NatWest - reduced offer as claim undeclared commitment…any advice

waltonmark

Hi all

Applied for a 75% LTV mortgage via a broker and NatWest. Broker contacted me yday to say NatWest are offering 50k less due to undeclared commitment(s). 

I ran through both mine and my partners credit reports with the broker and can only see the following that may be causing the issue:

- on application I said we had no credit card debt.

My credit report shows 2.7k Barclaycard even though I cleared this in full on 23rd August.

- my lease car - I pay leaseplan uk every month but on my credit report it is named as network vehicles ltd. My credit report also shows the monthly payment Exc VAT. I’ve no idea why the names diff or it shows the value minus VAT - does anyone know if this could pose the issue? I’ve now supplied invoices and the credit report to my broker to evidence this.

- there is absolutely nothing undeclared 

I’m really concerned now we aren’t going to get the mortgage we had hoped for.

Any advice around this is most welcome.

MattMattMattUK

£50k less would indicate something fairly substantial. How much is the car payment and the value outstanding? When was the application submitted as it might have taken a while for the card payment to show.

Did you submit bank statements or give your bank details via Open Banking at this stage?

Is the broker independent or an in-house Natwest advisor?

ACG

Your broker needs to call natwest. 
This can be resolved, it just takes a bit of a conversation. 

waltonmark

MattMattMattUK said:

£50k less would indicate something fairly substantial. How much is the car payment and the value outstanding? When was the application submitted as it might have taken a while for the card payment to show.

Did you submit bank statements or give your bank details via Open Banking at this stage?

Is the broker independent or an in-house Natwest advisor?

Thanks for getting back to me. Car payment is £452 per month with 13k remaining. 

Have submitted bank statements to broker (L&C mortgages). 

waltonmark

ACG said:

Your broker needs to call natwest. 
This can be resolved, it just takes a bit of a conversation. 

I’m hoping he can resolve as I’ve sent all the evidence of the car payment name being different to that on the credit report etc.

NatWest wouldn’t tell him what the outstanding commitment is. If on Monday this remains the case I am hoping I can speak to them direct.

MattMattMattUK

waltonmark said:

MattMattMattUK said:

£50k less would indicate something fairly substantial. How much is the car payment and the value outstanding? When was the application submitted as it might have taken a while for the card payment to show.

Did you submit bank statements or give your bank details via Open Banking at this stage?

Is the broker independent or an in-house Natwest advisor?

Thanks for getting back to me. Car payment is £452 per month with 13k remaining. 

Have submitted bank statements to broker (L&C mortgages). 

Is there anything on the statements that could be misunderstood as a commitment? A payment of the same amount every month to the same person/account?

waltonmark

MattMattMattUK said:

waltonmark said:

MattMattMattUK said:

£50k less would indicate something fairly substantial. How much is the car payment and the value outstanding? When was the application submitted as it might have taken a while for the card payment to show.

Did you submit bank statements or give your bank details via Open Banking at this stage?

Is the broker independent or an in-house Natwest advisor?

Thanks for getting back to me. Car payment is £452 per month with 13k remaining. 

Have submitted bank statements to broker (L&C mortgages). 

Is there anything on the statements that could be misunderstood as a commitment? A payment of the same amount every month to the same person/account?

No there isn’t, and I don’t believe the broker has been asked to submit the statements to NatWest 

amnblog

£50K less borrowing from a newly discovered £452 pm car payment does not add up on the face of it. £20K would be a more likely drop if that were the issue.

Are you a first time buyer, or do you already have a mortgage you are paying off as part of the process? Sometimes brokers forget to tick the repaying the mortgage box as part of the process.

Is there a mortgaged buy to let in the background?

waltonmark

amnblog said:

£50K less borrowing from a newly discovered £452 pm car payment does not add up on the face of it. £20K would be a more likely drop if that were the issue.

Are you a first time buyer, or do you already have a mortgage you are paying off as part of the process? Sometimes brokers forget to tick the repaying the mortgage box as part of the process.

Is there a mortgaged buy to let in the background?

Moving house. Have 210k equity in our current property of which we plan to use 180k as deposit.

so no buy to let etc.