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  • FIRST POST
    • Charismatic_Cat
    • By Charismatic_Cat 6th Dec 17, 7:00 PM
    • 4Posts
    • 0Thanks
    Charismatic_Cat
    Mortgage Refused - What Next?
    • #1
    • 6th Dec 17, 7:00 PM
    Mortgage Refused - What Next? 6th Dec 17 at 7:00 PM
    Hi Everyone,

    My partner and I recently went to a financial advisor because I had a recently been offered a promotion at work and it seemed like a good time to start looking to buy our first home. We approached a financial advisor because we didn't want to mess anything up given that we haven't done this type of thing before! We got our documents together, sorted our mortgage in principle and off we went to view some houses.

    After about a month of looking we found a house that we both loved. Not exactly what we had in mind originally but it just felt right so we put in an offer and got back in touch with our financial advisor to get things moving. We had a meeting the same week and provided some more up to date documents and left it to them to sort the paperwork and pop the mortgage application in - all seemed well.

    I received an update today from the financial advisor to tell me that our mortgage application had been refused. The problem? My partner's wage slips show a different address to his other documents so they can't give us a mortgage. The mortgage advisor had already had eyes on the documents almost 2 months ago so this was a bit unexpected. I thought had there been a problem with the documents we would have been told sooner.

    The reason for the discrepancy is that when we moved to our rented flat we both kept everything registered in our parent's homes as we didn't think we would be in the flat for very long. Recently my partner's workplace changed the address they had on file for him to the address of our rented flat. So, everything else is in his parent's address but the wage slips are in that of our rented flat.

    Does anyone have any idea what we can do now? Short of withdrawing from the purchase of the property we fell in love with, changing all our documents and starting over, I just don't have a clue.

    Our financial advisor seems to have gone quite now there's a problem ... I feel quite out of my depth and could really use some help

    Thanks in advance!
Page 1
    • Thrugelmir
    • By Thrugelmir 6th Dec 17, 7:25 PM
    • 56,185 Posts
    • 49,569 Thanks
    Thrugelmir
    • #2
    • 6th Dec 17, 7:25 PM
    • #2
    • 6th Dec 17, 7:25 PM
    Get your ducks in line. Have everything addressed to where you live, and hopefully have registered on the electoral roll.
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
    • YHM
    • By YHM 6th Dec 17, 9:12 PM
    • 299 Posts
    • 97 Thanks
    YHM
    • #3
    • 6th Dec 17, 9:12 PM
    • #3
    • 6th Dec 17, 9:12 PM
    Are you sure this is the issue? I would this to be able to be explained away relatively easily.

    Sounds like you need a better broker if so!
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
    • ACG
    • By ACG 6th Dec 17, 9:42 PM
    • 15,879 Posts
    • 8,131 Thanks
    ACG
    • #4
    • 6th Dec 17, 9:42 PM
    • #4
    • 6th Dec 17, 9:42 PM
    As YHM says, are you sure this is the issue?
    Who is the lender? Seems like a poor reason to decline an application to me.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Charismatic_Cat
    • By Charismatic_Cat 6th Dec 17, 10:00 PM
    • 4 Posts
    • 0 Thanks
    Charismatic_Cat
    • #5
    • 6th Dec 17, 10:00 PM
    • #5
    • 6th Dec 17, 10:00 PM
    Are you sure this is the issue? I would this to be able to be explained away relatively easily.

    Sounds like you need a better broker if so!
    Originally posted by YHM
    Apparently he rang the lender and explained but they said that, although they understand the situation, as a company they won't accept our application.

    I wouldn't have thought this would be such a big problem that it warrented refusing the mortgage outright.
    • Charismatic_Cat
    • By Charismatic_Cat 6th Dec 17, 10:04 PM
    • 4 Posts
    • 0 Thanks
    Charismatic_Cat
    • #6
    • 6th Dec 17, 10:04 PM
    • #6
    • 6th Dec 17, 10:04 PM
    As YHM says, are you sure this is the issue?
    Who is the lender? Seems like a poor reason to decline an application to me.
    Originally posted by ACG
    The lender is West Brom Building Society.

    I certainly didn't think it was enough to outright refuse an application. Seems rather harsh considering everything else is in order.
    • YHM
    • By YHM 6th Dec 17, 10:16 PM
    • 299 Posts
    • 97 Thanks
    YHM
    • #7
    • 6th Dec 17, 10:16 PM
    • #7
    • 6th Dec 17, 10:16 PM
    How did you end up at West Brom? Barely topping the rate charts...
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
    • Charismatic_Cat
    • By Charismatic_Cat 6th Dec 17, 11:05 PM
    • 4 Posts
    • 0 Thanks
    Charismatic_Cat
    • #8
    • 6th Dec 17, 11:05 PM
    • #8
    • 6th Dec 17, 11:05 PM
    How did you end up at West Brom? Barely topping the rate charts...
    Originally posted by YHM
    We were advised that including all the fees it was the cheapest overall cost over the fixed term. From looking at the information on MSE that seems pretty accurate ...
    • YHM
    • By YHM 7th Dec 17, 9:09 AM
    • 299 Posts
    • 97 Thanks
    YHM
    • #9
    • 7th Dec 17, 9:09 AM
    • #9
    • 7th Dec 17, 9:09 AM
    Hmmm ok.

    Well as before, you need to find a better broker!
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
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