Natwest mortgage application 2018

Elliott84 · 10 September 2018 at 11:34PM

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

ACG · 11 September 2018 at 10:03AM

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.

System · 11 September 2018 at 10:36AM

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 · 11 September 2018 at 1:57PM

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 · 11 September 2018 at 2:29PM

Sweetcake wrote: »

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?

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.

petermortgages · 11 September 2018 at 3:08PM

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 · 14 September 2018 at 9:03PM

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 · 15 September 2018 at 8:03AM

Great news, congratulations!

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

jess24 · 6 April 2019 at 7:26PM

Hi we have just applied for a natwest mortgage partner has good credit history never have any late repayments etc but a few years ago he did get 1 payday loan which was repaid in a week do you think this will make a difference?thanks Jess

jacobswell · 5 June 2019 at 5:29PM

I've just uploaded all the documents for my full NatWest mortgage application and it's now about to go to underwriting. I've got 4 defaults both registered and settled in 2015. Really hoping it's accepted!

Misunderstood1985 · 26 June 2019 at 6:58PM

Have you an update on how this went please?

My husband has two defaults, one we’ve just contested that is being removed and one from 2013 about to drop off but we need a mortgage ASAP and were considering NatWest due to its gifted deposit policy, but don’t want to be turned down last minute!

Natwest mortgage application 2018

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