URGENT HELP REQUIRED! Mortgage Approved By Bank - Declined By Underwriter.

jennyrob669

Myself and my partner recently had a mortgage approved by our bank, we have borrowed under the amount we require because of the deposit we have managed to put together.
When it came down to the last few details the underwriter of the mortgage has declined it because I am a "high risk lender".
Can't understand this as my credit score is good (my partners is excellent) and we have a minimal amount of debt between us which we have never missed a payment on. I have checked both of our credit reports and there are no negative indicators on there.
The mortgage advisor was distraught for us because she can't understand herself why the mortgage was declined. She gave us a certificate showing we could have a mortgage so we could start putting in offers on houses.
Is there anything we can do to appeal and is it worth going through another bank to see if it will be approved elsewhere?
We have 20 days to get a mortgage or the house we want will go back on the market!
Any advice or help would be amazing!

maninthestreet

"High risk lender" - surely you mean "high risk borrower". Have you ever had any defaults or CCJs, even if these were many years ago? Have you any missed or late payments in the more recent past?

Wywth

jennyrob669 wrote: »

Myself and my partner recently had a mortgage approved by our bank, we have borrowed under the amount we require because of the deposit we have managed to put together.
When it came down to the last few details the underwriter of the mortgage has declined it because I am a "high risk lender".
Can't understand this as my credit score is good (my partners is excellent) and we have a minimal amount of debt between us which we have never missed a payment on. I have checked both of our credit reports and there are no negative indicators on there.
The mortgage advisor was distraught for us because she can't understand herself why the mortgage was declined. She gave us a certificate showing we could have a mortgage so we could start putting in offers on houses.
Is there anything we can do to appeal and is it worth going through another bank to see if it will be approved elsewhere?
We have 20 days to get a mortgage or the house we want will go back on the market!
Any advice or help would be amazing!

If your advisor was that distraught, she would have tried to find out for you why the underwriter had rejected your application.

Anyone here would just be guessing...

Dan-Dan

for advisor (in this case) read sales staff ? , i hate reading things like this because it just reinforces why we personally are using a broker , it means nasty surprises like this (hopefully) dont come along at the last minute!

OP , have you taken out any extra credit in between first application and submitting the full application ?

Crashandburn

Wywth wrote: »

If your advisor was that distraught, she would have tried to find out for you why the underwriter had rejected your application.

A law unto themselves.

Reading through the post, you would question why your score is good and not excellent if no missed markers. Also worth getting copy of the application to see if conflicting information has triggered the underwriter to decline it.

Dave_Ham

We are to a degree speculating, but certainly do not panic apply elsewhere as some lenders will not meet your timelines.

Who is the lender in question, this will be a start point. Your advisor should be able to get a better understanding of the reason so push them first.

As Dan says, assume this is in branch staff and my next step would be a decent broker..

Good luck

kingstreet

Are you sure you have nothing in your past the underwriter may have found?

What about your job? What industry?

Is there a chance someone with a similar name and/or initials has credit problems at your current, or a previous address?

[Deleted User]

There seems to be a lot of detail missing from the OP's post, if post #2895 on the below is anything to go by.

https://forums.moneysavingexpert.com/discussion/2402327

hamster2013

sometimes it comes down to silly answers you would have given which makes underwriters wonder if you are actually going to be able to keep up with payments
this can be for example planning to get married and have kids in the short term
or wife already pregnant with twins for example etc,
also depending on your legal status - if you are a permanent resident, depending on the visa you have etc

also what the DIP suggests as you can borrow, is not necessarily taking into account all your detailed outgoings

the figures can vary drastically
i have learned the hard way aswell that never to go with DIP
If you are confident, get a full offer letter, pay the fees whatever they are and secure the offer for X months, you will know that if it expires you will always get a letter from bank offering to extend the offer

Thrugelmir

Deleted_User wrote: »

There seems to be a lot of detail missing from the OP's post, if post #2895 on the below is anything to go by.

https://forums.moneysavingexpert.com/discussion/2402327

There's a fundamental misconception by many people as to what constitutes a good credit record in the view of a potential lender.

moneemonee

My advice would be to go to a broker.

we had a very similar experience, had our DIP and then turned down at underwriting stage! We went to a broker and had a mortgage agreed and (fingers crossed) will be moving into our new home in 6 weeks time!

The mortgage broker knew our circumstances and went to a lender where we met there criteria.

Good luck