HELP! Mortgage was accepted, now rejected

silk_2

We feel like we've just hit a brick wall and we have no idea why and no idea what to do next. Quick summary of events:

1, We started a purchase with countrywide on a home 3.5 months ago.
2, We secured a MIP and then full mortgage from Abbey via our CW Broker.
3, Vendor failed to secure a mortgage, top of chain pulled.
4, Tried to talk vendor into renting so we could purchase. No. Waited 3 weeks then started to look on market, and told them too.
5, Found a nicer house, put offer in, accepted, kicked it all off with a NEW non countrywide solicitor, effectively sacking CW solicitors (they'd been very poor).
6, CW Broker called Abbey quickly to check changing the property was OK - they said yes no problem and they would do a free survey.
7, CW Broker calls today to tell us the "mortgage has been rejected" and they won't tell her why.

We are confused, frustrated and in a complete dilemma.

How can a mortgage that was fully accepted now be rejected? Could the CW Broker be sabotaging our application somehow since we sacked the countrywide solicitors?

We have no idea where to turn. I called abbey, whom gave me a "business dev" number for our broker, but she said she's already called that number and they won't tell her anything other than it's been put in Audit.

So I called the number myself and of course even though it's my information about ME they can't tell me anything. They also said we won't know what the reason is until it's posted out from their head office which can take up to four weeks!

We are adamant that this has to be a human error (we are squeaky clean and financially sound and declared everything 100% accurately). We need to know our legal rights here, this could well cause our second purchase to fall through due to delays delays delays on the mortgage through no fault of our own.

Our CW broker also told us that this could affect our chance to get a mortgage elsewhere; that we'd have to declare the rejection. How can we do that when we don't know the reason?!

Can ANYONE please help - we are desperate, we don't' know where to turn next, and wherever it is it has to be somewhere we can get a resolution quickly else the new purchase will surely fall through.

kingstreet

Talk to a whole market broker nothing to do with the selling agent. Countrywide advisers are limited panel, charge a fee, have a single insurance tie and push their conveyancing services which have a very poor reputation.

I cannot see a single redeeming feature to cause anyone to want to use them.

silk_2

Yeah we agree, it could even be they keyed something in wrong on the original app which Abbey only just spotted..

PasturesNew

Any chance it's the property?
Subsidence, flood plain, flat over a shop, no kitchen, two kitchens,.....?

SolemnSolitary

PasturesNew wrote: »

Any chance it's the property?
Subsidence, flood plain, flat over a shop, no kitchen, two kitchens,.....?

They arent even aware of the address of the new house, and its just a normal linked detached home.

silk_2

PasturesNew wrote: »

Any chance it's the property?
Subsidence, flood plain, flat over a shop, no kitchen, two kitchens,.....?

It didn't get that far, we were just swatted suddenly out of the blue.

silk_2

I have a theory on what the error could be but it really depends if this so called "audit" process has the ability to check my bank balance. Does anybody know if that is the case?

kingstreet

Balance on your current account?

Only if you bank with that lender.

Not normally one of their issues, TBH.

silk_2

kingstreet wrote: »

Balance on your current account?

Only if you bank with that lender.

Not normally one of their issues, TBH.

Just wondered because all that's changed in the three months between accept and reject is that my offset mortgage is now in the positive. I wondered if an automated check would mistake that to mean I only have X in my account when actually I have a very large facility.

I've tried to read up more on audits and what they are, apparently it's just a random selection on a small number of accounts and apparently very few pass. I don't honestly know why we'd fail if everyone has done their job right, but the broker did say we were unlucky to get picked at random like that, especially given all the hassle we've already had trying to buy house 1 - and now house 2 may be at risk through no fault of our own again.

kingstreet

TBH Santander is a lender we use only if we have to...

Otherwise, there's usually at least one lender with similar underwriting and similar products, less likely to mess us and our clients around.

silk_2

Also I'm seeing nothing on the internet about lenders being able to accept then reject an existing mortgage or really any in depth info on what they mean by it's been sent to audit. And of course no info on where we stand now when trying to buy the house.