Mortgage Promise no more

ChrisH123

Could do with some help please

Sat down with my morgage advisor a couple of weeks ago. Was told everything checked out and could offer me the amount i needed with a 10 percent deposit. I was offered a "Mortgage Promise" and was valid till December.

I thought great, found the house I wanted, offered accepted and everything seems to be moving along nicely. Until I get a phone call on Friday, saying they ran "final checks" at beginning of this week and said my credit rating has gone from a A to a B and can no longer accept 10% deposit and are asking 15% deposit. Why don`t they run "Final Checks" before offering a mortgage !!!!!!!

My advisor said they appealed it to the underwriter which declined it. Advisor will have another word with branch manager on Monday about it again. But i can see where this is going to go really.

Advisor questioned if anything changed in last couple of weeks on my credit side which hasn`t. So I checked on experian and gave me a rating of 888 with 2 negatives towards not being on electrol roll and taking credit card out in August.

I had moved address 3 months ago which is why electrol roll cropped up. I have put myseld on electrol roll, but hasnt updated yet. I relayed this information back to advisor and mentioned to me they ran the initial credit score when they issued my mortgage promise on my previous address for some strange reason and ran final check on my current address. Can`t quite fathom why they did this but could be the reason why my final check didn`t come back the same??

Question is where do i stand now? I checked experian this weekend and my rating has gone upto 902.

Plus i went with one of there solicitors which my mortgage lender pays the legal fees and i pay the rest which is £484. They phoned me straight away and asked for £325 upfront so would I able to get this back if things dont work out? Or do i have to write it of, as I only went down this path cause they had promised me the mortgage. All the information i provided was correct so can`t see why i should end up out of pocket.

Why are things never simple

Regards

Thrugelmir

ChrisH123 wrote: »

Why don`t they run "Final Checks" before offering a mortgage !!!!!!!

Until you have a formal mortgage offer you don't actually have an offer. Until you make the formal full application there is no certainty.

ChrisH123

Wish they told me all this before

See what they can do then, If not is it worth trying another bank or will i still end up with the same problem?

WillyWonga

Ignore the credit score, banks have their own and it is this where brokers are worth the weight in gold.

I would see another broker. It appears only one hard credit search done. You are good credit worthyness or it would be a straight decline. It may be on affordability the underwriters what to see a bit more cash on the table from yourselves to satisfy them.