Natwest Mortgage Application Declined

Natwest Mortgage Application Declined – NatWest has cut its mortgage reporting period to four months, while Santander will no longer grant automatic offer extensions.

Santander has announced that all loan applications submitted from January 1 will no longer be given a two-month extension to complete.

Natwest Mortgage Application Declined

In March last year, lenders agreed to extend mortgage offers by up to three months to allow customers time to complete transactions amid the housing market shutdown and subsequent delays in the chain.

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Now, deposits made to the bank after January 1 will be processed under Santander’s existing offer validity of three months.

No further action needs to be taken for applications that have already been submitted or received an offer, but Santander said brokers should notify them if there are significant changes.

The bank also said that going back to three-month offers would still allow new applicants to meet the stamp duty deadline.

Helen Harrison, Head of Brokerage Distribution at Santander, said: “We know that with the current volume of homebuyers in the market and the challenges of Covid-19, some customers are finding that the buying process is taking longer than usual.

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“For customers with mortgage offers about to expire, our automatic two-month extension will provide peace of mind and allow them to focus on progressing their purchase.”

NatWest is extending the repayment deadline for mortgage transfers to four months, in line with pre-Covid-19 conditions.

Applications made in full before January 31 are still eligible for the six-month rollback period, while applications made from February 1 will be reverted to the shorter original timeframe.

Shekina is a commercial editor at Mortgage Solutions. She has over four years of experience in the B2B publishing market, with previous industries including accountancy, pets, funerals, hospitality, retail and jewellery. He currently reports on current events in the mortgage market and works with financial clients to create sponsored content. Follow her on Twitter at @ShekinaMS

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A loan is basically a receipt that says how much money a lender is willing to lend you to buy a house.

If you are willing to make an offer on the property, the loan will basically show that you are serious and able to buy.

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If you want to get a loan in principle (sometimes called an agreement in principle or a decision in principle), you need to answer some basic questions about yourself and pass a credit check.

Depending on the lender, you will receive a hard or soft credit check. A soft credit check will be recorded on your credit history, but if you are turned down for a loan, your credit score will not be damaged.

If your application is rejected after a thorough credit check, your credit score can suffer – especially if you receive a series of these rejections in a short period of time.

Almost all lenders (and Mojo) use a soft credit check to assess whether they can in principle offer you a loan, which leaves no record on your credit report. If the lender is going to use a solid credit check, they will tell you this first.

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In principle, a mortgage is not a mortgage or even a guarantee that you will get one. This is just an indication of what you might be entitled to based on a basic assessment.

Still, they’re useful when you’re looking for a house, and they’re a good first step toward knowing you can get a mortgage.

In principle, you can get a loan with the help of Mojo mortgages in just 15 minutes, all from your laptop or phone and all for free. Use online mortgage broker Mojo Mortgage to secure yours.

Both tell you roughly how much you can afford to borrow, and both show that you don’t have major credit or financial issues that would prevent you from getting a mortgage.

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The main difference is that when you basically receive a loan from a lender, you go through their loan application process. You need to submit the documents to the lender and they will do their own credit check.

If you choose Mojo as your broker, we can help you through this process and check that all your documentation is correct before we submit it.

The lender uses the information from the credit check to decide whether in principle they can offer you a contract. Most use soft search and some still use hard search

They also review your current financial circumstances to decide how much they are willing to lend you.

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Not much. This will suit most providers and will get most credit searches:

It may take a long call to convey this information, but if you do, you can reach an agreement in principle within minutes.

Getting turned down by one lender doesn’t mean you’ll be turned down by all lenders, but it’s worth talking to a broker to find out who’s most likely to offer you an AIP (and a mortgage if your offer has been accepted).

Yes, but don’t panic! You still have several options if your mortgage application is turned down after you receive an in-principle decision.

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In addition, it is possible that you do not meet the specific criteria of the lender, or that the credit reference agency that provided your AIP is different from the one that the lender used at the application stage.

If it’s the former, it’s worth trying to find out directly from the lender why you were turned down. There’s a chance they won’t tell you, but it’s worth asking if Mojo is your broker, we’ll do our best to get you the full story of your rejection.

If the latter, it’s worth familiarizing yourself with your credit report from each of the three major credit reference agencies so you can challenge any discrepancies and work to improve your score.

Best can mean anything depending on what you need, but if you want the lowest mortgage rate from any lender? There you go

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Classified. We can do everything you need and in minutes you’ll have a handy document to show your estate agent when you make your offer. With the number of mortgages in Luxembourg currently at a record high of around 150,000, it’s certainly an exciting time to be applying for mortgage.

But whether you’re looking to get on the housing ladder or relocate, getting approved for a mortgage is still not an easy process. In fact, many good candidates will find their application rejected, especially young people under the age of 24, who face a rejection rate of around 40%.

To shed some light on the matter, we speak to David Beard, founder of rate comparison website, Lending Expert, to understand why mortgage applications are being rejected and what you can do about it.

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“At a basic level, it can be as simple as not being registered to vote or having a bad credit score or limited credit history.”

“Very often it turns out that the lender doesn’t fit his profile. If you apply to a bank or building society, they may have very strict criteria for what they are willing to lend based on factors such as income, outstanding debt and the amount of the deposit. Also they can only have a limited number of loans they are allowed to approve each month – which can make things even more complicated.

“Sometimes it’s all about your deposit, if you can only put down 5% or 10% of the value of the property, the mortgage provider may think you’re trying to borrow too much.”

“A few other things that can make it harder to get a mortgage are if you’re self-employed, a sole trader or haven’t been in the same job for a long time – as lenders like to see long-term, stable employment and income when choosing who to lend to.”

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“If you’ve been turned down for a mortgage once, don’t worry, there are many options available and you certainly can

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