Rejected mortgage at underwriting...what to do next?

firsthome2016

Hi,

As a first time buyer, I applied to %95 ltv mortgage through a highly recommended broker. We got DIP from Halifax and then I found a property, my offer was accepted. I also have been a diligent experian member for the last couple of year and achieved top score in my report. As we did the application, it was rejected by the underwriter; reason given as 'format of adress' not achieving the exact score at the dip stage but dip was granted however when the adress format was resolved the application appeared as a high risk hence denied.

The broker then went for a second option which also rejected the application due to low score by Equifax, I have obtained the credit report from them and it turned out that there was an un paid bill from about 4 years ago which i never received hence did not know about. So I looked like i havent paid an insignificant bill for 50 months which listed me in a 'very poor' repayment catagory, I then obtained a report from call credit and this report had no information at all, no voter's roll, no credit or adress history, a completely blank document!!!!!

The broker told me to touchbase again as soon as the reports are up to date. Having researched online, i found a useful list which indicated name of lenders and corresponding credit agencies used, in my case all three credit agencies were consulted. i also found out that the 'unpaid' bill only showed up on one report but not on the other two

I am now in dialogue with the other two credit agencies to get the two reports back to back with the first one, but having reflected on the issue

1- My impression is that the broker has been overly confident and screwed it up, he could have addressed 95ltv as a high risk and could have given a heads up to align all the credit reports . I would appreciate comments/experiences working with these people.

2- I assume that the application was rejected due to the discrepancy in these reports. I contacted one of the banks on my own to understand the reasons, they did ask for a copy of the reports and i am waiting to hear.

For now, all i can do is to update all the information and then make a move. i am concerned about using the same broker.

i would greatly appreciate any comments or suggestions for the next step. it has been a very frustrating result and i have missed an opportunity to buy a flat which is very challenging to find in my budget.

i look forward to comments,

best,

m