Mortgage Rejected - Via Broker, what now?

Rob_Mogs

Hi guys,
I've posted on here a few times and now have a particularly important one.

First off, some background info:
My partner has PERFECT credit scoring/rating/file - I know the score technically means nothing but hers is 996 on experian.

Mine on the other hand is about 500.
I have NO bad debt owing, but I do have a default, which is paid off and has been for some time, in fact that account will drop off my credit file on May 25th next year.

My partner works full time and earns 18k, I work full time and earn 24k.




We visited a whole of market broker local to us, who was supposed to have a good rep, to discuss the possibility of getting a mortgage.
He advised us that some people in a far worse situation than us have had a mortgage through him.
We asked what amount we would be able to borrow and he told us that it's impossible to work out (apart from the usual online calculators), we need to find a property we like and then get back to him, which we did (bearing in mind we've looked for THREE years and only now seen a house we're happy with!)

We went through a load of forms and all sorts of bumf, he even told us and we have it in writing, that he had spoken to halifax (who at the time had come back with the best offer) about my default, and that they we're happy to proceed with our case.
The application was submitted (albeit some time later as the broker and his admin girls KEPT getting our details wrong - DOB, income etc).
A week and a half later we get an email from them stating that there 'appears to be a problem' with halifax and that we have been rejected due to credit scoring!!!

Also bear in mind that the house we are looking at is only a few years old, no chain, three bedroom detached house, was on the market for 150k, we had an offer accepted at 132k, we have a 22k deposit and are keeping an emergency fund of 4k in the account.
All we want to borrow against the house is 110k.


I cant get hold of Halifax themselves as I need to go through their broker line, which is closed until monday morning.
I want to speak to them to find out if perhaps part of the rejection was due to incorrect info being supplied to them.

Our fear here is that we will lose the house due to the timescales involved already due to incompetance by the broker.

It stated in the email from the broker that they will be submitting a letter of appeal ( they did mention to us before that the lenders they regularly use will need a GOOD reason to reject us)
I'm also sure the broker meant well as he/they will now have wasted several hours on our file and will get no fee unless we actually get a mortgage approved and taken out - so I don't think their just doing things to get a fee here.

Another thing is that Halifax have taken a £315 'Valuation Fee'
Which clearly isn't appropriate to take as they've no need to value the house if we cant even get passed the first tick in the box.



My partner is completely heartbroken and is no use nor ornament atm as she had her heart set on this place as we were told it was acheivable. I know things can fall through but still.

So my question is this, what now?
what can we do?

kingstreet

The fee is debited at application if the submission is accepted. It may later be declined if there is adverse credit information to be considered by a human being.

If your appeal fails, the fee will be refunded.

Your broker should now be finding another lender, ready for Plan B.

amnblog

Halifax was always a possible not a certainty for this case.


There will be other lenders that are more likely to be accommodating.

Rob_Mogs

Ok thanks for the replies,
My partner and myself have been questioning whther or not this broker actually looks at other lenders or just dives straight for Halifax as they are 'who he usually deals with'

Problem is the timeframes that it would take to go with another broker would mean the seller will most likely put the house back on the market.

amnblog

Rob_Mogs wrote: »

Problem is the timeframes that it would take to go with another broker would mean the seller will most likely put the house back on the market.

Why?


If you have the information to hand and the will, a business like ours could be an application in this afternoon.


Do assume all brokers work like the one you have used here.

Rob_Mogs

amnblog wrote: »

Why?


If you have the information to hand and the will, a business like ours could be an application in this afternoon.


Do assume all brokers work like the one you have used here.

It took our advisor/broker 9 days to submit the application AFTER he had copies of literally EVERYTHING, hes even got a copy of our credit files, yet we were still getting emails & calls asking for information they already had!

The whole process has been the most stressful thing I've ever done, and I'm ex army!!

blueblazer

I wouldn't panic into doing anything rash - the vender won't know you have had your application rejected and house sales take an age so just reapply to another lender and the vender won't even know and will assume things are just happening in the background.

amnblog

Rob_Mogs wrote: »

It took our advisor/broker 9 days to submit the application AFTER he had copies of literally EVERYTHING, hes even got a copy of our credit files, yet we were still getting emails & calls asking for information they already had!

The whole process has been the most stressful thing I've ever done, and I'm ex army!!

He's an idiot then.

Woodyrocks

The broker wasn't called Kevin by any chance was he?

Rob_Mogs

amnblog wrote: »

He's an idiot then.

I have a question.

I have read your signature which is obviously there to adhere to guidelines, but are we free to contact you with regard to this issue?

What company is it you are/work for etc?

As potentially a copy of my credit file may help but obviously I'd not want to post it on here.

We have a few options really, leave numpty deal with it still and submit applications to other lenders, my partners aunt has just bought aplace via a broker down reading way and thats an option to use them, or go with someone completely new.

Rob_Mogs

Woodyrocks wrote: »

The broker wasn't called Kevin by any chance was he?

I don't get it? is that a joke or is there a rogue broker by the name of Kevin somewher! :rotfl: