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Remortgage appeal with Precise mortgages

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  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    aliarf wrote: »
    I have about £37,000 debt outstanding. We have shown savings of £35k does this make a difference.

    My brokers plan B is to either wait and work on the reasons of rejection to improve them or try another lender which I'm not keen on.

    I'm soo nervous, really need this

    I'm afraid 37k debt and only 35k savings doesn't help with the affordability. Did you take a loan to make it appear it is savings?


    I am assuming your paying more interest than receiving on your savings.


    Pay the debt off.


    Bottom line is lenders money, lender's rules.
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • Brock_and_Roll
    Brock_and_Roll Posts: 1,207 Forumite
    Part of the Furniture 1,000 Posts
    I have about £37,000 debt outstanding. We have shown savings of £35k does this make a difference

    One of my favourite posts of the year! As a banker I respectfully advise the OP that he does not have any savings at all - in fact he has £2k of net debt. To make matters worse, thousands of pounds a year is being wasted on interest unnecessarily.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    aliarf wrote: »
    My contact said he thinks the decision is ridiculous and has taken this to a senior underwriting manager.

    Anyone got any feedback for me?

    Change your broker. As they obviously haven't got a clue I'm afraid to say.
  • aliarf
    aliarf Posts: 14 Forumite
    Oh wow, this is not good.

    Can anyone recommend a good broker :(
  • ap1985
    ap1985 Posts: 325 Forumite
    London and Country
    :jFinally going to be a homeowner:T
  • aliarf
    aliarf Posts: 14 Forumite
    So now the senior underwriter have reviewed the case and reinstated it horay!

    The mortgage company have requested employer letter, bank statements showing rent coming in and tenancy agreement. Broker said this is good news and we should have a valuation booked soon.

    Always keep hope and if you dont try u don't get!!
  • aliarf
    aliarf Posts: 14 Forumite
    Still waiting for valuation to be booked, apparently the mortgage company is not booking this instead the broker will arrange this. Is this what happens?
  • kingstreet
    kingstreet Posts: 39,268 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Nope. Lender "panels" it to a surveyor and surveyor phones vendor/agent/builder* for access.

    *Contact details were entered on the application.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • aliarf
    aliarf Posts: 14 Forumite
    :) Thanks really appreciate the update
  • aliarf
    aliarf Posts: 14 Forumite
    We have a survey booked next Wednesday, the surveying company is Eserve, has anyone had experience of them?

    We r remortgaging so need the valuation to come out high.

    Anyone able to offer their experience with Eserve?
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