rejected for Nat west B2L....bizarre

[Craigybaby69]

Failed on the credit check before it even got to underwriting. I know I'm squeaky clean so obviously concerned. Signed up to Equifax and experian last night and scores showing as 515 (excellent) and 999 out of 999....so what's that all about?
A mistake by Nat west?
Nat west wanting to be at top of best buy tables but not offer any lending?
515 not high enough despite being excellent?

I'm bemused, confused and a little peed off

Cheers

[Craigybaby69]

Broker, should be eligible, yes and yes...like I said, squeaky clean and everything in my favour

[Craigybaby69]

One credit card usually put 500-1000 on it every month, think the limit is 7k but paid off every month. If there were any issues I wouldn't have such a high credit score would I?

[Craigybaby69]

One credit card usually put 500-1000 on it every month, think the limit is 7k but paid off every month. If there were any issues I wouldn't have such a high credit score would I?

[Craigybaby69]

Makes sense, thanks

[Craigybaby69]

Currently awaiting a response from the BDM

[Craigybaby69]

I'm an insurance underwriter and we have to justify everything...not allowed to say "not telling"
Hopefully the same will apply here.

[Craigybaby69]

Broker told me, said failed the credit score....employed by major insurance company for 5+ years, current address 8 years, never missed any payments for anything, on electoral register, 1 CC always paid off, no personal loans for years, no other credit other than main mortgage, B2L 75% LTV, rent 130% of mortgage...only thing I can think of is a salary in the 30's not high enough...but my understanding at this stage is it didn't get as far as underwriting, there isn't even an application number, just failed on the credit score.

[Craigybaby69]

£110k
Slight amendment, I've had the B2L 13 years so have had 2 mortgages in total, doesn't that show good debt management? It's a shocking state if affairs where getting into debt is considered better than living within your means. Also forgot I did take a 0% finance deal on an eternity ring between 2012-2013 so suppose that counts as a personal loan...I'm not deliberately withholding info here, things are just coming back to me.

[Craigybaby69]

Thanks for the insight though sarnie, very useful, I suspect I'm not gonna get anywhere with this and have to stick on the svr.

[Craigybaby69]

So as well as having had a residential mortgage for 9 years, a B2L mortgage for 12 years. 1 CC paid off every month and the odd occasional small personal loan to buy trinkets, what else can I do to look a better risk?

I could look into getting the wife on the mortgage as she earns 3x what I do, but her credit history is virtually identical to mine so it doesn't look like that would help.

[Craigybaby69]

Update.....managed to remortgage eventually, did it all by myself rather than through an FA...took the post offices 5 year fix (with bank of Ireland) £1k fees, reduced monthly payment from £515 to £360 so saving about £7k in total...there was a lot of paperwork collecting which I would have had to have done even going through an FA anyway. My nat west rejection isn't showing on experian or equifax so not sure what happened there...maybe the FA couldn't be arsed actually applying for the £500 earner!
Cheers

[Craigybaby69]

Thanks for your reply and I think what you say makes sense...and in which case I blame the FA as surely as an experienced mortgage broker he should have known I was likely to get rejected....interesting that he showed no ambition to look elsewhere for me either. when I started looking at bank of Ireland they publish their criteria for who they like to lend to, I'd be surprised if nat west don't do the same...anyway, i got it all sorted myself, haven't taken it personally and am quids in my new deal, so it's been a good learning experience
Cheers

[Craigybaby69]

No, he'd have got his commission from the lender, about £500 I think. My thoughts are that a good mortgage broker doing mortgages all day would have his finger on the pulse of who who be a good fit for his customer given their circumstances.
I work as a life insurance underwriter and have to give very clear reasons justifying why I have rated or declined someone. I can't just say underwriting is a black art so I'm not telling why I made my decision...I'd be surprised if mortgage lending/underwriting was too dissimilar. Maybe blame is too harsh a word but I think we wouldn't both have wasted our time (& caused me anxiety) had the FA been better at his job.

[Craigybaby69]

How do they get away with being so non-transparent? In this day and age "computer says no" seems very archaic.

[Craigybaby69]

I wouldn't put it quite as strongly as that, although I agree with the dicked around bit...what I'm struggling to get my head around is why nat west would do this....if they've taken on as much business as they want, why stay on top of the best buy tables, encouraging apps, only to decline them and pi55 off the FA and client? Surely it makes sense to raise rates once you've got enough business and then lower them once you want more...it ended favourably for me but has left me wondering what the point of a broker is...some might say as they have access to the best rates but because the lender is paying them a commission common sense tells me they have access to the worst rates so the lender can recoup the commission somehow....certainly with my post office/ bank of Ireland mortgage I got a better rate than I would have done going through an FA.

[Craigybaby69]

130% was on the old mortgage anyway...new mortgage rent/mortgage ratio is nearly 200%, as would have been the nat west mortgage

[Craigybaby69]

I became an accidental landlord in 2004, moved in with the Mrs and didn't want to immediately sell in case the relationship went t1ts up, besides house prices were rising rapidly so if I'd sold but wanted to buy again I'd have needed a much bigger mortgage to get me to the same position...I never have got round to selling, mainly through procrastination...this is the first time I've remortgaged as well.
It be thing about only being on £30k doesn't wash when a lender says minimum salary £25k...

[Craigybaby69]

Sarnie said:

To pass an AIP with a lender you need a strong credit score. To get a strong credit score you need as much history of successfully repaying debt as possible. Paying for things cash and saving for things, whilst is obviously the preferable option if possible, doesn't help to build a history of you and repayment behaviour.

If you've never had any debt, how does a lender know how you are going to behave when you do?

Do you mean a strong credit score with equifax etc or their own in house credit score?

[Craigybaby69]

What's your experience of nat west sarnie?