Mortgage Rejection based on multiple contracts - So gutted

femster82

Together with a broker, we identified Natwest as a lender that would accept multiple contracts, she went off to do the research and we went through with the full application.

• Full application fee taken
• Valuation done

On the first day of underwriting, I think no news is good news. Then I get a message at 4.50 pm from Natwest directly that the application fee has been refunded to my account. Of course, I start to panic at this stage.
Call the broker and was told that they have an underwriter who is being fussy about the fact I have one contract outside of IR35 and one inside IR35, she said she has never heard of this before as they have placed multiple deals of the same sort with the same lender. 
She says I should hang tight as they have escalated the issue to more senior people who they have relationships with.

Obviously, I am now in full panic mode as it took me weeks to even find the courage to go with a broker and put in the full application. It is a big mess now, anyone had a situation like this turned around before?

ACG

Sometimes things dont quite go to plan, it does not mean it cant be resolved - either with the same lender or a new one. 
I dont think Natwest was a bad choice personally. Trust your broker let them try to rescue it and if not, see if they can find a Plan B. 

Danger_Mouse1978

I'm in the same situation work-wise. Don't know about NatWest but we used Skipton and they had no issues looking at both contracts.

Speak to your broker.

DM

amnblog

In most situations Broker has Plan B sorted before the borrower is aware of a problem. Nat West have caused stress here by being prompt with application fee refund - ironic.

Don't panic Femster, your situation is unusual but your Broker is working on your behalf to resolve this now.

femster82

Thanks for the replies.

Some light is appearing again. But the Natwest case is pretty dead in the water, I called them and they confirmed it had been rejected. The broker did finally come back to me today after radio silence for a week, and said Natwest asked some questions about how I run two contracts at the same time, which I explained.

But in the mean time a broker I had worked with in Jan, who took ages to reply to anything, randomly came back to me on Friday and said he had an agreement with Skipton to use a certain number of hours between both contracts which comfortably meets affordability.

My question to experienced people is, how accurate are these chats you have with business development/underwriters?

ACG

It depends on the quality of the account manager. 
I like Skipton, common sense approach. I have had cases accepted with skipton that do not fit criteria before now by discussing the case upfront. 

femster82

 ACG said:

It depends on the quality of the account manager. 
I like Skipton, common sense approach. I have had cases accepted with skipton that do not fit criteria before now by discussing the case upfront. 

I am also completing a buy-to-let remortgage at the same time and raising some extra funds from that, will that have any effect on my main application I will be taking out more money on my current property and would need that to complete first for extra cash towards stamp duty.

Just cautious as people always say do not take out any money until completion, and the mortgage applications always just show u- on credit check as 'mortgage application'