Mortgage Application - Referred

Angelandrea

Can any one shed light on what this means x

Thnx

spurs_nut

It means they are going to dig deeper for more information about you and your partner before deciding to give you a mortgage.

Angelandrea

so is it bad news ???

spurs_nut

Not necessarily.

Just means they need to find out more information about employment, credit score etc and to confirm annual income.

Angelandrea

i have had no sleep all night, very worried, as the whole mortgage is in my partners name !! arrggghhh

Mr_helpful

Relax it can be as simple as you not being found on the electoral roll because the adviser put your address in a diferent format to what the credit reference agency has. It could be that you are a little borderline so a human need to look at it. I get loads of referrals that pass. Anyway its not worth losing sleep over because if it hasnt happened yet why worry. Also it maybe your adviser was going for the best for you knowing there was only 50/50 chance but has plan b up his sleeve. There are loads of providers out there and if one doesnt like you Im sure plenty will.

Angelandrea

Thanks Mr H !!

Really nice reply !

Only problem is we want over 100% to consolidate debts etc and i know there isnt many lenderswho privide this service or am i mistaken chuck

AndrewSmith

You are right, there are not many lenders who provide this facility.

It is frustrating to be referred for a decision however, as said above, it is normally a sign that they just need a little clarification of some of the details of your situation. Either that or you may fall just outside the 'automatic' acceptance criteria thus it needs to be over-viewed mannually to assess affordability and risk for the lender.

Fingers crossed.

Mr_helpful

The higher the LTV the more likely it is going to be referred. Computers are very black and white so with these cases lenders prefer to have a human looking at it so that they can assess all angles

Angelandrea

Thanks guys, will let you know on outcome xx

Have a gr8 day x