Mortgage

Fed_up.com

Lloyds made us a mortgage promise which was subject to the information we provided being correct and the property being assessed..........we have accepted an offer on our property and we found a property, we went to them to arrange the assessment and they are now saying that THEY made a mistake and can't lend us the money, can I do anything

ACG

Find a new lender?
A mortgage promise isnt really worth the paper its printed on.

Fed_up.com

We are probably going to lose out on the house we were buying as our offer was subject to a quick exchange so annoyed how can they get away with not abiding by the promise makes a joke of the word then really

ACG

Its just a decision in principle.
They put in your details do a credit check - you pass or you dont.
If you pass you move on to the application. They are under no obligation what so ever to offer you the mortgage.

If they have made a mistake you can complain, you might get £10-20 compo buts its not worth it.

stator

That's unfortunate. You're right that it's stupid of them to call it a "promise" when it's not a promise at all. I don't know what is wrong with just calling it an Agreement in Principle, guess the marketing department have too much influence.

kingstreet

What was the reasons for the decline?

LBG does only a soft search at DIP stage which only brings up credit data at current address.If you have adverse credit at a previous address in years three to six, it will only show up at full application. Is this possible?

TBH you might find you get a better product and just as quick a turnaround using a broker.

LBG is never used for its rates, but normally for its underwriting flexibility.

SamDunham

Hi fed up, exactly the same thing happened to us but with Santander. They gave us a DIP, then at the phone interview stage said they didn't believe we only spent x amount on expenses each month and put our outgoings up in line with their computer model so that we then failed affordability. :mad:

We spoke to a broker reccommended on here and he's put an application through to Halifax. Still waiting for them to assess the application....

Hope you find something. All the best and good luck

steeeb

Fed_up.com wrote: »

Lloyds made us a mortgage promise which was subject to the information we provided being correct and the property being assessed..........we have accepted an offer on our property and we found a property, we went to them to arrange the assessment and they are now saying that THEY made a mistake and can't lend us the money, can I do anything

If you were to see an independent broker or find a new lender sharpish then you'll still have a quick exchange so nothing to worry about. But you'd want to act quickly. Ideally you want to send off a mortgage application in the new couple of days. Nothing to worry about if so. Even then, as long as you don't dilly dally for a couple weeks the exchange will still be quick.