Mortgage declined - address discrepancy

Riz_Khan

hi guys,

Looking for some advise and information. Me and my spouse applied for a mortgage with Nationwide using a mortgage broker/company. We received a text on day of submission confirming that a mortgage product has been reserved for us.

After not hearing any thing further for around 10 days or so, we noticed that Nationwide refunded our mortgage fee just two days after deducting it , immediately contacted the broker to check whats going on, they came back the next day and said bank has declined your mortgage saying 'address discrepancy' , on asking what exact the discrepancy is , the broker said the bank has not provided any details.

Did some digging on my credit reports and found a search from Nationwide on my noddle/callcredit report, but with wrong spelling of my first name and wrong address, post code of totally different county. Went back to broker who is now contacting the bank and looking to resubmit the application as the address discrepancy is probably down to the total wrong search performed by someone at Nationwide.

Now my first worry/question is that in case of 'address discrepancy' does bank/broker don't usually provide you any explanation or help what so ever ? (due to spouse's contracting using a company that also takes a fee other than the commission they get from bank). It was frustrating that neither the bank nor our broker told us anything about decline until we noticed the refund and chased the broker.

Also has any one else faced similar situation and am I right to assume that 'address discrepancy' was down to Nationwide doing a search with wrong name spelling and wrong address for me ?


Thanks
Riz

David_White

Sounds like shoddy service from your broker to be honest and I would suggest it was probably them that made the spelling errors not Nationwide. If you wanted to get clarity/closure on that you just need to request a copy of the brokers "application summary" to see what they submitted.

In regards to your first question, when a case declines a broker or client doesn't always get a detailed reason why however if Nationwide have run credit searches with incorrect data then it's reasonable to think this is what caused the decline.

Riz_Khan

Thanks for your reply David, I had similar suspicion as well. Will request a copy of application summary.

Also do you know if its worth contacting the bank directly in such case or they wouldn't entertain any direct contact ?

David_White

I would never advocate someone speaking directly to the lender if they have a broker handling the case as it can complicate things, albeit your circumstances are a little different.

If you're sticking with the broker then go through them if you're ditching them then either find a new broker or take matters into your own hands

Riz_Khan

Thanks David, your advice make lot of sense