My mortgage adviser called me...

Completely_Confused_2

Following on from my thread about our declined mortgage application with the Newbury.

I racked my brains to uncover what the 'undisclosed credit' was. I came up with an old credit agreement which ended in June but showed on my bank statements.

The Newbury say that wasn't it. That it's a 4-figure sum. I now think it's to do with a credit card transfer I made last week!

Anyway, my mortgage adviser spoke to the Newbury Area Manager and is faxing over my Experian credit report. In the meantime, I've ordered my Equifax credit report.

The Area Manager has agreed to look at our application again, seeing as I have no other possible clue what she's seeing on my credit file.

Hopefully, when I can look at my Equifax credit report, I'll be able to see what they can see and can sort this mess out.

Meanwhile, the builder is champing at the bit for their £500 non-refundable deposit and I'm getting scared now that we are going to lose the house.

CCxx

HelpWhereIcan

From what you have posted before, I am sure that your adviser will be able to get things sorted for you with another lender if not the Newbury. Give your adviser an amount of time to get things sorted with the Newbury, but I would be aware of a couple of things:

It may be that they would not be quick enough to get your offer out in time to allow you to exchange on a new build (generally 28 days from reservation is the new build norm). Who is the builder - is the adviser their 'reccomended' one? The reason I ask is that they may be more jittery about any delays when they do not know the adviser and some builders are more strict about exchange deadlines than other. Does your adviser have experience of new build and has he factored this into his choice of lender?

I would say that you need to check that he has another lender ready to go for you if the Newbury do not come through. Have you spoken about an alternative? Now is when you should be getting any paperwork ready to go off if needed.

Do not commit your £500 unless you are confident that you can get a lender and one that will get your offer out fairly speedily.

Do not mean to over dramatize the situation, but builders can be very demanding when it comes to meeting their deadlines.

Good luck and hope this helps

Completely_Confused_2

Hi there, thanks for your reply.

My mortgage adviser has spoken to Nationwide so if this doesn't sort out with Newbury, we are going to try them. We just have to get a letter from OH's boss to confirm that his annual bonus amount is 'guaranteed', but he has everything else he needs.

I guess we'll know by the end of tomorrow if we need to try elsewhere. Although it would be an awful irony if we ended up with a mortgage offer but no house!

The builder is Newland and to be honest I think they're being pretty patient. We are using their recommended mortgage adviser too.

He has spoken to the builder also and told them that there is something which needs ironing out, so we are being very honest with them.

CC x