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  • FIRST POST
    Mr Zenith
    Failed mortgage application (Natwest=useless liars!)
    • #1
    • 19th Nov 09, 7:04 PM
    Failed mortgage application (Natwest=useless liars!) 19th Nov 09 at 7:04 PM
    Hi all,

    dunno if I am being dumb, but I am extremely confused......:confused:

    Me and my wife are buying our first house, and applied for a mortgage from Natwest. We got our agreement in principle no problem at all, however when we applied for the actual mortgage the application failed (although Natwest's mortgage advisor didn't tell us this, but then I think she's been lying throughout the entire process).

    We got our credit reports from Experian and took them in (she told us it they needed them because we are first time buyers- ok, I am gullible!!) and 5 days later she requested we took in proof of address.

    To cut a very long story short, we couldn't get hold of her one day so ended up speaking to their mortgage centre who told us the application has been declined (not referred to the underwriters as she had said!) due to a poor credit score.

    On checking mine and my wife's credit report and score, we found out that we both have a credit score of 999, and there is NO credit check showin from Natwest on our credit reports..... does this mean that they actually have not done the search properly or not put the correct details in (therefore it couldn't find us, hence the failed credit check!)?? As far as I understand it, all searches should show on your report for 12 months or so.......?

    Have I been taken for a mug?? We are now looking at telling them to stick their application and going to Nationwide...!

    Please help.....!

    Many thanks

    Matt
Page 1
    • jhe
    • By jhe 19th Nov 09, 7:15 PM
    • 1,804 Posts
    • 698 Thanks
    jhe
    • #2
    • 19th Nov 09, 7:15 PM
    • #2
    • 19th Nov 09, 7:15 PM
    well we had a similar performance with nationwide, got aip off them,paid for survey, survey was fine, mortgage was then refused without explanation. went to abbey ,from application to survey to mortgage offer took around 1 week. but then others on forum have had bad experiences with abbey
  • Mr Zenith
    • #3
    • 19th Nov 09, 7:21 PM
    • #3
    • 19th Nov 09, 7:21 PM
    We haven't even got to survey yet......!

    Get the impression that they are all as bad as each other....!??

    Glad it worked out for you in the end though.
  • elizebth
    • #4
    • 19th Nov 09, 7:27 PM
    • #4
    • 19th Nov 09, 7:27 PM
    Hi just to say banks you can not rely on them no more [i have a house for sale been up now 18mths .it was going for 87000 i have aht to drop it to 82 950 and i think itis worth ervery penny .some one offerd me 80000 cash but i refused it .now i am still waiting i am not liveing in it and i hope it sells shortly hope you go on ok with it your probs elizebth
  • _Andy_
    • #5
    • 19th Nov 09, 7:43 PM
    • #5
    • 19th Nov 09, 7:43 PM
    Hi just to say banks you can not rely on them no more [i have a house for sale been up now 18mths .it was going for 87000 i have aht to drop it to 82 950 and i think itis worth ervery penny .some one offerd me 80000 cash but i refused it .now i am still waiting i am not liveing in it and i hope it sells shortly hope you go on ok with it your probs elizebth
    Originally posted by elizebth
    In what way does you not selling at the price you would like to mean you can't rely on banks?
    • jhe
    • By jhe 19th Nov 09, 7:48 PM
    • 1,804 Posts
    • 698 Thanks
    jhe
    • #6
    • 19th Nov 09, 7:48 PM
    • #6
    • 19th Nov 09, 7:48 PM
    mr zenith. we had the survey on the propery we had made offer on. as i understood at the time we wouldnt get the mortgage offer until the survey was done, but we were buying a repo so maybe that was different in our case. have you considered going to an independent mortgage advisor? we did and our application the second time was plain sailing, the advisor dealt with everything.
  • Mr Zenith
    • #7
    • 19th Nov 09, 8:00 PM
    • #7
    • 19th Nov 09, 8:00 PM
    Thanks jhe, will try that if we have no joy with Nationwide on Sat....

    Just don't understand why it doesn't show on the credit report, I can only assume she has entered the wrong details, and thats why it failed and it doesn't show.
    • jhe
    • By jhe 19th Nov 09, 8:15 PM
    • 1,804 Posts
    • 698 Thanks
    jhe
    • #8
    • 19th Nov 09, 8:15 PM
    • #8
    • 19th Nov 09, 8:15 PM
    is it possible the latest person you spoke to at natwest has given you the wrong information? it doesnt make sense if you had a near perfect credit score but then we were refused with nationwide. i could be wrong but i believe every application for loans leaves a footprint on your history.we got our mortgage advisor to source the best mortgage/interest rate/set up fee for us then applied for what was best for us
    it is also strange that it didnt even go to the underwriters for you, if there was any doubt in their mind about your application
    Last edited by jhe; 19-11-2009 at 8:30 PM. Reason: wrong bank name
  • Mr Zenith
    • #9
    • 19th Nov 09, 8:36 PM
    • #9
    • 19th Nov 09, 8:36 PM
    Its is possible that the last person gave me the wrong info, but both the other mortgage advisor in branch and the mortgage centre were saying the same thing...... the application was declined, there has been no referral.
    And I thought the same as you with the credit report, it should leave a footprint to show who has checked the report.
    Oh well, their loss eh!! :-)
  • matttr6
    No problems with Natwest here. We questioned the whole credit scoring process (we had concerns due to GF not being on electoral roll), and was told it was fine- any credit scoring problems would have been flagged up on the first few computer screens, and the application wouldn't have gone through.

    I can't praise Natwest enough, shame same cant be said for my solicitor......................!!!!!!!!!!!!!!!!!!
    • jhe
    • By jhe 19th Nov 09, 9:23 PM
    • 1,804 Posts
    • 698 Thanks
    jhe
    well the process for mortgage application totaly baffles me. why do i get refused with nationwide yet snapped up with abbey?op gets problems with natwest, you sail through. who or what makes the final decisions? is there anyone who works in banking or connected with mortgage applications/decisions reading on this forum? can anyone enlighten us
  • jill2002
    And I thought the same as you with the credit report, it should leave a footprint to show who has checked the report.
    Originally posted by Mr Zenith
    Are you sure that you checked with the correct credit reference agency. I don't know who NatWest use, but it could be Experian of Equifax - have you checked them both?

    Please understand - the Decision in Principle is not guaranteed with any bank, so I personally do not think it is a good idea to do the valuation before an actual decision is made. I know some banks do the survey first and if you have to pay for it - it could be a waste of money if the final decision has not been made.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Mr Zenith
    Are you sure that you checked with the correct credit reference agency. I don't know who NatWest use, but it could be Experian of Equifax - have you checked them both?

    Please understand - the Decision in Principle is not guaranteed with any bank, so I personally do not think it is a good idea to do the valuation before an actual decision is made. I know some banks do the survey first and if you have to pay for it - it could be a waste of money if the final decision has not been made.
    Originally posted by jill2002
    Hi,

    no I haven't checked them both, but I fail to see how an excellent rating on one of them can possibly be a poor rating on the other.

    I was also under the impression that no matter which one was checked, the credit check would show on the other- I thought that was the whole point of them....?:confused:
  • jill2002
    Hi,

    no I haven't checked them both, but I fail to see how an excellent rating on one of them can possibly be a poor rating on the other.

    I was also under the impression that no matter which one was checked, the credit check would show on the other- I thought that was the whole point of them....?:confused:
    Originally posted by Mr Zenith
    No, they are two seperate companies that do not mix the information. They may both have the same information, but only if the companies providing the account data have given it to both.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Hopejack
    • By Hopejack 20th Nov 09, 10:35 AM
    • 505 Posts
    • 350 Thanks
    Hopejack
    Erm, sorry for butting in, but doesn't that belittle the point of credit files??? If one is only as good as the data on it then that's a bit silly! What happens if one file isn't great with one but is better with another because data is missing? Very odd world we live in these days!
    • Conrad
    • By Conrad 20th Nov 09, 10:47 AM
    • 31,494 Posts
    • 55,821 Thanks
    Conrad
    I keep reading on here that people have an excellent score on Experian etc, but you should all understand lenders use thier own internal systems that bare little in common with those generic platforms.

    Take for example Nationwide; Recently they made thier scoring system tighter because they were getting too much business (they have limited funds available to lend).

    Those generic public scores are pretty much irrelevant no matter what those companies might tell you.

    Above all else lenders scoring system alogorithms take into account general stability. Address hoppers are seen as very high risk, and any kind of name or address discrepency can have a big negative impact.
    You should always give a work and home landline number. A study of arrears cases showed a very common traite was that defaulters only had a mobile phone number.
  • FraudBuster
    As above and:

    When you apply for a product, it isn't just a case of assessing whether you're desirable, but also checking that the application is legitimate. Therefore, as well as the credit reference agencies, lenders also use completely separate anti-fraud agencies to try and weed out problems. The two big ones work in very different ways
    http://www.moneysavingexpert.com/loans/credit-rating-credit-score
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