Mortgage declined by Underwriters - GUTTED!

sharonfrancis

So EA Broker called me yday - Leeds were willing to lend me whole amount - had a DIP....
alas this morning he has emailed and they have declined whole application based on affordability, single parent, 2 dependents etc.

I guess it just wasnt meant to be..
gutted, sad, angry, frustrated... sucks to be me at the moment.

all I have ever wanted to do is to provide a safe, comfortable environment for my boys and myself... also give them some stability for future... we have had such a turbulent 2 years..

guess its off the local authority to try and get a council property...

so v v sad!!

Malmo

sharonfrancis wrote: »

So EA Broker called me yday - Leeds were willing to lend me whole amount - had a DIP....
alas this morning he has emailed and they have declined whole application based on affordability, single parent, 2 dependents etc.

I guess it just wasnt meant to be..
gutted, sad, angry, frustrated... sucks to be me at the moment.

all I have ever wanted to do is to provide a safe, comfortable environment for my boys and myself... also give them some stability for future... we have had such a turbulent 2 years..

guess its off the local authority to try and get a council property...

so v v sad!!

Hold on...I wouldn't give up just yet.

A competent broker would have come back to you with a plan B / alternate options. I would suggest ditching this EA broker and finding an experienced, independent broker.

Try starting a local broker search at unbiased.co.uk.

On the home page, next to the search box, select Mortgage Adviser and enter your postcode and hit search.

When the search results are displayed, in the filters on the left hand side:
Un-tick the Only show sponsored results box.
Expand the heading More filters and under Adviser restrictions, tick the box for Mortgage Broker (Whole of Market)

This should give you a list of potential brokers to contact in your locality.

Ask about their experience and make sure you understand from the brokers you speak to what fees will be charged and at what point in the process. They can be fee-free or fee-based. Ideally, after contacting them, they'll email you a couple of documents;

• their Terms of Business or Initial Disclosure Document (IDD), which will outline/summarise the service they provide and their fees along with how they are regulated by the FCA etc;
• possibly a Fact Find document that you need to complete to help them understand your full circumstances & requirements.

Good luck and let us know how you get on.

kingstreet

Were the two dependents included at the outset?

If it passed affordability and DIP it sounds like they were omitted. They would be picked up at full app if they were visible on bank statements through child benefit or similar.

Try this;-

https://online.leedsbuildingsociety.co.uk/public/mortgages/quick_enquiry.do

sharonfrancis

thanks kings Street

this is what I got...

"Based on what you have told us, you could borrow approximately £79713, however we may be able to lend you up to £86923 depending on the details of your application and your credit search results"

which would be plenty... but they just dont seem to want to entertain me.

the EA broker, says
Upon assessing, they have declined the mortgage, i have asked for clear definition as to their apparent u turn, i was told that they looked at the full application, and based on their internal lending mandate they would not be able to lend, they didn’t even give me a figure, just a decline which is very disappointing.


thanks Malmo - will take a look...

sharonfrancis

ps - I have always been honest about my dependents. he took their names / dob

Sheep

Dont give up just yet.....

Sauvignon_Blanc

You could ask for a broker on here? As I understand it they can't offer their services unless you specifically ask. I've been following this forum for a while now and some seem very knowledgable. Good luck.

ShawUK

Thanks for posting Sharon, interesting to hear others experiences. I am waiting to hear back from nationwide next week, on a 75% shared equity property. FTB, credit score 849...
I'm still struggling to sleep at night though... Lol

Did nationwide get as far as setting a date for survey/valuation?

sharonfrancis

Nationwide were a straight off NO when I went through Credit Check.

I have gone thru another MAdvisor who is approaching Natwest. I am suspecting a NO again...
but worth one last ditch attempt....

Barclayloan_query

sharonfrancis wrote: »

I have gone thru another MAdvisor who is approaching Natwest. I am suspecting a NO again...
but worth one last ditch attempt....

Is the property definitely shared ownership rather than some other type of scheme? I was under the impression Natwest don't offer shared ownership mortgages...