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Problem with AIP being rejected after being accepted weeks ago (FTB)
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GoonerByron
Posts: 54 Forumite
Hi all,
Need some advise desperately.. FTP trying to get a mortgage for a house we've had an offer accepted on.
Got an agreement in principle accepted for borrowing £196k around 3 weeks ago from the Post Office for a different property we were thinking of going ahead with but then found a different 1 at the start of week and got an offer accepted. This one required us to borrow £209k. I was unable to get hold of the mortgage advisor I used previously for 3 days as he was off sick so went to another 1 to get it moving and they suggested a different company Accord who have rejected me. I then went directly back to the Post Office as still couldn't get in touch with the original advisor and got rejected to that too. I called them and was told it was just down to credit score and not the change in borrowing amount, we fall well in line with their 'What can we lend' as they say we can borrow 245k, and was told to check my credit report.
I signed up to Experian who they use and spoke to someone on the phone too and my credit report is good, the only negative is the amount of searches now on my account in a short period of time (3 in the last month).
What can I do? I'm so confused.. I've chased the post office up as can't understand why I've been rejected when they accepted me a few weeks ago and they have said they'll come back to me but I'm really on short time with the estate agent waiting for a AIP. I could go to other lenders but any other searches are only going to harm my report further than it has been already.. So stuck!
Need some advise desperately.. FTP trying to get a mortgage for a house we've had an offer accepted on.
Got an agreement in principle accepted for borrowing £196k around 3 weeks ago from the Post Office for a different property we were thinking of going ahead with but then found a different 1 at the start of week and got an offer accepted. This one required us to borrow £209k. I was unable to get hold of the mortgage advisor I used previously for 3 days as he was off sick so went to another 1 to get it moving and they suggested a different company Accord who have rejected me. I then went directly back to the Post Office as still couldn't get in touch with the original advisor and got rejected to that too. I called them and was told it was just down to credit score and not the change in borrowing amount, we fall well in line with their 'What can we lend' as they say we can borrow 245k, and was told to check my credit report.
I signed up to Experian who they use and spoke to someone on the phone too and my credit report is good, the only negative is the amount of searches now on my account in a short period of time (3 in the last month).
What can I do? I'm so confused.. I've chased the post office up as can't understand why I've been rejected when they accepted me a few weeks ago and they have said they'll come back to me but I'm really on short time with the estate agent waiting for a AIP. I could go to other lenders but any other searches are only going to harm my report further than it has been already.. So stuck!
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Comments
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Engage a mortgage broker to sort this for you.
Stick to the Post office for stamps.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Engage a mortgage broker to sort this for you.
Stick to the Post office for stamps.
Do you know if either Accord or the Post Office are particularly strict with credit rating?
It seems to difficult, even through a broker, to not just go in blind and hope a certain lender will lend to us.. Thus damaging our credit scores further with searches if they don't.0 -
When they suggested Accord it should have raised alarm bells!!
Are you sure affordability was passed for the higher amount? Did the Loan to Value cross to another product?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
When they suggested Accord it should have raised alarm bells!!
Are you sure affordability was passed for the higher amount? Did the Loan to Value cross to another product?
No, LTV was still 90% for the higher amount and still fit just over 35k above what both claimed on their lending calculators..
Worried that the advisor I used went Accord if they're known for being tougher and a bit worried to go back to them now for the next application..0
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