Motgage now refused!!!!!!!!!!!!!!

graceybirch

We recently had a mortgage in principle from lloyds at a great rate that we could afford and had the deposit for, we then found the house and had an offer accepted! brilliant! We then went back to complete the mortgage, we had done everything they had asked and had all the correct documents (you needed to be a current account holder to get the exclusive rate so I had switched my banking to them), appt on monday and the mortgage advisor told us the systems were down and she would be in touch asap, we get a call today stating that because I had opened my current account (that was with them!!) there was another credit search on my file and that they would be unable to supply the mortgage!
Can anyone give me any advice on what to do?

ACG

I find it hard to believe that one search for a bank account with them is the deciding factor - im not saying it isnt but i would be surprised. Although i have never used lloyds so i could be wrong.

Have you asked to speak to a manager/underwriter to review it?
Short of that, its a case of finding a new lender but be careful as you have now had 2-3 searches in a fairly short period.

kingstreet

Find a new lender?

In my experience, Lloyds products aren't world beaters. What product did you want and what are the basic case details, such as loan to value?

graceybirch

It's a local lend a hand mortgage which is LTV 95% with an excellent rate which is apparently why it has such a strict criteria, I have asked it to be reviewed by a senior underwriter but I can't believe that something they have instructed me to do could jeopardise it.
We have the money to find another lender but like you say they could have put a big dent in our credit history!
It is a house that needs alot doing so we were hoping to have the capital but this may not be possible after all!