Woolwich mortgage decision

Gutted40

I am so gutted. I was told back in June my mortgage with the Woolwich was agreed in principle and to put an offer in for the house I wanted, I had to wait for tax credit letter once I received this the application went in and they instructed a surveyor, report came back very good. In the meantime the I could never get in touch with my advisor from the bank and had to get in touch with head office, weeks later and very stressed as no communication I rang the head office only to be told my income wasn't enough. Why wasn't I told straight off before they took money. I had a very big deposit. I have waited weeks had all searches done and waited for the offer which I was told would be fine. Gutted

ACG

Speak to an actual mortgage broker.
Even though one lender has declined you, it doesnt mean others will.

Gutted40

Thanks, the Woolwich has been a nightmare taken so long can't believe the sellers have been so patience. Why didn't they say no at the beginning. How long will it take to go through process again. House is good price and this was said in the valuation report

ACG

Depends on the lender/broker but in theory if its a rush its possible to have an offer in a week. Then its down to the solicitors to do their bit which should take another 4-5 weeks or so.

Gutted40

Solicitors have done all their bit we were just waiting on the offer everything else is ready to go. That what was so gutting as I was told in the beginning it was all okay

ACG

Get in touch with a broker tomorrow then (probably best to avoid estate agent brokers and fee free).

Gutted40

Thank you so much. I will get onto first thing tomorrow. I had £70,000 deposit and wanted to borrow £95,000 at the mo I am living at my mums as my house sold and they couldn't wait much longer so I am desperate so thank you

EmmG_2

It's definitely worth using a mortgage calculator like the one on MSE. You can find out roughly how much a mortgage lender is willing to lend based on your income. You may find you need to borrow more than what a typical lender will offer. If this is the case, it's worth considering finding a cheaper property, so you can borrow less and meet the lender's crietia. The deposit is a good amount to begin with, though.

amnblog

Is the household income you entered on the application exactly the same as the one shown on your 8 page tax credit award letter?

Gutted40

The thing was they agreed to it in the first instance. It is one of the cheapest houses in the area. They agreed did the survey which was good and after weeks of chasing said I had a shortfall of £675 didn't even offer to lend me a bit less. Communication was crap as bank mortgage advisor never returned my calls must of left over 20 messages in a week. It has been the biggest nightmare ever. Now using a mortgage broker who can't see what the problem was

Gutted40

Yes it was when it was first agreed it was actually less than the award letter. My problem is communication no one had the decency to let me know what was happening. Couldn't understand what the people were saying when I rang the mortgage number and advisor from bank never got back to me. My mum rang from a different number and he answered and all he could say was he couldn't understand why as I had a brilliant credit rating and big deposit useless. I have been so stressed couldn't go to work today just kept crying