Rejected by C&G

payless

herbiesjp wrote:

Plenty of other lenders happy with properties over shops - did your broker not point out this may be a problem with C&G?

would have thought it would have been one of the first questions - and if in doubt needed clarification fromn lender prior to sending in full case - that said OP implies its a more of a "credit score issue"

herbiesjp

payless wrote:

would have thought it would have been one of the first questions - and if in doubt needed clarification fromn lender prior to sending in full case - that said OP implies its a more of a "credit score issue"

Indeed - it seems credit score is the issue here. BUt based on the details posted can't really tell why. Andy's suggestion over T&C of the C&G deal also looked plausible.

Can your broker shed any more light?

AndrewSmith

@ TerryB

Did you obtain an agreement in principle before submitting the full application?

Cheers

Andy

TerryB_3

payless wrote:

would have thought it would have been one of the first questions - and if in doubt needed clarification fromn lender prior to sending in full case - that said OP implies its a more of a "credit score issue"

Yes - it is a credit score issue.

Have just spoken to C&G. They said that, being a dirty filthy foreigner, I automatically get a lower credit rating. Obviously not their exact words

So, my next question:
My broker has recommended Woolwich. Do you think I'll have similar trouble with them?

Kind regards,
Terry

AndrewSmith

TerryB wrote:

Yes - it is a credit score issue.

Have just spoken to C&G. They said that, being a dirty filthy foreigner, I automatically get a lower credit rating. Obviously not their exact words

So, my next question:
My broker has recommended Woolwich. Do you think I'll have similar trouble with them?

Kind regards,
Terry

The only problem that springs immediately to mind is that of service standard. They are renowned in the industry for being abismally slow.

As for their T&C's let me just check for you

Andy

TerryB_3

AndrewSmith wrote:

@ TerryB

Did you obtain an agreement in principle before submitting the full application?

Cheers

Andy

Yes I did.

I guess that there were probably a couple of small things affecting my application, but the foreigner tipped the scales, and they're closed the door on me, and bruised my delicate ego. So, I given up on them.

AndrewSmith

I have just checked their criteria and it says,

Flat over shop : Refer
Foreign Citizens / non UK residents : Refer

I would be pushing your broker to do an agreement in principle before they submit this or any future cases for you. That way your time is not being wasted by submitting full application forms to lenders who's criteria does not suit your circumstances.

There are lenders out there on the high street who will accept both Foreign Citizens and Flat above a shop, with comparable rates and better service standards than the Woolwich.

Hope this helps

Andy

stanmoresaver

TerryB wrote:

So, my next question:
My broker has recommended Woolwich. Do you think I'll have similar trouble with them?

Kind regards,
Terry

Are you still using L&C? They should sbe able to advise you on this-

The Woolwich should lend to you on the basis you describe- The broker should be able to obtain an agreement in principal which should give a very good indication of there willingness to lend.

Although i cant understand why it wouldn't have been described this way to you- my concern is that the survey has given negative comments about the shop below- Possibly food usage?

Your broker should be helping you thrugh this!

payless

I have found Woolwich particularily unhelpful in non UK citizen cases, albeit believe upto 85% LTV its by individual assessment, (edit) although recent criteria guide implies not that much of an issue under £500K

MortgageMamma

I have managed to place a foreign national with C & G at 90% lTV no problem so I don't think its anything to do with that. There is a difference between having a low credit score and a bad credit rating. Perhaps if you don't have a huge amount of history/credit in this country that your score could simply be low and that has affected things. I would serve C & G with a data access request and full disclosure of their reasons for declining your application. What to L & C broker is saying to you doesn't ring true to me.