Turned down by underwriters!!

Downduck

I've been speaking to an advisor this morning recommended to me by the estate agents. He said he will see what he can do and get back to me.

I don't even mind paying more for 5 years just to get on the ladder then find a better deal later. Would still be cheaper than renting

Goldiegirl

Downduck wrote: »

Hi everyone thanks for your replies. I have been looming into brokers but I don't know where to start.

We went straight to branch I told the woman at Nat west about my past history but when the credit check came back clean she was very positive about the outcome.
Oh well I suppose it wasn't ment to be. Hello rental market for a year or 2 then try again with a broker!

That seems a bit defeatist.

Why not try again now with a broker.

A broker knows the mortgage market, and can place your application with a lender that you are more likely to succeed with.

charliewocka

Don't use the EA broker! Get an independent one.....

mrginge

Downduck wrote: »

I've been speaking to an advisor this morning recommended to me by the estate agents.

Why make just one mistake when you can make two...

Please get an independent broker instead.

csgohan4

mrginge wrote: »

Why make just one mistake when you can make two...

Please get an independent broker instead.

If you use an Estate agent recommended service, you might as well quit

RedheadFred

Don't panic!

I was in practically the same situation in November - went directly to Natwest because I've banked with them for years, was rejected (overdrafts usage in my case), was furious and upset and thought I'd lose the house, got an independent mortgage broker on the case, and we complete a week today.

Take everyone's advice, and find a good broker (we just googled).

Good luck!

Mummyto4kids

The best advice I think is to see a whole of market broker. The ones recommended by estate agents seem to only offer certain products and this might not be right for you - lots of luck

csgohan4

Or you could save yourself the trouble and find one here. I got mine from here.

We are not allowed to advertise which ones to use due to forum rules. PM them and see if you like what they say.

charliewocka

We were initially with the EA recommended broker (OH wanted to use her for ease) but she was useless and couldn't remember our details, was getting figures wrong, putting us forward for products we wouldn't get and just not answering phone. I got a recommendation from a friend here in work as she had similar residency issues as I did. I called the broker really upset, he was fantastic, came out to see myself and OH in our lunch break and suggested completely new products which work out about £400pcm cheaper and was far more efficient. Oh, and no fee payable to him! Definitely go independent whole of market.

Thrugelmir

Downduck wrote: »

I got the pay day loan because I didn't want to touch our savings and my car needed some work doing quickly. I thought if they asked about it I could explain myself but the underwriter didn't even let me explain it. Just a flat out no.

The fact that you had no instantly accessible savings would set alarm bells ringing. As a PDL is a last resort in borrowing terms. Plenty of far more less costly options available. Concern for any lender is how you'll cope with unexpected repair bills once you are committed to a mortgage. Underwriting criteria is set at a far higher level than the underwriters themselves. Underwriters simply enforce it on the lenders behalf. There's no discussion I'm afraid.