We are first time buyers and wanted to buy our first home together so made an appointment with our bank NatWest to see the mortgage adviser.
We went to see them on a Saturday morning as this was the only convenient time for us as we both had full time jobs and could not afford to take time off work.
When we met with them they checked our income and advised us that we were good for a mortgage and they would only be to glad to arrange this on our behalf.
We left there really excited that our bank was going to lend us the money to buy our first home together.
We then saw the house of our dreams and put in an offer and it was accepted. We then contacted the bank to arrange an appointment so that we could put in our mortgage application. We were told it would be 4 weeks before we could see a mortgage adviser.
This was going to be to long a time to wait as the people we were buying off needed to move fast on a house they were buying.
My Dad knew a mortgage broker who would probably be able to help us get our mortgage arranged so we contacted them. I told him that we had been to see our bank and that they had told us we were good for a mortgage.
The mortgage broker advised that we could still use the NatWest and he could deal with it on our behalf.
We put forward our application and were surprised and shocked when the NatWest advised our broker that they could not proceed with our application after initially saying they would lend us the money.
Our Mortgage broker contacted the NatWest who advised that we had failed the credit score and they were not able to help with the application.
After further consultation with our Broker regarding how we needed to proceed he advised us to get our credit reports which we did.
It appeared that my partner had two defaults registered against his name from a mobile phone company.
We were bitterly disappointed that the NatWest had told us we could borrow the money and then changed their minds. It appears that what in fact the NatWest had done was just work out if our income was enough to allow us to borrow the money and not make proper checks as to whether we were credit worthy.
This left us in a difficult position regarding purchasing our dream property.
Fortunately for us our Mortgage Broker was able to research the whole of the mortgage market on our behalf taking into account our full financial & personal circumstance and was able to find us an alternative mortgage with a building society.
He was able to deal with all the paperwork on our behalf and within 2 weeks had a mortgage offer for us, he also recommended a solicitor to us.
We have now moved into our dream home and would always advise that you seek help from a mortgage broker to arrange your mortgage as they can look at all the deals in the market place and take away all the stress of trying to do it yourself through the bank yourself.