Mortgage Rejected - HELP

mak12345

Morning All,


The mortgage has been rejected today!! They are still not happy about the gambling transaction. They can clearly lend to whoever they see fit but I am annoyed that they wasted another day and my time getting 12 months of bank statements. There is not one other gambling transaction on the stamen but there you go.


Looks like I shall be trying another lender....

Floyd88

Thanks king street. I included all my lodging costs, so small at £100 a month on my application aswell as at the stage of my AIP. It may be easier to include my partner as living with me although she will not be on the mortgage. I really did not think this would be an issue. I think I will be arranging an appointment with a broker and see what the best way around it is, if any!! Will this have had a negative affect on my credit rating? Due to having a declined mortgage application? Although it was not due to any credit issue?

mak12345

I was told it should not make too much difference as like in my case the issue is not with your credit rating.


My broker is speaking with Nationwide and Skipton regarding the gambling transaction before submitting a new application.

kingstreet

Floyd88 wrote: »

Due to having a declined mortgage application? Although it was not due to any credit issue?

You don't have a declined mortgage application. You simply have a credit search by HSBC on your credit file.

Not many lenders ask if you've applied for a mortgage elsewhere, let alone been turned down and there is no record of a decline kept centrally.

mak12345

So the Broker has spoken to the BDM at Nationwide who in turn has spoken to their senior underwriter. The long and the short of if is that they have no interest on the gambling transaction. All they are concerned with is AIP criteria and then our earnings. Based on this we have put in an application through the Broker with them and been given an approval in principle.

SuzieSue

mak12345 wrote: »

So the Broker has spoken to the BDM at Nationwide who in turn has spoken to their senior underwriter. The long and the short of if is that they have no interest on the gambling transaction. All they are concerned with is AIP criteria and then our earnings. Based on this we have put in an application through the Broker with them and been given an approval in principle.

Great news. Some lenders don't seem to use any common sense. Was it HSBC who reject you?

mak12345

It was Leeds building society...the underwriter said that he would need to apply the fact that I spend £2k per month on gambling. This is despite the fact its one transaction in over 12 months!

whakatane

That's good news, I hope you get it sorted. I was confident with my app until I read this thread haha!

Seems like it's a matter of luck, depending on different lenders priorities. I've gone with coventry building society. So we shall see how much they care that I love a flutter.

mak12345

Good luck with it, keep us all posted!

DebtFree14_2

mak12345 wrote: »

So the Broker has spoken to the BDM at Nationwide who in turn has spoken to their senior underwriter. The long and the short of if is that they have no interest on the gambling transaction. All they are concerned with is AIP criteria and then our earnings. Based on this we have put in an application through the Broker with them and been given an approval in principle.

I am genuinely sorry to hear about the further rejection. I think you have applied just at the wrong time where lenders are formulating the policy under the new MMR. Im sure if you would have applied in 6 months time it would have gone through fine. Hope the new lender is more sensible.