mortgage application disclosure

potatoefeet66

Can anyone please explain the following. I made a data access reguest specifically regarding a mortgage application which was declined / refused by my existing mortgage provider.

The documented information returned, shows that the application was submitted and received by underwriter on 5th Feb, as application not signed or dated, also the date the application is recorded is two days after it was conducted face to face with advisor as indicated by the date 3rd Feb on the KFI document,for the exact figure I was asking for. Further more the timings indicate that the application was completed in 13 mins from the time the advisor logged onto main frame, which is impossible, as the application took over an hour in branch.

I asked an independent mortgage advisor who said I should go into the branch and ask from the advisor who conducted my application for a copy of the disclosure document I signed on the 3rd Feb. I was told that it was destroyed as the application was not successful.

I know independent mortgage advisors get hammered if the breach or break FSA Rules but it appears so far high street lenders can get away with it, I don't think this is moral or fair. By the way the mortgage product I hold is 0.84pc.

I would appreciate any advice and help, But please don't say go to FOS as they don't want to know this is a nightmare.

please help thank you.

mrginge

It might help if you actually explain why you're going to all this bother and what you are trying to achieve

Thrugelmir

potatoefeet66 wrote: »

Can anyone please explain the following. I made a data access reguest specifically regarding a mortgage application which was declined / refused by my existing mortgage provider.

You presumably wanted to know why you were declined?

But please don't say go to FOS as they don't want to know

The FOS don't have the power to tell lenders on what criteria they should advance money. That's a commercial decision.

Some more precise detail would help us answer your question.

kingstreet

I would hazard a guess at a declined application for a new mortgage to port the 0.84% existing rate to...

potatoefeet66

I was attempting to port my mortgage upon the sale of my house. I was told which I new at the time I met KFI criteria as I had the 40pc deposit of 92K on a purchase of 230k I also had a further 82k released from the sale as I was down sizing. It was explained that my existing mortgage application could be fast tracked.The Mortgage product I still hold is 0.84pc.I was not seeking any further advance or consolidating any debt the mortgage is 'perfectly run', bank words not mine.

Data access has revealed that the advisor without my knowledge with the underwriter on Jan 3rd, accessed data about my mortgage rate as this is documented as being disclosed confirmed by staff in a phone call notes. The mortgage application was conducted on the 3rd of February face to face with advisor in branch only days before preposed or expected exchange. Two hours before my meeting on the 3rd Feb the advisor called to say she was not able to fast track my application. At the meeting I was provided with a KFI valid for that day 3rd Feb.The application was declined as I no longer met bank criteria.

Data provided under the data protection act shows that the application was received not signed or dated, on the 5th Feb two days after the face to face meeting that I was led to believe would have been just a formality. Not only that the timing and KFI ref number of the 3rd is recored in the application log for an application on the 5th. Timing show that on the 5th the advisor logged on to main frame at 11.57.55am bearing in mind that this was apace to face application from scratch the data records that it was processed to underwriting at 12.11am. this is not possible as the process took best part of an hour on the 3rd.

An ind!pendent advisor said I should go and ask for the signed disclosure document i signed at the time of the application, this I did, but was told it was destroyed as the application was not successful.

Basically I suspect sharp practice fraud and professional negligence the bank specialist complaints contacted me and refused to discuss my allegations full stop.My initial suspicion is that they did not want me to make a lump sum reduction and to port the 0.84pc product I hold. I was told stay put or go to another lender, of course I've stayed put but i have been robbed due to the nature of the prospects on the purchase property and fact that I could have reduced my term by half. For the record my mortgage has no tie ins or erc and lump sums are also fine.

If this was an independent advisor they would be stripped and flogged in the streets. Morally wrong how this fraud and manipulation internally has been conducted. please help if you can thank you.

kingstreet

What are you actually saying they did wrong?

TBH there's a lot of verbiage in your posts that needs careful analysis. The basic question is;-

The application was declined as I no longer met bank criteria

what was the reason for the decline? What has changed in the time between your application for your current mortgage and the application for the new one?

Dave_Ham

kingstreet wrote: »

What are you actually saying they did wrong?

TBH there's a lot of verbiage in your posts that needs careful analysis. The basic question is;-



what was the reason for the decline? What has changed in the time between your application for your current mortgage and the application for the new one?

Nail on head. What part of criteria did you not meet?

potatoefeet66

Income criteria, nail head. However i was told as i had 40pc deposit that application to port could be fast tracked.40pc is 92k but I also had a further 82K which i could have given the chance put into the pot as i was down sizing sort of.

advisor carried out what i now understand to be a soft search on the 3rd jan, my product rate was disclosed by staff, I was not present and was not aware of this, but thats not really the issue.However, whis is a problem is that as i have been told, under fsa rules mcob, if information is disclosed or revealed which would cause an issue i.e. customer wants a mortgage that they cannot obviously afford of even that the lender just does not want their business then kfi is not provided and customer should be informed to take advice.

I have a kfi document dated the 3rd Feb which was provided for the figure i was attempting to port at the application I was having conducted at the branch a month after advisors search, the advisor called that afternoon of the 3rd Feb to tell me of the decline.data information i have received shows the application was received for assessment by underwriter on the 5th Feb not signed and dated.

As lender cannot provide the disclosure document i signed at the face to face interview and the issue is if I failed any criteria as revealed in soft search on the 3rd of Jan why continue and provide a KFI on 3rd Feb and then supposedly allow and make a further full application to underwriting on the 5th Feb.is it not simpler and fairer to say sort this or that out then we may proceed. At best the lender could say look we do have an issue here but as an existing mortgage holder come back in 3-6-12 months and we can see if we can help. Not stay put of go elsewhere for the balance you need.

The application logged on the main frame system is recorded as 5th Feb however KFI ref associated is dated 3rd Feb when application actually took place.

If I failed criteria of any kind when the KFI was provided why formally book an application on the 5th two days later.

Any decent underwriter knows that to assess and carry out a credit search with un signed disclosure and not dated application is not right and at the very least should have been passed back to branch advisor to get completed.

The single biggest red flag for fraud is unsigned and dated documents. Please keep in mind here my rate is 0.84pc and I was paying back money released from capital equity.

The fact is the process was manipulated by staff. I ve carried out extensive research even the FSA have said there is a serious issue here which appears with what evidence I have uncovered there is a case of fraud.

Im not a mortgage advisor or in the financial services but I do know this that if this was an independent advisor they would be stripped of regulated status.

A moral issue with wider implications for all i think.

thank you all for your advice.

GMS

Porting is always sibject to meeting the lending criteria at the time. It involves a new application.

You do not meet criteria, seemingly. A non advised sale no doubt so nobody to complain about.

The 'adviser' has talked a load of nonsense and attempted to score some points.

No grounds for any complaint as you do not meet their lending criteria, if I am reading it correctly.

If so what is the income issue?

kingstreet

Fast track gives the lender discretion to not ask for evidence of income, it doesn't allow the system to be over-ridden by a level of income which does not match the borrowing requirement.

As GMS says, porting does not confer the right to a new mortgage or any guarantee that a new mortgage will be given. You obviously have other issues over these dates you keep quoting, but frankly I don't understand the point you're trying to make.

On the day the application was submitted, the system should simply have said "insufficient income for amount requested, maximum loan £X" and you given the opportunity to decline or accept that amount.

The rate to be ported would not be an issue until later in the process in my experience, so a suggestion that somehow there has been skulduggery to attempt to get you off the rate you had, is wide of the mark IMHO.

I can issue a KFI to anyone, anytime regardless of their ability to meet the criteria and status requirements and I'm sure many lenders can do that themselves.

Please let us know what happens with your complaint. I look forward to its resolution with some interest.

_Andy_

"If this was an independent advisor they would be stripped and flogged in the streets."

That is pure genius.