Mortgage/underwriter decision...f'ing Natwest
Discussion
Sorry if this is not the right place but I am trying everywhere I can at the moment to get some info.
We were turned down for a mortgage with the Natwest recently and they WON'T disclose the reason why.
It went to audit with head office and they said 'some info has come to light' that has made us decline your application.
We are panicking because surely a bank would tell you if it's something small???
So we are thinking it is something major!!
All credit files with Experian/Equifax look fine.
Anyone been through this??? Why would a bank decide not to tell us, in what circumstances don't they have to?
Man on the phone was really guarded and keep quoting his training speak....I cannot disclose any further info etc etc...go to the ombudsman.
Any help/advice would be greatly received.
Thanks
We were turned down for a mortgage with the Natwest recently and they WON'T disclose the reason why.
It went to audit with head office and they said 'some info has come to light' that has made us decline your application.
We are panicking because surely a bank would tell you if it's something small???
So we are thinking it is something major!!
All credit files with Experian/Equifax look fine.
Anyone been through this??? Why would a bank decide not to tell us, in what circumstances don't they have to?
Man on the phone was really guarded and keep quoting his training speak....I cannot disclose any further info etc etc...go to the ombudsman.
Any help/advice would be greatly received.
Thanks
kktronic said:
All credit files checking and fine.
If they think it is fraud!! Gosh, don't think so. Surely I would know if I was being fraudulent?!!
Maybe someone else is, using your details.If they think it is fraud!! Gosh, don't think so. Surely I would know if I was being fraudulent?!!
It would make sense that they won't tell you if they don't want to be accused of "tipping off" - google his for details.
http://lmgtfy.com/?q=tipping+off
If its Natwest ignore them and goto first direct. It will most likely be nothing to do with you or your credit rating. It took me 8 months to get them to allow me to open a decent bank account with them for no valid reason whatsoever. Credit history good, no CCJs, wife already banked with them, account with Lloyds for 13 years at the time, uk resident. The computer kept saying no basically, they are not allowed to tell me why it said no but I'm sure they had no idea regardless.
kktronic said:
Man on the phone was really guarded and keep quoting his training speak....I cannot disclose any further info etc etc...go to the ombudsman.
If you've not been through the internal complaints procedure,the ombudsman can't/won't help you. And NatWest know this.Is there any reason at all why you might have fallen otuside thier criteria? Did you or your advisor stretch anything to make the case fit?
Sarnie said:
Natwest are reknowned for being uber picky/pedantic with their underwriting criteria. I've had numerous cases they were initially accepted but then declined at a later date due completely ridiculous reasonings.
I'd avoid like the plague.
I second this. I'd avoid like the plague.
Give Nationwide a go, they appear to have common sense underwriters and less of the 'computer says no' attitude
kers!!!!!!!!!!!!!!!!!!!!!Er, NatWest is owned by RBS. They are bust. They simply aren't writing any new business unless the LTV is comical etc.
Basically, all the subsiduaries of the state owned banks are closed for lending business.
Santander's subsiduaries are also in the same state.
I would look to banks which have some form of balance sheet and aren't kapput. Try subsiduaries of Barclays or HSBC for starters.
Basically, all the subsiduaries of the state owned banks are closed for lending business.
Santander's subsiduaries are also in the same state.
I would look to banks which have some form of balance sheet and aren't kapput. Try subsiduaries of Barclays or HSBC for starters.
scotal said:
DonkeyApple said:
Er, NatWest is owned by RBS. They are bust. They simply aren't writing any new business unless the LTV is comical etc.
Sorry DA, that's absolute cobblers.The are definitely bust and they are definitely cherry picking business. NatWest is more restricted as it retains its own banking license so requires its own separate balance sheet and tier one capital levels.
They are doing just enough business so as to keep the Govt off their back, but the whole group is focussed on selling assets and clawing back debt where they can, rather than writing new business.
Othe subsids of some of the state owned banks are genuinely writing no new business and are paying staff in some of the regional offices to simply go through the motions re applications but to approve nothing.
NatWest RBS, Halifax, LLoyds, and Northern Rock are all writing new business.
At anything up to 90% LTV.
Halifax offers a negative equirty product (diredct only, not via brokers) at 120% LTV.
BM sols still dont always check income on their BTL book
Sure they are paying more attention to detail than they were, but for instance at 90% oon an A+ credit score Halifax will offer a mortgage with minimal documentation.
Santander have had market leading rates kicing around for months up and down the LTV tiers.
HSBC are far far fussier on criteria than any of the above.
Barclays cases can be an absolute nightmare if they get a bee in their bonnet about something.
(Indian call centres and box ticking being the major reasons for this.
Natwest underwriting may not be consistent, but to say they aren't lending simply isnt true.
At anything up to 90% LTV.
Halifax offers a negative equirty product (diredct only, not via brokers) at 120% LTV.
BM sols still dont always check income on their BTL book
Sure they are paying more attention to detail than they were, but for instance at 90% oon an A+ credit score Halifax will offer a mortgage with minimal documentation.
Santander have had market leading rates kicing around for months up and down the LTV tiers.
HSBC are far far fussier on criteria than any of the above.
Barclays cases can be an absolute nightmare if they get a bee in their bonnet about something.
(Indian call centres and box ticking being the major reasons for this.
Natwest underwriting may not be consistent, but to say they aren't lending simply isnt true.
They all have offers up and it's a tell tale sign that they are at the competitive end. What they are doing is getting as many applications as possible and cherry picking enormously. They aren't writing much business and some regional depts are writing none. Internal criteria are very restrictive. All these operators are running huge geographic black lists as well as employment ones.
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