Mortgage declined after 6 week wait! :(

MensaOPPG

I have just had my mortgage application declined after a 6 week wait due to me being on probation at work. The underwriter explained it was the only reason for the rejection and if my self employed partner could support us if i was laid off then it would have been fine.

I logged a complaint as i had asked at the start of my application if new job was an issue and they explained that as i had been in continuous employment with no time off between roles it wasn't so this news today feels like a right kick in the teeth.

New role is same as old role, same salary and everything just new company

I got a call from the underwriter at Coventry later and they said they would REVIEW my application if i could get HR/boss to confirm that i was not on probation. But i can't do that. I have asked them to send a letter that confirms that i have a permanent position and that i am under the standard regulations of all staff at the company. No mention of the "P" word.
Its not enough though - i think they will review it and still turn us down although i really appreciate the fact that they reviewed my application again and tried to help us...

I am sure we have lost the house as i keep getting emails and calls from estate agents saying that the seller wants to exchange in the next few weeks.

What do i do now???

ACG

Coventrys stance is 12 months with current employer.

They wont overturn it and trying to get a letter which misses out the information has only helped to delay the situation (trying to trick them isnt how you do things).

Get a broker on this and you should be able to get it through with a new lender. If you get a good solciitor and pay them a bit extra to be efficient there is no reason why you should not be able to complete within a month.

Find a GOOD broker and solicitor and you should be fine.

MensaOPPG

Thanks - its frustrating that Coventry did not tell me this from the start after i specifically asked if it would be an issue. i logged a complaint with them regarding this because they have wasted our time.

Coventry were the ones that suggested the letter from HR to send to them today. So HR sent a letter confirming my position.

In regards to getting a good broker. Where to start finding one!?!?
My husband and i have been in contact with London and County. Would you recommend them?

Thanks for your feedback

givememoney

Go with what ACG says, get a broker, they have all the info at their finger tips.


My son is buying a flat and his broker is brilliant. He is paying £400 but money well spent.


He also pointed out that coming in soon you need to go through professionals to get your mortgage.


I don't understand it especially but ACG could put you straight.

Thrugelmir

NikkiBD wrote: »

Thanks - its frustrating that Coventry did not tell me this from the start after i specifically asked if it would be an issue. i logged a complaint with them regarding this because they have wasted our time.

Without submitting a full application there's no certainty of being accepted. Underwriters are the only people who can ultimately make a decision. Not the front line staff.

ACG

Personally i think you are likely to get a better service from a decent local broker (not an estate agent based broker), rather than a company at the end of the phone.

Coventry have requested a letter confirming you are through probation, you have tried to pull a fast one and they have not accepted it... you can dress it up as you like but you have tried to get a letter than says one thing but could be read as another - god loves a trier, but it was never going to work.

Coventry have their criteria, its frustrating when they are wrong and you might get some compensation but i a genuinely can not see them putting your application through as they would have to be able to explain it to the FCA if they came and picked up your file.

MensaOPPG

Thrugelmir wrote: »

Without submitting a full application there's no certainty of being accepted. Underwriters are the only people who can ultimately make a decision. Not the front line staff.

Thanks - yeah I knew there was no certainty till it gets to underwriters.
However i asked them what their mortgage policy was on new jobs and they failed to provide the correct information. THEY have admitted already that the correct information should have been given to me and have logged my complaint