Underwriters

TrueBlueAngel

We have been offered a mortgage by Future Mortgages, everything with them checked out fine, but when everything went to the underwriters, they said no! Future Mortgages cant understand it and have asked our mortgage advisor to pass on our package to their underwriters. If they say no, we have lost the mortgage and the house we put the offer on. Anyone had any experience of this?
Thanks

inch_high

Why dont you get another application in quick with another lender?

toonfish

Future underwriters are, in the main, complete morons. Your broker will need to sort it out , or the packager by making a big fuss but be prepared for a long haul.

TrueBlueAngel

Thanks but is this resolvable?

toonfish

TrueBlueAngel wrote: »

Thanks but is this resolvable?

why have they declined it?

TrueBlueAngel

They say we failed the credit score though noone can understand why.

toonfish

I persume there is some adverse credit there though, and that's why you went with Future in the first place?

It's difficult to advise without knowing a lot more detail but the best I can say is get your broker to push it with them. We rarely use them, and it is a pain in the backside almost every time we do.

financial_solution

True BlueAngel,

When you say that Preferred offered you a mortgage, was it: (1) Preferred or was it the broker/packager stating that they could get you the mortgage: and (2) when you say offer do you mean the actual formal offer of mortgage, which they have now retracted? I assume, as the application has only just gone to the underwriter, that the packager either did not do the searches or has made some form of mistake.

As toonfish states the first line of action is to allow the packager to sort out the application with Preferred, if it can be done.

You need to try and establish ASAP, CAN IT BE RESOLVED? and, if yes, APPROX TIMESCALE.

How far has the purchase gone? Are you due to exchange soon?

Regards,

Mark.

TrueBlueAngel

Future Mortgages offered us the mortgage through our mortgage advisor, who's words were 'I have got you a mortgage'. The application was sent to the underwriters, who refused the mortgage. Future mortgages asked for the package to be sent to their underwriters who also declined it. Noone can understand why and the underwriters will not say why. Future mortgages still want to give us the mortgage but our mortgage advisor has said there is nothing more she can do! She so convinced us we would have no problem and on her advice, were almost ready to sign the contract, which is waiting for us at the solicitors. We had bought bits and pieces and now our dream home is gone. Unless we find £17,000, its all over and as a family, thats impossible for us to save. We're absolutely heartbroken.

homer_j_3

I have heard so many stories about future doing this and your unfortunate story confirms to me that I am right not to give them business.

I would get a copy of your credit file from https://www.experian.co.uk and then take it to your broker and see if they can see any differing info to what you provided them.

JoeK_3

TrueBlueAngel wrote: »

We have been offered a mortgage by Future Mortgages, everything with them checked out fine, but when everything went to the underwriters, they said no! Future Mortgages cant understand it and have asked our mortgage advisor to pass on our package to their underwriters.

What's your mortgage advisor doing about it?

I can only assume that it was your mortgage advisor that introduced you to the lender in the first place.

It's obvious that some information has come to light that the lender is not happy about. This is sometimes taken as a negative when in fact it can be taken as a positive, as it indicates the route that you need to take.

TrueBlueAngel wrote: »

If they say no, we have lost the mortgage and the house we put the offer on. Anyone had any experience of this?
Thanks

Sorry but you need to kick a**e and get your mortgage advisor in gear or find another one.

Don't accept second class service.

JoeK