mortgage declined appeals!

trooperdog

i applied for a mortgage and got declined, my credit rating is good, my salary is good. i have never missed a payment or defaulted EVER!!!!!! but it got turned town. now when my broker told me this he said he will appeal this because it only declined due to a computer based credit scoring system. I gave him a copy of my credit record and he said he will get a real person to look at it and this could then underwrite the computer decision. is this write and are they ever successful???

Senior_Paper_Monitor

Its possible - depends on the whole history and the lender concerned. Better bet will probably be to go to a lender who doesn't use scoring.

trooperdog

any reccomendations??

opinions4u

trooperdog wrote: »

it only declined due to a computer based credit scoring system.

These systems make better decisions, statistically speaking, than real people.

I gave him a copy of my credit record and he said he will get a real person to look at it and this could then underwrite the computer decision.

The credit record has almost certainly already been taken in to account.

is this write and are they ever successful???

I would suggest that you need to find something new that the computer doesn't know about. E.g. if you've only been in a job for a short time, why that job change occurred. If you've only been at address for a short time, is there a positive reason for that change?

Appeals are rarely successful. Perhaps a bigger deposit could open more doors.

trooperdog

ive moveed twice in the last 3 years due to work! would this explain more to the "real person" rather than the computer!

trooperdog

fingers crossed i should find out tommorrow.

trooperdog

if im unsuccessful would it be wise to trry another lender?? or are they all there abouts the same?

Janie1975

Hi Trooper,

If you have a good financial advisor I would trust their judgement. My FA is great, and has always found me good mortgages when I thought it might be tricky. If the appeal doesn't work with this lender, it maybe that you just have to try another but your FA should be able to advise on other options.
Good Luck !

trooperdog

cheers guys my mortgage advisor (if young) is very keen and positive, and seems to be pretty sound he seems to know his stuff so only time will tell.
thanks for the feedback. everydays a school day!

Thrugelmir

trooperdog wrote: »

i applied for a mortgage and got declined, my credit rating is good, my salary is good. i have never missed a payment or defaulted EVER!!!!!! but it got turned town. now when my broker told me this he said he will appeal this because it only declined due to a computer based credit scoring system. I gave him a copy of my credit record and he said he will get a real person to look at it and this could then underwrite the computer decision. is this write and are they ever successful???

Which lender did you make an application to?

trooperdog

went throiugh a broker and they applied to coventry?? leeds had a few good deals as well