Leeds said no to S/O mortgage, Woolwich said yes??

Yasmina

I asked a question last week about this, Leeds turned down my application for a mortgage.

I then went to Woolwich, expecting the same answer.

They agreed in "principle" - and have sent me the paperwork. I haven't received it yet though.

The Housing Association have just called me to hurry me up - they said they were aware that Leeds said no, and that Woolwich would "also say no"

But when I called Woolwich just now, they said they use different criteria to Leeds?!

I told the Housing Association of this, and they said OK, they would keep my offer for the flat open.

How can one lender say no and one say yes like this?

Woolwich are aware of my Leeds problem, but said that they have done a check on me and it was all ok!

opinions4u

Yasmina wrote: »

How can one lender say no and one say yes like this?

Different lenders have different criteria.

Some lenders have more money to lend, so say yes to more customers.

This is why people use brokers - they have a better feel for where a case is most likely to be accepted (they get it right sometimes too!).

Yasmina

Thanks

My broker approached Leeds, who said no, and my broker then told me not to bother applying anywhere else as I would be refused again and again. I then approached Woolwich alone, no broker, he said he refused to waste his time.

Yet Woolwich have sent me the paperwork -apparently they don't do this if the checks don't come back OK? - but my broker had already gone to the housing assn which owns the scheme, and told them Leeds had refused me, therefore so would everyone else! The HA were about to withdraw their offer to me, and then I told them about Woolwich.

ILW

Where did you find your broker, he sounds worse than useless.

AMILLIONDOLLARS

Yasmina

I am not sure what going in your case. My daughter is also buying a SO and she is also doing this through a broker. She was approved by the Leeds and they have now done a survey on the flat. Have you requested a copy of your credit file to double check that everything is alright? I don't have much faith in the broker you were using by the way.

AMD

Yasmina

SPF Sherwins....recommended by the housing association.

I can't believe he gave up at the first hurdle. If I hadn't tried Woolwich (which was his advice) then I would be nowhere.

Of course, Woolwich isnt 100% guaranteed.

AMILLIONDOLLARS

Try and get the paperwork in asap, the HA won't wait forever. Just keep them informed of what is happening it makes all the difference as to whether they will keep the offer opened longer

AMD