Mortgage application turned down

Cleosmum

Hello
My mortgage advisor has just rung to say that our mortgage application has been turned down with natwest. Last week they asked us to pay off a personal loan (which was already paid and they had a copy of the letter to say it was paid, dated prior to the application) and requested that we clear our argos card of the £950 that was outstanding on it (always up to date and paid before the buy now pay later expires). We did as they asked and they've come back to say that between requesting this last Thursday and them looking this week they have revised their affordability criteria and we no longer fit requirements anyway. My mortgage broker has tried two others, both said no. This seems incredibly unfair, we've done our budget and we can afford the mortgage payments and have enough left over to gut the house and do it up. Our credit files have been checked and all fine.

Before I contact the estate agent, do I have any other options open??

Dave_Ham

Almost impossible to guess without the full details, but would be interested what other lenders have said no?

Did they fail you on credit score or on affordability and did they confirm there was a lower amount they would consider?

Cleosmum

Just had confirmation from broker that it was help to buy 2, she just kept saying we wouldn't get anywhere with 95% but the help to buy 2 are aimed at people with 5% deposit, surely? Turned down by natwest, virgin and Halifax.

Just had further message from broker to say we were turned down on credit score?! Earlier she said it was because we didn't meet their affordability criteria. How can that happen when the reports are all OK, no missed payments ever, no ccjs, no defaults, nothing.

I think I might scream.

Dave_Ham

Have a scream, you will probably feel better although will not help the solution.

They are very selective on Help To Buy, although you should be aware of good chance of success before asking you to clear up finance like you have.

Are you going off one credit file, for example Experian/Credit Expert as different files may well hold different information.

There are a couple of more flexible help to buy lenders that will manually underwrite a case, although typically brokers will access these.

An experienced broker should be able to tell within hours whether or not you should be able to achieve finance, attacking 3 different lenders without understanding why you have not passed is nothing short of reckless.

Good luck

amnblog

I would say 'brainless' Dave.

Cleosmum

We got reports from all 3, just to be sure. All good.

OK, broker saying there is nothing else she can do for us. Is there anything to be salvaged here? Can we apply for specialist? And where would we find them? Broker doesn't do them, fine by me, it's not a good idea that I see her anytime soon :mad:

Dave_Ham

If this is the Estate Agent mortgage advisor, firstly I am not surprised they are guessing but more importantly you can guarantee they are telling the seller/agent so you do need to move quickly.

All the best

Cleosmum

No, not linked to estate agents, couldn't get an appointment with theirs so found another. She does deal with them though and I'm certain she will have told them. She's previously spoken to them about our case :-|

I just don't know where to go next, I'm at a loss!

Thanks Dave

Dave_Ham

Most welcome, if the credit files are clean then there should almost certainly be a solution so do not give up just yet