Remortgage application with previous defaulted lender

gazfocus

I personally would be pressing the mortgage broker to find you a deal with another lender that you've not previously had issues with. Trying to appeal with Natwest sounds like it's not going to work anyway from what others have said on this thread so it just delays the inevitable and could cost you with a higher interest rate in a couple of weeks. 

BeingDebtFreeStartsHere

Yep my thoughts exactly. I am contacting the broker tomorrow and will request we abandon anything more with Natwest and look for another lender. 

BeingDebtFreeStartsHere

ACG said:

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. 

Thanks for the reply - I had a 5.84% rate with the Natwest application - what are the current approx rates for 5 year fixes at the mo as I guess we will be looking at a higher rate now a couple of weeks down the line?

ACG

It will depend on the LTV. 
There are rates lower than 5.84% I think. I have only had adverse and product transfers on my desk this week so not entirely sure what the mainstream market looks like at the minute. It seems to change depending on the wind direction. 

superM

I don't think Natwest will offer mortgage.My brother has a very old default dropped off long time ago. He applied for NatWest current account. It was accepted and then rejected. A week later letter arrives from Debt collection agency for an old NatWest debt. 

He had to send a letter to them that the debt is statute barred. He didnt received a reply after that. 

Treetops88

My broker submitted a mortgage to NatWest and we were surprised it was rejected due to an old account with them. I can only  think of a bank account I had with them at 18 (I am now 42!) but I never knew of any debt. NatWest are not forgiving just move on