscore also uses Equifax) credit report and pore over it to see what the issue might be.

chanz4

tulleymartin said:

Has anyone else had issues with a Natwest Mortgage application that was initially accepted, and then rejected with the statement that you failed the credit check? This happened  to my daughter on 14th September, and Natwest failed to inform her of their decision until she checked with them today. When she checked with equifax (who Natwest say they used) they were adamant that she had a very good credit score, and furthermore there had been no credit checks on her record for the last 6 months .
What does she do now?

ignore the credit score also they mean nothing to lenders

Stella76

I have had the same today - they have called to say that I have failed the credit score but can't say why.  But online it says that are awaiting the results of the valuation/survey??

K_S

@stella76 If you have a broker they should be able to say or at least hazard am educated guess based on your specifics and what your Equifax report looks like.

If you don't then it may be worth getting a copy of your Equifax (Clearscore) credit report and either poring over it yourself to see if there is anything obvious or take your case to a broker (do tell them that you have had a credit-score decline from NatWest so they factor that in.

Stella76 said:

I have had the same today - they have called to say that I have failed the credit score but can't say why.  But online it says that are awaiting the results of the valuation/survey??

ashleighflint

@Stella76 please could I ask when did you submit your application? 

I’m currently waiting and just seeing what your timeframe was. 

Thank you 

K_S

ashleighflint said:

@Stella76 please could I ask when did you submit your application? 

I’m currently waiting and just seeing what your timeframe was. 

Thank you 

@ashleighflint To get a sense of current processing timelines, their current service levels are published here.
https://www.intermediary.natwest.com/intermediary-solutions/service-levels.html

ashleighflint

Thank you @K_S my mortgage broker is on top of this. 

I was just wondering how long other people’s applications had been in before they got declined. 

K_S

ashleighflint said:

Thank you @K_S my mortgage broker is on top of this. 

I was just wondering how long other people’s applications had been in before they got declined. 

@ashleighflint Honestly, don't stress too much. You've done the right thing by using a broker so at least there shouldn't be any criteria related reasons for a decline (which is the most common reason I've come across when clients come to me after having being declined direct).

In the last few years, I can only ever remember one of my NatWest applications being declined after DIP stage, and that was due to a historic default that the client had with the RBS group but didn't tell me about (and to be fair while I did review their credit report, I didn't ask them that specific question about defaults older than 6 years!)

Good luck, hope your offer comes through soon!

Wheaton20

@K_S I've just read your post with regards to your client that had a previous IVA.  I applied for a mortgage with Natwest 6 wks ago they came back to me 2 wks ago asking for further bank statements that we did provide then it's been radio silent.  I'm now stressed that it may be down to an IVA that we entered into in 2011 for 6 yrs I was lead to believe at the time that when we were discharged and that would be the end of it.  Checking my credit file my score is now 918.  But my IVA was for buy to let mortgage with the BOS and now I'm reading that Natwest and BOS are the same.  Do you think they will decline? Thanks