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  • FIRST POST
    • Elliott84
    • By Elliott84 10th Sep 18, 11:34 PM
    • 2Posts
    • 2Thanks
    Elliott84
    Natwest mortgage application 2018
    • #1
    • 10th Sep 18, 11:34 PM
    Natwest mortgage application 2018 10th Sep 18 at 11:34 PM
    Hi after spending many nights looking through this forum regarding mortgage applications I thought I would start my first post with my mortgage Journey to possibly help others.

    Having had previous credit issues in the past I thought getting a mortgage was impossible, but here I am having just settled and I am now offically a home owner and could not be happier. Below you will find all the details.

    Experian credit report very poor at application stage with 3 defaults all over 3 years old, all other accounts up to date.

    Equifax report fair with same details as Experian.

    To help before the application I got a loan to tidy up finances, which included paying off credit cards to bring down credit utilization which improved my score to good with equifax.

    My partners equifax score is poor payment problems 5 years ago with Santander bit loan fully paid before defaulted. She also had default over 3 years old. Experian credit report fair with same details.

    Before going to a mortgage broker I was in work thinking I wonder of I will get an AIP and was successfull with both santander and Natwest. Approched broker and she wanted to try with Natwest as they were better to deal with. She was doubtful wether or not we would actually get past credit scoring.

    Full application in on the 16th of July more information requested regarding pay slips a day later more information requested regarding payments from bank account the following day. Proceeded to survey which was around a 8 days, once that was fine we were them offered a mortgage and I could not believe it! Solicitors is where most time was taken so from application to settled was 2 months with no chain either end.

    Any questions feel free to ask
Page 1
    • ACG
    • By ACG 11th Sep 18, 10:03 AM
    • 17,495 Posts
    • 9,301 Thanks
    ACG
    • #2
    • 11th Sep 18, 10:03 AM
    • #2
    • 11th Sep 18, 10:03 AM
    Great to here you have completed.

    The credit scores, as you can probably see mean nothing. They score you differently despite the same information. The lenders score you with their own systems which takes information from your credit report and combines it with the information on your application.

    There would have been a couple of high street lenders who at the very least would have considered you based on criteria. But the devil is always in the detail - saved deposits are better than gifted deposits, lower income multiples are better than stretching yourself, higher incomes better than lower incomes and so on, but every case will be scored/looked at on its own merits.
    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.
    • Sweetcake
    • By Sweetcake 11th Sep 18, 10:36 AM
    • 184 Posts
    • 118 Thanks
    Sweetcake
    • #3
    • 11th Sep 18, 10:36 AM
    • #3
    • 11th Sep 18, 10:36 AM
    Well done,


    Are there any tips/advice you would share from your experience?


    Also, so when you met with your broker at the beginning were you completely honest about your previous problems/things that may affect your mortgage application or did you only say when asked?
    • petermortgages
    • By petermortgages 11th Sep 18, 1:57 PM
    • 29 Posts
    • 3 Thanks
    petermortgages
    • #4
    • 11th Sep 18, 1:57 PM
    • #4
    • 11th Sep 18, 1:57 PM
    sounds more or less the same circumstances as me and my girlfriend - we applied via a broker to Natwest and it all went well.
    • ACG
    • By ACG 11th Sep 18, 2:29 PM
    • 17,495 Posts
    • 9,301 Thanks
    ACG
    • #5
    • 11th Sep 18, 2:29 PM
    • #5
    • 11th Sep 18, 2:29 PM

    Also, so when you met with your broker at the beginning were you completely honest about your previous problems/things that may affect your mortgage application or did you only say when asked?
    Originally posted by Sweetcake
    ALWAYS ALWAYS be honest.
    If your application goes sideways and you have not told the truth then you have nobody to blame but yourself.

    If you have been open and honest and it goes wrong, you can at least shout and scream at the broker.

    We ask as many questions as we can and ALWAYS get credit reports but we also ask customers to tell us anything else that they think we should know about that we might not have asked. Honesty is always the best policy.

    After going through a stage where clients were withholding information, I put something in our fee agreement that states if they do not tell us the truth and it results in the application being declined, we charge an admin fee to cover our wasted time - it is worded more professionally than that, but the last thing we want is to waste a few hours of our time on research and doing a DIP for it to be declined.

    We are on the customers side, so just be open and honest - verbal diarrhoea on any problems is perfect.
    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.
    • petermortgages
    • By petermortgages 11th Sep 18, 3:08 PM
    • 29 Posts
    • 3 Thanks
    petermortgages
    • #6
    • 11th Sep 18, 3:08 PM
    • #6
    • 11th Sep 18, 3:08 PM
    100% agree with ACG - i am/was embarrassed about my credit file, level of debt etc - but you have to give the full picture in order to be pointed towards the right mortgage provider.
    • Elliott84
    • By Elliott84 14th Sep 18, 9:03 PM
    • 2 Posts
    • 2 Thanks
    Elliott84
    • #7
    • 14th Sep 18, 9:03 PM
    • #7
    • 14th Sep 18, 9:03 PM
    Hi,

    We just made sure everything was paid on time for the last 3 year's, also reduced credit utilization with a loan before application. We met with the broker a year earlier and was told that together mortgages would be the only provider to accept us as payday loan on my file was less than the 3 years at the time. Got so far with them then I pulled out as fees were crazy. Anyway she told us to hold out for a year and maybe the high street would look at us.

    Kept everything in order for the year worked my !!! off doing on call all the time to hike my income to get what we needed before hand but did ask for the last 6 months pay slips rather than 3 to get an average.

    My income was averaged at 1800 per month my partners yearly income of 5500 and carers allowance 66pw fully taken into account. No other income was used and was offered a mortage of 158000 deposit 20000 gifted.

    Be open with your broker and they will tell you exactly what you need to do or point you to a lender likely to accept you.
    • scotgal30
    • By scotgal30 15th Sep 18, 8:03 AM
    • 28 Posts
    • 3 Thanks
    scotgal30
    • #8
    • 15th Sep 18, 8:03 AM
    • #8
    • 15th Sep 18, 8:03 AM
    Great news, congratulations!

    What was your deposit amount? 5/10/15 %?
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