Mortgage Declined

accountingbod

Hello all

Brand new user here.

A couple of things i am looking to getting involved with

Debt Free Wannabee
Mortgage Free Wannabee
And general saving expert!

As you can see i am an accountingbod! Part way through my ACCA studies. If you have any accounting questions, i may be able to help but im not yet fully qualified so please do not assume any professional advice just yet!

Anyway, on to the issue at hand.
Just had my mortgage declined
My broker says because on my credit file i have a partially settled debt with a loan company. Now i was offered an ealry discount settlement with loan company if i paid early so the file should say settled in full as this settlement was initiated by them, not me!
In the process of trying to get this sorted out.

My broker says not to worry - he can get the mortgage pushed through with a note explaining the error from the loan company which may take a week.

My question is - i have received an official letter from the mortgage company stating the declined application. Even with the note from the loan company, can my mortgage broker still turn this around? I was always under the impression that a decline was a decline forever.

(the other reason for decline looks to be a low credit score due to Experian saying not on the electoral role - but i most certainly am according to Equifax! What is the point, may i ask in lenders using credit agancies if they do not even have reliable up to date information!)

Many thanks

Accountingbod

Peter_L

Something similar happened to me re: Electoral Roll. Contact the Town Hall and speak to the bod who deals with ER and ask for him to confirm that you are indeed on the roll. Ask him to supply you with written confirmation of this (mine charged a fiver for the privilege). Send a copy of this letter to the underwriting team of the lender and that should give credibility to your application - it worked for me, good luck !

funky1471

What it declined at Decision in Principle stage, or at full application stage?

accountingbod

Declined at full application stage.
It was an application with an 80% LTV if that makes any difference?

Have actually just received a response from loan company today saying they have upheld my complaint. Letter sent through to Broker and he is going to fax to mortgage company. Fingers crossed that this sorts the situation out!

julie11_2

To give you some hope, if you can explain away the errors and prove them with hard evidence, then always worth appealing. I just got my decline turned into an offer by writing a letter detailing answers to the points for decline and also getting a letter from my solicitor confirming something for me. I also did a personal statement with my application to give them some idea of my character as I was a case that had to undergo senior underwriting being self employed and luckily they listened. I have heard of other declines being overturned if you appeal. Good Luck.

funky1471

Good luck!

We have our fingers (and toes) crossed at the moment with our mortgage application. Have to send over some additional documents, and waiting on my P60!

I didn't even think about it until I was asked to send it through then realised I didn't have one for the year just gone, spoke to HR, seems they sent them out to all the legal staff, but not to any of us in Management Teams.

They didn't seem to want to hurry and get mine sorted that day either even though I need this asap to get our application approved and complete by end of the month!