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Mortgage Advice - Mortgage In Principle
jennie-85
Posts: 21 Forumite
I was wondering whether someone could give me some advice. Me and my partner recently viewed a house and were offered a mortgage appointment through the Estate Agents. We took the appointment and were hoping to get the mortgage through in just my partner's name as he earns £20,200 and the mortgage required is £54,000 (shared ownership) as I was aware of defaults on my credit file due to being made redundant in 2008. The mortgage advisor said it was more likely for the application to go through if he attempted it in both names due to income. He then said if that didn't work he could then try it in just my Husband's name.
He advised going through the process with Nationwide as he said they carry out a full credit check before offering an Agreement In Principle so we would know straightaway whether it had gone through as acceptable before we applied and paid the application fee.
On the 23rd October, Nationwide logged a credit search on my Experian file (which shows all my previous addresses). The mortgage advisor called us later that same day and advised us that he had spoken to a Business Development Manager at Nationwide and they had accepted the application even with the defaults on the file.
Myself and my husband were in shock as we genuinely did not expect it. We had a meeting with him on 29th October to go ahead with the application and we provided evidence of payslips etc and everything required.
We asked again how he had managed to get it through in joint names and he said he had explained the defaults were due to redundancy and as my credit file shows payments are all now up to date he spoke to a Business Development Manager who agreed to proceed. He confirmed again that the full credit check had been done and this is stated on the Agreement in Principle. So we paid the application fee and paid for the valuation and Homebuyers survey.
We emailed the mortgage advisor's PA (who it had now been passed to) today to see whether the survey had been booked yet. She said she would get back to us.
We then got a text(?!) off the mortgage advisor at 8pm this evening asking what the rental amount was for the shared ownership share which we thought was a little odd so my Husband text back and asked whether there was a problem. He text back and said he would call us tomorrow. At this point I knew something was wrong. My Husband text and said we would not be contactable tomorrow and could we speak with him and asked again whether there was a problem. He replied with "I'm afraid so, Nationwide are now declining the application informing me that Jennifer has not declared a previous address that they have now found. I am therefore approaching 3 other lenders to see if they will either accept in your sole name or on a joint basis. Of course I will keep you informed. Would you be able to get an additional £1000 deposit? That may be a last option for us. Thanks, Daniel."
At this point I was totally confused. We had been asked to provide addresses for the last three years which I had done and my Experian credit check (which shows a credit check carried out by Nationwide as mentioned above) includes all previous address - including the one from 2003-2008 which is the address they are now saying I did not declare. No credit check has been recorded on my credit file since and the mortgage advisor is now saying he does not know whether we will get the fees back (£515).
Where do I stand? The credit check was carried out on 23rd October and we didn't pay the fee until 29th so at this point they must have known they were going to decline us surely? Is there anyway to dispute this?
Sorry for the long message - I am jsut so confused and upset with it all. It's my Birthday tomorrow and I have a feeling it will be the day our house purchase falls through
He advised going through the process with Nationwide as he said they carry out a full credit check before offering an Agreement In Principle so we would know straightaway whether it had gone through as acceptable before we applied and paid the application fee.
On the 23rd October, Nationwide logged a credit search on my Experian file (which shows all my previous addresses). The mortgage advisor called us later that same day and advised us that he had spoken to a Business Development Manager at Nationwide and they had accepted the application even with the defaults on the file.
Myself and my husband were in shock as we genuinely did not expect it. We had a meeting with him on 29th October to go ahead with the application and we provided evidence of payslips etc and everything required.
We asked again how he had managed to get it through in joint names and he said he had explained the defaults were due to redundancy and as my credit file shows payments are all now up to date he spoke to a Business Development Manager who agreed to proceed. He confirmed again that the full credit check had been done and this is stated on the Agreement in Principle. So we paid the application fee and paid for the valuation and Homebuyers survey.
We emailed the mortgage advisor's PA (who it had now been passed to) today to see whether the survey had been booked yet. She said she would get back to us.
We then got a text(?!) off the mortgage advisor at 8pm this evening asking what the rental amount was for the shared ownership share which we thought was a little odd so my Husband text back and asked whether there was a problem. He text back and said he would call us tomorrow. At this point I knew something was wrong. My Husband text and said we would not be contactable tomorrow and could we speak with him and asked again whether there was a problem. He replied with "I'm afraid so, Nationwide are now declining the application informing me that Jennifer has not declared a previous address that they have now found. I am therefore approaching 3 other lenders to see if they will either accept in your sole name or on a joint basis. Of course I will keep you informed. Would you be able to get an additional £1000 deposit? That may be a last option for us. Thanks, Daniel."
At this point I was totally confused. We had been asked to provide addresses for the last three years which I had done and my Experian credit check (which shows a credit check carried out by Nationwide as mentioned above) includes all previous address - including the one from 2003-2008 which is the address they are now saying I did not declare. No credit check has been recorded on my credit file since and the mortgage advisor is now saying he does not know whether we will get the fees back (£515).
Where do I stand? The credit check was carried out on 23rd October and we didn't pay the fee until 29th so at this point they must have known they were going to decline us surely? Is there anyway to dispute this?
Sorry for the long message - I am jsut so confused and upset with it all. It's my Birthday tomorrow and I have a feeling it will be the day our house purchase falls through
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Comments
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Happy birthday for ten minutes time!
What paperwork do you have and what does it say about refunds? Why aren't you using an independent mortgage adviser? I don't see that you can establish if you can dispute anything until you know what went wrong, why you were only asked for three years addresses but now the lender is going back further. If you have not even booked the survey you shoulf not have to pay for this. Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
They are saying they were not aware of the defaults at the address, which I am totally confused with as he said he had spoken to the Business Development Manager and informed him of it all. My credit file also shows this address and the defaults which Nationwide saw on 23rd October. The mortgage advisor first said that Nationwide had emailed him to confirm that they were declining so I asked for a copy of the email and then he said it was infact a telephone call...0
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And thank you for the Birthday wishes!
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They are saying they were not aware of the defaults at the address, which I am totally confused with as he said he had spoken to the Business Development Manager and informed him of it all. My credit file also shows this address and the defaults which Nationwide saw on 23rd October. The mortgage advisor first said that Nationwide had emailed him to confirm that they were declining so I asked for a copy of the email and then he said it was infact a telephone call...
I smell a rat. Get him to confirm everything in writing, be sure you see a copy of the application and the reason for refusal. IF he has made a mistake you may have a case for a full refund.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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