First Time Buyer RBS Help

omarftb

Hi guys fairly new to this website but it is an absolutely magnificent forum plenty of helpful information. Anyway I have a couple of questions hope you guys can help. Basically I have placed a offer on a house at 77k. I am going through a broker. I have gave him my p60 bank statements and wage slips for the last 3 months including my benefits award letter and he has applied for a mortgage on my behalf. This is where I am confused it has now gone to underwriters and he is apealing on the amount of money they are willing to lend me as I have a 10% deposit and they are only willing to lend me 59k eventhough we have sat down and have gone through a financial review. He has inputted this information it has said they could lend me 79k. Basically from what I have been told from the broker is that he has spoken to the lenders representatives and even they cant understand why they are not willing to lend me even 69k but he has lodged a apeal and will get back to me but I don't know what grounds he is apealing on. But he did say that from speaking with the rbs representative he has a valid appeal which can affect the amount that I will be allowed to borrow. Have any of you had any experience of this or do you think I am being taken for a ride. Forgot to mention no outstanding debts 999 experian credit score. No monthly commitments such as loans cars etc gross income 22k me wife and one child

zarf2007

omarftb wrote: »

Hi guys fairly new to this website but it is an absolutely magnificent forum plenty of helpful information. Anyway I have a couple of questions hope you guys can help. Basically I have placed a offer on a house at 77k. I am going through a broker. I have gave him my p60 bank statements and wage slips for the last 3 months including my benefits award letter and he has applied for a mortgage on my behalf. This is where I am confused it has now gone to underwriters and he is apealing on the amount of money they are willing to lend me as I have a 10% deposit and they are only willing to lend me 59k eventhough we have sat down and have gone through a financial review. He has inputted this information it has said they could lend me 79k. Basically from what I have been told from the broker is that he has spoken to the lenders representatives and even they cant understand why they are not willing to lend me even 69k but he has lodged a apeal and will get back to me but I don't know what grounds he is apealing on. But he did say that from speaking with the rbs representative he has a valid appeal which can affect the amount that I will be allowed to borrow. Have any of you had any experience of this or do you think I am being taken for a ride. Forgot to mention no outstanding debts 999 experian credit score. No monthly commitments such as loans cars etc gross income 22k me wife and one child

why on earth is he going with RBS? I've found them to be the most useless bank I have ever dealt with. In reality its probably some stupid automated process/system that they need to manually fix which caused the problem....best let the appeal happen and go from there but im sure if it goes against you there will be other lenders.

amnblog

The most common reason for maximum affordability dropping on application is undeclared credit found by the lender on the credit file.


Other common ones are student loan payments or pension payments on the wage slips.


You may also find that the issue is not one of overall affordability, merely that, having run the credit score, the lender requires a minimum 25% deposit.


Really the person based placed to answer your query is the broker who appears to be doing everything they can to get to the bottom of the situation.

omarftb

I know this question is not straight forward but anyone know the success rate on appeals through brokers and the lender's representatives. The broker did say on a positive note that they are willing to lend and he will try squeezing some more money out of them through the appeal process. He applied for the mortgage application last friday and is waiting to hear back from them anyone have a idea how long this can take.

kingstreet

RBS via a broker?

I thought RBS was directly only, with only NatWest being able to accept broker business?

omarftb

Sorry my mistake its through halifax on my experian credit report it said mortgage quotation royal bank of scotland

kingstreet

It might say Bank Of Scotland, which is the banking licence Halifax lends under, not Royal Bank Of Scotland.

These are two different firms.

If affordability fitted on the calculator, then this is being scaled back due to undisclosed credit, outgoings such as childcare, maintenance or ground rent & service charges; or your credit score is limiting the output to a set maximum loan to value, such as 65%, 80% etc.

omarftb

I have found out it has something to do with my student loan which I dont pay because I dont earn the annual threshold. It says student loan on my wage slips but it does not say it on my credit report. Something to do with between 2002 and 2012 student loan was not put on any credit reference agencies. I can claim money back if I dont earn over the threshold. I thought that because I dont earn enough and that student finance dont hassle you over payments due to my income I will have nothing to worry about. I did declare to the mortgage broker that I have a student loan which I dont have to pay due to my income but I dont know how the lenders see the situation. Surely if I was earning more I would be able to borrow more aswell as paying off the student loan which is 9.6k