Remortgage application with previous defaulted lender

kingstreet

I'm talking about two cases in hundreds. If it does happen there are plenty of other lenders out there.

BeingDebtFreeStartsHere

kingstreet said:

I'm talking about two cases in hundreds. If it does happen there are plenty of other lenders out there.

I think it will just be the delay that bothers me the most as interest rates seem to be rising by the day and time is previous in the current climate. 

Hopefully we find out soon for definite one way or the other!

ACG

Keep us in the loop. 
I learn things on here as much as I try to help. 

BeingDebtFreeStartsHere

ACG said:

Keep us in the loop. 
I learn things on here as much as I try to help. 

Of course - will update the thread as soon as we hear anything else.

Thanks for everyone's support and advice so far

BeingDebtFreeStartsHere

So documents have now been submitted to Natwest having been reviewed by the broker to ensure they are in the correct format etc. We have been advised by the broker that Natwest are taking approx 10 working days to review applications/documents.

In a way, I am now guessing that no news is good news so the longer we don't hear the better!! I assume if the default is highlighted it would be before the offer stage.

simon_or

So far so good!🤞 it sails thru

BeingDebtFreeStartsHere

simon_or said:

So far so good!🤞 it sails thru

Thank you! I can't tell you how much I hope this is the case

BeingDebtFreeStartsHere

So...still waiting for update from mortgage broker. I have seen that Natwest mortgage applications can be tracked on their website with a mortgage reference number. I did ask the broker about this but they said that this is for the broker only to access - just checking this is correct as I have seen others on here posting screenshots of Natwest mortgage application updates?

Many thanks

BeingDebtFreeStartsHere

Update - heard back from broker and Natwest have declined our application due to our 'previous relationship with the bank' i.e. the default 9 years ago as were the thoughts of the experienced brokers on here.

The broker is considering appealing the decision as the default is so long ago however after reading posts on here from brokers and applicants, I am aware that Natwest are pretty unforgiving and strict lenders. I feel that they are therefore unlikely to change their decision.

I would be grateful for thoughts as I am not keen on wasting more time with an appeal that has very little chance of success. Is it worth the appeal or would I be best contacting the broker to search for an alternative lender asap as rates are on an ever increasing slope?

Thanks in advance.

ACG

The problem is, if they make the exception for you then it is unfair on all of the other people who were declined. I personally think you would be wasting even more time appealing it. 

I am really not on here to bash other brokers, but I think this is pretty poor of the broker especially as you raised it with them. Unless he/she was given duff info by natwest but I find that unlikely as the BDMs are normally quite good there. 

I have only just seen your tracker Q. It obviously does not matter now but if anyone else reads it... The broker can give you the reference number, it is your application. But the tracker is rarely updated by natwest. It is quite frustrating for it to say "waiting on xyz" which we updated 2-3 days prior, it looks like we have not done it yet. I would normally suggested just leaving the tracker, it causes more stress.