Please help FTB mortgage declined

Dave_Ham

You are on the home stretch now so do not worry.

Personally, unless speed is crucial I would not instruct the solicitors until you have a mortgage offer. In the early stages to be fair to sols it is the searches and checks that cost the money, rather than their time.

Keep going with YBS as this is stupidly poor, they would have been better to give you no reason and hide behind credit score.

The fact that they got you to go back in and re-supply and then still decline is a joke.

Well done you for selecting Natwest when you still thought YBS would re-consider.

Good luck

toddler9

Thought i better update with the latest! Our whole proces of getting a house/mortgage seems to have turned into a soap opera!
Natwest completed the valuation on the house last week after we were approved by the underwriters and got back to us 2 days later to say they cant put a value on the house as there is a crack in the wall?! So now I have to get a full structural report done by a structural engineer and send it back for the valuer/underwriter to look at. I cant do that until Natwest send me the valuation report to see what they want investigating!
In the meantime i called YBS to follow up with my complaint and was told- the senior underwriter has looked at the case again and "we don't lend to people with overdrafts" and "we have to be seen to be helping FTB even though we dont actually lend at 90%". I have asked for that in writing so I can send them an invoice for my time as it would have taken them 5 seconds to tell me that at the beginning, yet instead they let me spend 6 hours in their branch and 1 hour on the phone to their mortgage advisor at the very beginning of the process!!!:mad:

If we ever get onto the housing ladder i will NEVER be moving again as the stress is unbearable!

Dave_Ham

I would suggest you speak with the Estate Agent as typically the vendor should potentially pay for this structural or at least half each...

You really have not had the luck here though, but as stressful as it is you do not want to buy a house with potential structural problems..

Good luck

toddler9

It seems we have been in the process of buying a house forever!!
The structural survey we had done on the huse revealed that the house is suffering from serious ongoing subsidence and lack of load bearing internal walls which is causing the upper levels to sink into the lower ones! :eek:
So needless to say we have pulled out of the sale- even though the estate agent is trying to say he doesnt beleive the structural repoert?? Good luck to them!:rotfl:
In better news we have been given £300 compensation by YBS after last week they called me and admitted to processing our original application as 'owner occupiers' by mistake and when they rectified it to FTB we were declined. We could have got more by going to the FSA but i am happy to close the door on that saga!:D:D
We were about to give up the house hunt and go into renting when last week we found another house- we managed to get a really good deal and today Natwest agreed the loan amount and they are sending out the valuation next week- lets hope it is 3rd time lucky!! :j:j

Dave_Ham

toddler9 wrote: »

It seems we have been in the process of buying a house forever!!
The structural survey we had done on the huse revealed that the house is suffering from serious ongoing subsidence and lack of load bearing internal walls which is causing the upper levels to sink into the lower ones! :eek:
So needless to say we have pulled out of the sale- even though the estate agent is trying to say he doesnt beleive the structural repoert?? Good luck to them!:rotfl:
In better news we have been given £300 compensation by YBS after last week they called me and admitted to processing our original application as 'owner occupiers' by mistake and when they rectified it to FTB we were declined. We could have got more by going to the FSA but i am happy to close the door on that saga!:D:D
We were about to give up the house hunt and go into renting when last week we found another house- we managed to get a really good deal and today Natwest agreed the loan amount and they are sending out the valuation next week- lets hope it is 3rd time lucky!! :j:j

Goodness me - best of luck this time around - put it down to fate on the new place...

Fingers crossed

toddler9

Thought i better round this post off! We have been living in our house for just over 3 months now.
Our 90% FTB mortgage with Natwest went through no problems- from application to moving was 6 weeks. I was convinced right until the last minute that they would pull the mortgage offer but they didnt and everythign went really smoothly.
Well and truly put off by YBS and despite their apology and compensation i woulld never go to them in the future- their rejection left us nervous wrecks!
Anyway just to say there is hope to anyone who finds themselves rejected and we are so grateful to finally be on the property ladder!!

colmac71

Glad it all worked out in the end

leew

toddler9 wrote: »

Thought i better round this post off! We have been living in our house for just over 3 months now.
Our 90% FTB mortgage with Natwest went through no problems- from application to moving was 6 weeks. I was convinced right until the last minute that they would pull the mortgage offer but they didnt and everythign went really smoothly.
Well and truly put off by YBS and despite their apology and compensation i woulld never go to them in the future- their rejection left us nervous wrecks!
Anyway just to say there is hope to anyone who finds themselves rejected and we are so grateful to finally be on the property ladder!!

Good to hear as we are treading the same route tomorrow with Natwest who i bank with and we are also FTB's.

I hope we don't have the same traumatic experience, very pleased for you that it worked out in the end.

All the best.