Mortgage declined

weeniepoo

I recently applied for a mortgage with my husband and we have been declined by 3 banks (after they have arranged surveys) and they say they can't tell us why, just that it was assessed by the fraud department and they gave us a decline with no appeal. They cannot give us any indication of why but did confirm that we had great credit rating.

We have since gone on to the credit websites experian and equifax, we both have excellent credit ratings with no notes or comments. We have also checked the companies we work with but no flags there.

We have also sent off for a CIFAS report to see if that can give any indication of what is making the banks decline us.

Is there anything else we should be checking, what check list do the banks have when processing applications? i want to try and sort this out as soon as possible and not knowing why we are being declined is really frustrating as we can't fix what we don't know!

waribai

Not entriely sure what you can do but I feel for you. One of the brokers should be on later and they can probably give you some advice!

kingstreet

If any information has changed drastically on your recent applications for credit, you may have fallen foul of the hunter system;-

http://www.nhunter.co.uk/

weeniepoo

Thanks for replies, i heard from CIFAS and a lender has put that we have forged, manipulated or stolen a p60. Chased it up and one of our employers has made a mistake (put differenet numbers on ours and inland revenue copy) ... do we just write to them and say it is in error with documents to back it? will they believe us and clear it?

really pee'ved with the employer, they have lost us our dream house!

Thrugelmir

weeniepoo wrote: »

(put differenet numbers on ours and inland revenue copy)

Unusual in this day and age as both copies tend to be produced at same time (i.e, automated). The employers copy of the P60 is submitted along with annual returns that reconcile liabilities due to the HMRC.

Mexas

Mistakes on P60's are not unusual from my experience.

Thrugelmir

Mexas wrote: »

Mistakes on P60's are not unusual from my experience.

Then you've a poor payroll\finance department.

magpiecottage

Clearly not the fault of the lenders. They are under a statutory duty to minimise financial crime.

The employer, on the other hand is under a statutory duty to ensure your personal data is accurate and you may have grounds for complaint that it breached the 4th Principle of the Data Protection Act and, therefore, you are entitled to redress under Section 13.

Whether you want to pursue that is another matter although they may be insured against this.

I am not sure of this. I do not normally get involved in HR disputes for my clients and am just following a line of thought here but you may want to ask - particularly if you have paid for surveys, legal and application/advice fees unnecessarily.

Mexas

Thrugelmir wrote: »

Then you've a poor payroll\finance department.

Correct!

We outsource our payroll to the local council. Don't ask me why, they're dreadful.

DVardysShadow

weeniepoo wrote: »

Thanks for replies, i heard from CIFAS and a lender has put that we have forged, manipulated or stolen a p60. Chased it up and one of our employers has made a mistake (put differenet numbers on ours and inland revenue copy) ...

magpiecottage wrote: »

Clearly not the fault of the lenders. They are under a statutory duty to minimise financial crime.

The employer, on the other hand is under a statutory duty to ensure your personal data is accurate and you may have grounds for complaint that it breached the 4th Principle of the Data Protection Act and, therefore, you are entitled to redress under Section 13.

Clearly not the fault of the lender?

While the initial P60 mess up is the fault of the employer, the most damaging information is on the CIFAS report, put there by a lender, and as far as I can see, it is an invalid and damaging interpretation of the problem with the P60. I would say that the lender is plainly also separately in breach of the 4th principle.