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  • FIRST POST
    • Jedslay
    • By Jedslay 28th Nov 17, 9:43 PM
    • 3Posts
    • 1Thanks
    Jedslay
    Mortgage app cancelled and new one created by bank
    • #1
    • 28th Nov 17, 9:43 PM
    Mortgage app cancelled and new one created by bank 28th Nov 17 at 9:43 PM
    Hello all new here.

    Perhaps some advice could be had but also im hoping this may be useful for future readers

    I had a meeting at mortgage lender on friday 24th november. Went through all details required got a DIP of £139500 on a house offer of £155000 and £15500 deposit. Ie 90%ltv. I am applying with my partner.

    The morning of the appointment i sold my car on finance and settled the outstanding loan. This amounted to £262 a month and has been replaced with a cheap runner which i actually prefer! I told the mortgage adviser this and asked how it would affect us. I was told it would be ok as long as we had proof that there was no longer any commitment. I had signed proof from the dealership who purchased my car.

    All other monthly commitments were included. I have a mountain bike with 6 payments left of £36 pm.

    My committed monthly expenditure is £100pm on travel for work which probably appears low but as i travel to irregular workplaces i get alot reimbursed by my employer. Have my monthly expense claims for proof.

    Our application was referred to underwriters and we were given access to the document upload portal. All docs apart from my partners confirmation of salary as waiting for her employer to email from their head office. Therefore no documents have been submitted. Bear in mind only one business day has passed.

    Today the application has been cancelled by what i assume is the underwriters. The updates on my application say...

    Reccomendations recieved
    Details ammended
    Reccomendations recieved
    Application cancelled.

    A new application has been made by the lender.

    Dip of £116000
    Ltv75%

    I have no way of obtaining the funds for the extra deposit. Just looks to me like a.... B off and go elsewhere move?

    When i go to check my financial information they have added monthly loan repayments of £291 per month.... i am certainly not committed to that.

    Now i am spectulating... but does it seem as though the underwriters have reviewed my credit file and can see the finance as not settled? And declined without seeing any other supporting docs?

    Also i cannot view what financial info has been included for my partner.

    I will be ringing tomorrow to question what has happened but would the underwriters speak to the adviser who knows the situation?

    Any advice will be great... i will post updates when i get them.
Page 1
    • Theguywhovapes
    • By Theguywhovapes 29th Nov 17, 12:31 AM
    • 28 Posts
    • 14 Thanks
    Theguywhovapes
    • #2
    • 29th Nov 17, 12:31 AM
    • #2
    • 29th Nov 17, 12:31 AM
    it seems they are still taking the car finance as it won’t come off your credit report straight away. Did the advisor take a copy of the confirmation it was no longer payable.

    There are a number of reasons that come to mind. One is that the underwriters haven’t seen confirmation and automatically been added back in (not their fault, they can only go with what they can see) another could be partners commitments, although this seems less likely.

    Easily fixable if it is the above situation. Presume there were no concerns with the credit check?
    • Jedslay
    • By Jedslay 29th Nov 17, 1:18 PM
    • 3 Posts
    • 1 Thanks
    Jedslay
    • #3
    • 29th Nov 17, 1:18 PM
    • #3
    • 29th Nov 17, 1:18 PM
    I have spoken to our adviser who claims it to be a system error. The new application included the house purchase to be under the right to buy scheme which certainly doesnt apply to us!

    I have been told that the old application still applies and that this will be corrected.

    I agree with the fact that they can only go on what is on the file and it could be a few weeks before it is updated.

    Will see what happens next.
    • Jedslay
    • By Jedslay 1st Dec 17, 10:46 PM
    • 3 Posts
    • 1 Thanks
    Jedslay
    • #4
    • 1st Dec 17, 10:46 PM
    • #4
    • 1st Dec 17, 10:46 PM
    Our application has been approved subject to valuation now.

    Not counting our chickens yet but can't help but be excited!
    • Theguywhovapes
    • By Theguywhovapes 1st Dec 17, 10:48 PM
    • 28 Posts
    • 14 Thanks
    Theguywhovapes
    • #5
    • 1st Dec 17, 10:48 PM
    • #5
    • 1st Dec 17, 10:48 PM
    Excellent news!!
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