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  • FIRST POST
    • dsme94
    • By dsme94 14th Mar 17, 10:25 PM
    • 37Posts
    • 3Thanks
    dsme94
    Postoffice / Bank of Ireland decline
    • #1
    • 14th Mar 17, 10:25 PM
    Postoffice / Bank of Ireland decline 14th Mar 17 at 10:25 PM
    Hi,

    I've recently stuck an offer in on a house which I had a mortgage in principal with from the Bank of Scotland (the bank i've used for 10 years). I went into them to get a mortgage application going and got to the final stages where they said they'd offer me 3.5%.

    I said no to myself, that's too much. Went to a mortgage broker straight after who brought up multiple lenders offering as low as 2.53% (PO). I put in the application but I've just been informed by the mortgage broker that the application was referred to a manual underwriter and they have declined it because of credit score? The advisor seems to think it's my address history? I've moved around a lot (generally a new house every year), every time it's been living with parents (they rent). The mortgage advisor stated that they appealed the application and they said that they will not overturn it at a 10% deposit but at a 15% they would go ahead.

    I was then offered to apply for one at Virgin money at 2.84%.

    I honestly didn't think the address history would be an issue given that I live with parents.

    I had a loan with the bank which was settled recently 1 year early.

    I had a car loan which was settled early. (for a car)

    The only credit on my report now is my mobile phone contract and my credit card.

    I done some reading but couldn't see any information regarding address history with PO/BOI.

    Really don't want to go back to the bank and accept 3.5%, but worried that if I try too many places elsewhere then I might get a knock back altogether..

    I'd like to add here that I have never missed a single payment, ever. Always on time.
    Last edited by dsme94; 14-03-2017 at 11:59 PM.
Page 1
    • Lauralou79
    • By Lauralou79 15th Mar 17, 5:25 AM
    • 43 Posts
    • 12 Thanks
    Lauralou79
    • #2
    • 15th Mar 17, 5:25 AM
    • #2
    • 15th Mar 17, 5:25 AM
    Maybe it was the affordability. It can depend how much do you want to borrow, how much you earn and your outgoings.
    • dsme94
    • By dsme94 15th Mar 17, 5:56 AM
    • 37 Posts
    • 3 Thanks
    dsme94
    • #3
    • 15th Mar 17, 5:56 AM
    • #3
    • 15th Mar 17, 5:56 AM
    Maybe it was the affordability. It can depend how much do you want to borrow, how much you earn and your outgoings.
    Originally posted by Lauralou79
    25,000/year +

    81000/25000 = 3.24

    Very small and easily affordable mortgage. Standard 25 year mortgage.

    No outgoings.
    Last edited by dsme94; 15-03-2017 at 7:22 AM.
    • Keezing
    • By Keezing 15th Mar 17, 7:26 AM
    • 205 Posts
    • 152 Thanks
    Keezing
    • #4
    • 15th Mar 17, 7:26 AM
    • #4
    • 15th Mar 17, 7:26 AM
    There's no guarantee that the Bank of Scotland will accept you once you do a full application. Don't assume that they are your back up plan.

    You need a better broker that can match your credit profile with the correct lenders.
    • dsme94
    • By dsme94 15th Mar 17, 7:46 AM
    • 37 Posts
    • 3 Thanks
    dsme94
    • #5
    • 15th Mar 17, 7:46 AM
    • #5
    • 15th Mar 17, 7:46 AM
    I'm not using them as my back out plan, but it's at the stage of me saying yes or no. The broker is 5* broker according to Google reviews throughout the whole central belt (Glasgow to Edinburgh and between).
    Last edited by dsme94; 15-03-2017 at 7:51 AM.
    • Keezing
    • By Keezing 15th Mar 17, 8:41 AM
    • 205 Posts
    • 152 Thanks
    Keezing
    • #6
    • 15th Mar 17, 8:41 AM
    • #6
    • 15th Mar 17, 8:41 AM
    Good brokers very rarely get a decline. They know exactly which lenders are suitable for their customers.

    On the rare instances they do get a decline, it's normally an underwriter error that is resolved on appeal.

    What you have said indicates that you have a broker that has not performed the correct diligence on your situation and has proceeded to match you with an inappropriate lender's criteria.

    Do you have a full mortgage offer from BOS?
    • dsme94
    • By dsme94 15th Mar 17, 9:00 AM
    • 37 Posts
    • 3 Thanks
    dsme94
    • #7
    • 15th Mar 17, 9:00 AM
    • #7
    • 15th Mar 17, 9:00 AM
    Good brokers very rarely get a decline. They know exactly which lenders are suitable for their customers.

    On the rare instances they do get a decline, it's normally an underwriter error that is resolved on appeal.

    What you have said indicates that you have a broker that has not performed the correct diligence on your situation and has proceeded to match you with an inappropriate lender's criteria.

    Do you have a full mortgage offer from BOS?
    Originally posted by Keezing
    Incredibly frustrating that this is out with my hands.

    Yes I have a full mortgage offer from BOS.
    • dsme94
    • By dsme94 15th Mar 17, 3:16 PM
    • 37 Posts
    • 3 Thanks
    dsme94
    • #8
    • 15th Mar 17, 3:16 PM
    • #8
    • 15th Mar 17, 3:16 PM
    Virgin Money have came back with a DIP/Mortgage in principal
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