Mortgage

alifeforfriend

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justcat

I'd recommend a broker. You tried it yourself so at least the next time, the lender can be careful chosen using the years of knowledge and experience of a broker.

alifeforfriend

justcat wrote: »

I'd recommend a broker. You tried it yourself so at least the next time, the lender can be careful chosen using the years of knowledge and experience of a broker.

Thanks for you reply. Do you think if its worth appealing?
and if going to broker can you please let me know if i can apply straight away or should i wait for sometime before applying.
My credit score is excellent about 975 and my wife is about 900 thats after the hard search we had from tesco bank when we made the full application.

Its just thats the only negative impact we have on our credit report when we made full mortgage application apart from that eevrything is fine. The hard search was done by tesco on 2nd febraury

DCFC79

Yes appeal in writing, it won't cost anything but your credit scores mean nothing to lenders.

amnblog

You have been fiddling around with your Tesco application all month and telling us on here that you are not disclosing the true situation with the deposit.

Hi Everyone ,
I hope someone can give me advice. Currently i am in the process of purchasing the property which i have been renting from last three years. My landlord (apparently the director of the company where i work) has decided to include all the rent i have paid till now towards the house purchase.

Now my question , do solicitor ask for a source and proof of deposit?

My deposit constitutes 50 percent of the rent i have paid till now and 50 percent i have in saving.
So my agreement with landlord is he will refund back whole of the deposit before i have to send it to solicitor during the exchange of contracts. However if solicitor ask the source of the money what will it count as "a gift" or "incentive" or deposit ?, i have paid till now.

In my mortgage application i have mentioned the whole deposit is coming from savings, will this affect my mortgage application?

Tesco may have smelt a rat - hence your decline.


If you are fortunate they will not have logged their concerns via the National Hunter system for other lenders to view.


You have been advised numerous times this month to use a broker - should you not choose to do so please, make them aware of the full facts for the benefit of everyone concerned..

amnblog

alifeforfriend wrote: »

"We have carefully considered you application, we are not able to agree to it at this time.
The reason we cannot approve your application is we have been unable to confirm your application details to our satisfaction."

This means they believe you have been lying to them.

alifeforfriend

amnblog wrote: »

You have been fiddling around with your Tesco application all month and telling us on here that you are not disclosing the true situation with the deposit.





Tesco may have smelt a rat - hence your decline.


If you are fortunate they will not have logged their concerns via the National Hunter system for other lenders to view.


You have been advised numerous times this month to use a broker - should you not choose to do so please, make them aware of the full facts for the benefit of everyone concerned..

But my issue about the deposit was resolved, as what my seller did was he reduced the price of the flat to compensate for the deposit i paid, so i think that was like a straighforward case since now whole of the deposit was provided by me from my savings.

amnblog

It sounds like you have tried to be a bit "too clever" with the lender and they don't like it.

Leon_W

This has been a balls up from the off really. As amnblog states, lenders don't like application information changing during the process. Things like loan amounts, solicitors, deposit, really should be fixed at the app stage and not wavered from. The more you tinker with an already submitted app the more the waters get muddied and the lender suspects you are up to no good. Talk to a broker and tell them what's happened and I'm sure it can be sorted. Be aware that some lenders will ask if you have been declined for a mortgage and the likelihood is they already know the answer! so please be honest.

alifeforfriend

Leon_W wrote: »

This has been a balls up from the off really. As amnblog states, lenders don't like application information changing during the process. Things like loan amounts, solicitors, deposit, really should be fixed at the app stage and not wavered from. The more you tinker with an already submitted app the more the waters get muddied and the lender suspects you are up to no good. Talk to a broker and tell them what's happened and I'm sure it can be sorted. Be aware that some lenders will ask if you have been declined for a mortgage and the likelihood is they already know the answer! so please be honest.

But how does it affects, since what i paid to the seller has been shown in the reduction in house price. so i will be borrowing less that means less risk for the lender. how can this indicates suspicious since i am borrowing less not more

Leon_W

What's done is done alifeforfriend. I don't believe you will change Tesco's mind but I suppose there is no harm in trying. You'll have to start again I reckon but this time use a broker.