I hate Pink Homeloans and Mortgage Trust

Iapplied for a buy to let mortgage in mid December via London and contry who brought up Pink who work for Mortgage Trust.

I was a bit peeved to start off with when Pink asked for my original passport even though L and C had a copy from another apllic in December for my own home.

Anyway, by end of Jan they went ahead with the survey and said there will be a morgage offer very soon. They dragged their feet for 2 weeks and then theysaid they have now turned me done because they had done another credit score because it had taken so long!

As far as my Experian report shows there wernt any significant changes. In any case, Pink refuses to give reasons.

Now its a lender's perrogative not to lend but what I can't understand iswhythey took so long to say no.

Luckily, I got another mortgage with Birmingham Midshires within a weekbut its going to cost me an extra£750 as I went thru my local broker.

Any ideas on my case for compensation for this £750?

Replies

  • Iwould not think they were fantastic - after all, as you acknowledge yourself, the lender is under no obligation to lend. They also do not have to give a reason for their refusal although most will tell you if it was as a result of information on your credit file.

    It does surprise me a little that although there were no changes to your file a new search led to a decline - have any of your other circumstances changed? Sometimes even minor changes in your circumstances could change your score.

    The only option as far as complaining goes could be to lodge a service complaint with either Mortgage Trust, Pink or L&C - did you provide everything when it was asked for, was the application being regularly chased by L&C and all feedback and reqirements being passed back to you? I would speak with L&C and try and get to the bottom of why things took as long as they did. Did Pink or Mortgage Trust have service back logs that L&C were not aware of until it was 'too late'?

    Have to try and find out why there were delays and make sure that you provided everything that was asked for when requested.

    I would probably think that the counter arguement would be that L&C could have arranged the same Birmingham Midshires mortgage without charging a fee so have to warn you that it will depend on the reasons the Mortgage Trust application went slowly.

    Always worth a try, but without a specific service problem and knowing who (Broker, Pink, Lender) the delay lay with, I would not be massively hopeful as unfortunately applications can sometimes drag on for a number of reasons beyond the broker's control.
    I am an IFA (and boss o' t'swings idst)
    You should note that this site doesn't check my status as an IFA, 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.
  • AndrewSmithAndrewSmith Forumite
    2.9K Posts
    Forumite
    It is worth remembering that the ultimate decision will rest with the lender (mortgage trust). Pink are merely I suspect the Packager for the case or the intermediary channel through which L&C submitted the case in the hope of obtaining a mortgage club exclusive deal.

    Unfortunately unl;ess you can prove deliberate negligence then you will have little legal course for refund, however there is no harm is asking as a geture of goodwill on their part.

    Andy
  • Barney088Barney088 Forumite
    163 Posts
    Might be worth asking for a copy of your file, it is possible that credit score one is different to credit score two.

    Your file will show (if you get computer screen prints) that there are two credit scores done and that one was a pass and the other a fail.

    If there is no evidence in credit score one showing a pass I'd argue that they spent your money unwisely. I would say that if there was two credit scores then you are stuck with it, lenders lend to who they want to and can decline for any (legal) reason.

    Good luck
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