FTB NatWest timeline anyone?

bell2020

As the title says - anyone else applied or applying with NatWest recently? Just curious on the time lines 🥰 have DIP and full application being submitted tomorrow.

thanks 

ACG

About 3-4 working days to hear back. 

bell2020

ACG said:

About 3-4 working days to hear back. 

Ah that’s fab, fingers crossed, thank you ☺️ 

bell2020

Anyone else going through the same? 🙂

bell2020

ACG said:

About 3-4 working days to hear back. 

Received an update yesterday. So 6 days after application went in. We have been declined 😭😭 due to “adverse credit” which doesn’t make sense because there’s nothing our credit files apart from AP marker 4 years ago with a mail order account. Broker thinks it’s because I had a DMP 10+ years ago with NatWest and they can maybe see that internally 🤷🏻‍♀️🤦🏽‍♀️ gutted. Really struggling to find a lender that accepts my recent fixed term contract plus universal credits etc to reach a high enough amount to borrow 🤯

ACG

bell2020 said:

ACG said:

About 3-4 working days to hear back. 

Received an update yesterday. So 6 days after application went in. We have been declined 😭😭 due to “adverse credit” which doesn’t make sense because there’s nothing our credit files apart from AP marker 4 years ago with a mail order account. Broker thinks it’s because I had a DMP 10+ years ago with NatWest and they can maybe see that internally 🤷🏻‍♀️🤦🏽‍♀️ gutted. Really struggling to find a lender that accepts my recent fixed term contract plus universal credits etc to reach a high enough amount to borrow 🤯

If RBS/Natwest/Mint etc were part of the DMP, that will be the reason. 
If natwest have had to write off even a penny even if it were 20 years ago, they will not accept you. 

They have internal records going back far longer than 6 years. Nothing to worry about, it would probably be ok with most other lenders but natwest were never going to accept you. 

bell2020

ACG said:

bell2020 said:

ACG said:

About 3-4 working days to hear back. 

Received an update yesterday. So 6 days after application went in. We have been declined 😭😭 due to “adverse credit” which doesn’t make sense because there’s nothing our credit files apart from AP marker 4 years ago with a mail order account. Broker thinks it’s because I had a DMP 10+ years ago with NatWest and they can maybe see that internally 🤷🏻‍♀️🤦🏽‍♀️ gutted. Really struggling to find a lender that accepts my recent fixed term contract plus universal credits etc to reach a high enough amount to borrow 🤯

If RBS/Natwest/Mint etc were part of the DMP, that will be the reason. 
If natwest have had to write off even a penny even if it were 20 years ago, they will not accept you. 

They have internal records going back far longer than 6 years. Nothing to worry about, it would probably be ok with most other lenders but natwest were never going to accept you. 

I did query it with mortgage broker ahead of AIP and she said that shouldn’t affect it. Never mind. 

We have several factors affecting our application so she’s finding it hard to narrow down lenders I think! 

85% ltv….
£265k purchase price…
£40k gifted deposit…
Income 1 49k…
income 2 8k but fixed term until Aug. I only started November. Was studying with Ou and SAHM/maternity before that for 1 yr….
Plus CA, DLA, UC, CHB approx 20k…
loans outstanding which obvs affects affordability…..
Settled default from mail order from 2021 less than £500

Each lender either doesn’t accept something or won’t lend us the 225 we need 😭

Offer was accepted 5 weeks ago and solicitors are waiting for this now. So stressed 🤯🤯

ACG

I suppose in the brokers defence, you dont know what you dont know and only learn about these things usually on the back of a decline - although I used to work for Natwest/RBS so I know their criteria probably better than most. 

The fixed term contract is a bit tricky, but there are one or 2 lenders who should be ok with it - £49k + £8k + £1.2k (child benefit), should get you there. Then your not having to worry about all of the other benefits then and who accepts what. 

The default, 4-5 years old might be a problem but with a 15% deposit, its age and being satisfied you would like to think it will pass. 

I am trying to think of a polite way of asking this (I am not on here to slate other brokers) but is the broker relatively new?  I only ask I think most experienced brokers would go straight to a particular lender. 

bell2020

ACG said:

I suppose in the brokers defence, you dont know what you dont know and only learn about these things usually on the back of a decline - although I used to work for Natwest/RBS so I know their criteria probably better than most. 

The fixed term contract is a bit tricky, but there are one or 2 lenders who should be ok with it - £49k + £8k + £1.2k (child benefit), should get you there. Then your not having to worry about all of the other benefits then and who accepts what. 

The default, 4-5 years old might be a problem but with a 15% deposit, its age and being satisfied you would like to think it will pass. 

I am trying to think of a polite way of asking this (I am not on here to slate other brokers) but is the broker relatively new?  I only ask I think most experienced brokers would go straight to a particular lender. 

Hello

Thank you for taking time to reply. I’m always appreciative of your contribution on lots of posts ☺️

she isn’t relatively new. We used her 5 years ago when we were finishing a DMP and she secured us a mortgage with Vida however we had to pull out of buying so couldn’t accept the offer. She mentioned trying NatWest to see, otherwise it’s going to Vida or Kensington etc. I’ve looked at their criteria and don’t think we’re a match. I’m trying not to do her job but I’m impatient and stressing so can’t help but try and feel like I’m doing something. 

She’s just emailed to say she’s sitting on hold!? So assuming she’s trying to ring lenders!? I’m not really sure. 

I was wondering if we should try Halifax, skipton or LBS. But then I’m not the professional 🤦🏽‍♀️😂

thanks 

ACG

Leeds wont take the FTC income into account - im not sure whether it would stack up without that though. 
I dont know about skipton or Halifax' stance on that. 

bell2020

ACG said:

Leeds wont take the FTC income into account - im not sure whether it would stack up without that though. 
I dont know about skipton or Halifax' stance on that. 

Okay, thanks, I’ll see what mortgage broker comes back with 🙏