HELP! Abbey Mortgage Declined - appealing now!

IMF

Hi all,

Here's where I stand:

I have no debts on credit cards and 1 loan of £8k with Nationwide which is secured against another property of mine. The repayments are £80 a month on that.
I earn £85K a year working as an IT Consultant and am single.
My other property is being rented at 900pcm with the mortgage being £612 per month.
I have never missed a payment on my mortgage or loan.

I have no other outgoings etc.

I'm putting down 15% deposit on a house which I agreed a price of £247,500 on.

Been told repayments will be £1089 per month which I can easily afford.

Today after 3 long weeks of waiting; my broker told me that I was rejected by Abbey.

Why?

Because my work's head office is based in Cardiff and the property is in London. The silly broker said I would be commuting there every day which is incorrect as I work from home and travel to sites for work which work pays me for! I even get paid travel expenses if I have to show my face in Cardiff!

Abbey told my broker that they rejected me on the grounds that Cardiff is nowhere near where I'm buying this house!

I've got a letter written by my boss which states that I work from home and travel is expensed. I have faxed it to the broker today to appeal the decision.

The broker told me it'll take about 2 weeks to get a decision! Is this correct? :mad:

Getting a lot of pressure from the seller as all we need is the mortgage to complete and he's thinking of pulling out as he has another buyer already lined up and we have no lock out agreement!

Anyone else been through an appeal process? How long do they take? Could there be another reason for rejecting me?? I can't see one!?

Even if I was going to travel to Cardiff on a daily basis which is a ridiculous assumption to make by the broker; I could still afford the mortgage!

GMS

Your broker should be on the phone straight away admitting their error.

If this is the reason for decline then there are grounds to appeal.

Abbey are not the greatest at service and need to be nudged along pretty much all of the way but it seems they are right on this one based on the information they were given. Not really a commutable journey, but as you do not commute then the broker shoudl rectify it as a mater of urgency

Wh05apk

I am finding Abbey exceptionally quick at the moment, getting offers out in under 10 days quite easily, so hopefully they should be able to resolve this pretty quick.

Meeper

Last time I applied to Abbey I had an offer in 48 hours....

Leon_W

Agreed. There is something seriously wrong with Abbey at the moment. They are agreeing to lend my clients money, not been nit picking cases, have phoned ME to give updates, made offers very quickly and been thoroughly professional. ???

It wont last I tell you !! :beer:

Have a good weekend all.

IMF

Wow you people are quick!!

Thanks for the encouragement!

I've faxed the letter to my broker who's going to pass it on to them. I've asked him if he can call and say it was his mistake and he says he'll see what he can do.

My broker originally told me it'd take 1.5 weeks for approval yet it took 3 weeks only to be rejected!

He told me that he didn't want to bug them after I was calling him daily as "they get arsey and reject you if you bug them"!! Reading what you people have written - my broker is an imbecile (something I already knew!)

I'm going to assume my application took 3 weeks because my broker is lazy.

Fingers crossed! Will keep you lot posted in case someone else wants to appeal and wants to know output.

Meeper

Keep on his back, and ensure that he keeps on their backs. They don't get arsey if you keep calling, because it's entirely likely he will speak to someone different every time. They will get arsey if he is arsey with them.....

IMF

Thanks again - would it be bad if I contact Abbey directly instead? I have the reference number for the Mortgage.

GMS

Your broker should have a Business Development Manager who they could call at Abbey and explain the situation.

You could call Abbey yourself if you wanted to but the broker should be doing it for you

IMF

GMS wrote: »

Your broker should have a Business Development Manager who they could call at Abbey and explain the situation.

You could call Abbey yourself if you wanted to but the broker should be doing it for you

I called him today and asked him about that. Seems like I have picked the worst broker in the world... he claims he doesn't have a BDM and speaks to different people every time??

Just checked on the Abbey website, with my income and outgoings; I don't think I even needed a broker!

Senior_Paper_Monitor

Unless you are a large broker you won't have a visiting BDM, but most active brokers will have a specific phone BDM (but calls often taken by BDM team of behalf of each other).

Abbey did not have BDMs for a period until Q4 2010 and had appalling service levels - but seem to be much improved since then (indeed they are openly bragging about improved performance), and we have used them on a couple of cases with minimal problems.

They did have a habit of 'out of hand' dismissals of cases midway for the most arbitrary of reasons - and once issued refused to reconsider without a formal complaint or a new application (I suspect that may have improved however).

Frankly the broker should have covered your circumstances in the application process as indicated by others above.