Mortgage application depression :(

inca_2

Conrad wrote: »

99% of people do not get repossessed, how about that for a headline. Or 99% do not go bankcrupt.

I think I would pass out in shock if I saw a non-scaremongering headline like that, either that or think I had stepped into a paralell universe! To add to the positivity, we've had valuations recently that have actually been up-valued! Forgot that was even possible, was a nice change to give customers that kind of information!

Dark_Jester

Conrad wrote: »

Jester there are quite a few judgemental comments here which is a little dissapointing. I hope you took my comments as being merely my take on how underwriters view the world.

Sometimes lenders will ignore debts where the applicant intends to repay them say within a few months or at completion. On occasion lenders make checks just prior to completion to see if they are redeemed, but in most instances checks are not made.

Some applicants repay debts to satisfy a lender, then the day after completion take new ones!

The majority of people with debts do not get into arrears. This is lost on the puritans that believe those daily mail headlines - 'we're all going under'! 99% of people do not get repossessed, how about that for a headline. Or 99% do not go bankcrupt.

No need to explain. I appreciate your advise

yes some of the cheap digs taken at me have been disappointing but its ok I can take it :money:

JA1000

Let us know when you get your £40k mortgage on your £50k+ income.

Dark_Jester

inca wrote: »

I am aware of this, I do it regularly myself, challenge underwriters etc. Nobody has said that you do not have a right to ask, what I and others have said is that you do not have a right to a certain detail of explanation that you declare sufficient. Yes, good for you that it is being reviewed, if you feel the decision was unfair then that's potentially a good result for you, but, call me cynical, I doubt it has that much to do with you having a 'right' to a full explanation.

Sometimes there is reason for not revealing the full info, I'm not at all saying this is the case with yourselves but as an example I could not explain why someone had been rejected because it was due to the wife's undeclared debt and missed payments. Could not speak to the wife, only the husband so I couldn't disclose this to him as it wasn't his debt or credit record. I had no choice but to give a more flimsy reason for the decline. Again, before you jump on this I am not saying this is the same situation as yours I am merely trying to get the point across that these 'rights' you speak of don't exist, he had no right to know, although he was being declined with it being a joint app, I still couldn't give him a full explanation.

We have a right to know why and how we was rejected! The banks initially tried to fob us off with a "computer say no" answer and I did not accept it! then they tried to fob us off with the "underwriters decision is final answer" and we did not accept that. We pushed, not out of desperation, but because we had the facts on our side - facts that prooved that the underwriters original decision was not based on reality. We pushed this argument and it has got us a second chance or at least a full explanation in writing as to why we was rejected!

Like I said, even if we do get rejected again we will least get a full explanation - something which I can use to improve for the future.

Im fortunate that all my persistance occured prior to me joining this forum since had I joined before and listened to some of the advise and cruel cheap digs made on my personal situation (not by you) by some of the "experts" here I would have just given up and would never have known what was wrong with my credit (if there was anything wrong in the first place).

Dark_Jester

JA1000 wrote: »

Let us know when you get your £40k mortgage on your £50k+ income.

will do! :beer:

just to clarify, the £56k income is a joint income - my self and my wife.

Even if I get rejected my persistance has ensured me at least feedback from the underwriters and I will use this to improve my chances in future.

Good thing that all my HSBC badgering and persistance occured before I joined this forum! because had i joined before all that and read some of the comments and feedback given by some of you guys I would have just given up and not learn anything.

I notice that some of you have a section where you display the number of time you was "thanked" for good advise. May be they should have a "thanks, but no thanks" option as well?

thanks! :rotfl:

iamana1ias

It's "we WERE" not "we was"! :rotfl:

Dark_Jester

iamana1ias wrote: »

It's "we WERE" not "we was"! :rotfl:

yes we were rejected but they are reviewing the application again but this time without another credit check!

also, people who mock other peoples grammar are sad



:beer:

JA1000

If they reject you again - they will not tell you why.

Welcome to the wonderful world of underwriters!!!!

Dark_Jester

JA1000 wrote: »

If they reject you again - they will not tell you why.

Welcome to the wonderful world of underwriters!!!!

there seems to be a lot of people here who comment and make statements without actually reading or understanding my post!

Like I said a few posts ago, the senior HSBC underwriter has agreed to review our application again and if he rejects us he has promised to give us a full explanation in writing. All this after, our branch manager had a change of heart and realised that the underwriters original decision did not make sense and not based on reality!

He argued the case to the original underwriter and she refused to budge, so he by passed her and went to her senior. The bank manager told him that his colleagues original decision was not based on reality, since we have clearly proven that we could afford it. The senior underwriter (or even the bank manager) could have supported his colleague and told us to get lost but his agreed to review it again as a new application (without another credit check).

Yes he could reject us again and could be just messing us about but the key thing here is that, if he rejects us also, he has given his word that he will explain in writing why we was rejected and how he came to that conclusion!

This is why some of you are wrong! we do have rights and if we persist we can find out exactly why we was rejected and how they came to that conclusion. Persistance is the key - something that i would not have done had i listened to some of the "expert" advise here. cheers!

JA1000

His explanation on refusal will be some blurb on affordability due to your current debts or the type of property as you will continue to have to pay rent on part of an asset they will not be able to utilise should they need to

Good luck I hope you get it.