Mortgage application with underwriters... Post office... It's been a long weekend!

MrsK1982

Hi everyone, newbie here so be gentle!

We have accepted an offer on our house and have had our offer accepted on a new property.

We applied online on Sunday night through the post office for a mortgage and the AIP was referred. The underwriters called me on Monday afternoon to say it had been approved subject to proof of earnings (wage slips). All I needed to do was to go back online and submit my full application.

On Tuesday morning I submitted the full mortgage application online, again it came back as referred. An underwriter left a message for me in the afternoon and when I checked online the full application said 'approved'

We then decided that we would go for 95% deposit with RBS as we had a call arranged with one of their mortgage advisors. This call took place yesterday and lasted about 5 mins! The guy said there was no way they would offer us a mortgage as we had been overdrawn twice in the last 6 months. He didn't even ask my salary or do a credit search. Said we didn't meet the lending criteria... We were overdrawn for 24 hours by 0.98p and £3.10!! I was gobsmacked! I called back to complain but Rbs stand by his decision.

So.... I called post office back yesterday afternoon to proceed with this 90% application instead. They said my application was still with the underwriters... I'm so worried we're not going to get a mortgage!

I have checked both our credit reports and there is no note of the overdrawn account on them. Both our scores are about 960. The only '1' showing is a mortgage payment though :-( from 20 months ago. My husband got his salary paid 1 day late and the direct debit failed. I called Rbs the day after telling them to take the payment again but it took them 2 weeks to redo the direct debit.


Sorry... So my question is..

Does anyone have any similar experiences? Are we likely to get a mortgage?

The home report on the property values it at 185k. We are purchasing for £175k and we have a 10% deposit of £17500.

If you've got this far thanks for reading x

Thrugelmir

Many factors play a part in arriving at a pass score from a lenders perspective. Lenders do not use CRA's scores. They use the data supplied for their own purposes.

dgtazzman

Is RBS your own bank? From what I know, banks won't report accounts that are overdrawn if the outstanding balance is paid within an X amount of time. So looks like they are your bank and are thus the only ones that can possibly have knowledge of these comedic overdrafts.

Can't recall, but I believe Lloyds told us they didn't report it unless still overdrawn the following month. Had a scare when my wife forgot about a DD still to go out of her account when her account was almost empty, this while we were in the middle of a mortgage application, so I was in panic mode for a bit. Luckily never resulted in a mark with the CRA's.

Had a scare myself during the process, one of the credit cards I was in the process of closing had decided to stop their DD, while there was still 78p outstanding. Didn't notice till the day the money was due, which, of course, was during the weekend. Luckily the CC company were sympathetic and backdated my manual payment, so it was marked as received in time as it was caused by them cancelling the DD without notice.

Getting a mortgage is such a hassle ^^

MrsK1982

Thanks dgtazzmann.

Yes RBS is my bank of choice... Or should I say was!

I'll be glad when this weekend is over

dktreesea

Time to change your bank. I bank with RBS. They are dreadful. The only thing I will ever borrow from them, on principal, is my overdraft limit if ever I need it. And my only reason for maintaining an account with them is that they are just across the road, whereas our main bank is up the town.

Both working for someone else, with a great credit score and a mortgage you can afford? You deserve a decent banker who will treat you with respect. Try a better bank, like HSBC. We're self employed and have borrowed thousands from them over the years over the telephone. I haven't been into our own branch - it's 300 miles away - in over 9 years.

username200

The cheers of America must rule the world are as outdated as 8 tracks. The rest of the world knows this. America doesn’t.

And the banker deaths which we are seeing is simply the new system clearing out the trash from the old system. Can’t have the new landlords putting up with the same corrupt and stealing occupants. What we should be asking is who owns the building?