Mortgage declined after giving promise?

Wispa_2

Hi guys,
Just had a phone call from our mortgage provider (to be) saying that our application has been rejected following their searches being conducted.

Can anyone tell me what searches they are likely to have done because they wouldn't give me the reason for the rejection and we need to obviously sort this out as we have already made an offer on a house!

Thanks

Chin

who is the lender?

Wispa_2

The One account?

Chin

they need to give you reasons, their 'searches' could be anything ranging from your bank statements, income, employer, valuation on the property, credit check etc..
have you tried to get more info from them?

Wispa_2

Yeh I asked her twice to tell me what the reason was for declining us and all she would say was it was as a result of their searches.

I thought if I could find out what they look into, we can figure out what is wrong before deciding what to next.

handytips

The searches, are nothing more than your Credit File, it suggests there is something on there that they do not like, Why the One Account ?

kingstreet

They do not have to give any reason for a decline. It is sufficient for them to say "results of our enquiries" or something similar and refer you to a credit reference agency.

If you don't already have them, obtain copies of your statutory credit reports from the three CRAs.

In addition, if it's possible you've made several applications for credit with differing income data, you might want to check what's on the hunter system.

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

getmore4less

Might have done you a favour

One Account has a very bad reputation and there are better products out there.

Wispa_2

We had a friend recommend the One Account to us - it seemed ok and a better deal than what we were offered at the Halifax. Is it a bit of a grey area?

Our credit should be just fine, but we have had a change in circumstances - I've taken redundancy but that information was up front when we first applied. We've had a mortgage before and are renting at the moment waiting to find a house to buy.

Is it worth checking our credit files, any recommendations how best to do this. oh and how to find a better mortgage deal, while I'm at it!!

Thrugelmir

Wispa wrote: »

Our credit should be just fine, but we have had a change in circumstances - I've taken redundancy but that information was up front when we first applied.

So do you intend funding the mortgage repayments?

Wispa_2

My OH works still so we can pay the repayments no problem!