Change of correspondence address during application

MF2693

Initially I was looking to purchase the rented property I was living in, whilst the application for this mortgage was with another bank it provides context to the situation we now find ourselves in. The property was downvalued by the bank and as a result of this I had to pull out of the sale. After identifying a new property an application was submitted to Bank B. During the process of this application being assessed I was told by my landlord that I would need to move out of the rented property as he was still looking to sell. As a result I was then forced to move back into my girlfriends parents property, with the idea that this would be a temporary measure whilst the purchase you were helping to fund went through. At this point the mortgage had been agreed subject to valuation, which was scheduled for the 19th October (this went ahead and came back fine for lending purposes). As per your guidelines I informed you, via my broker, of my change of address and this has triggered a new credit search to be carried out against me which has subsequently failed at the required LTV.

Nothing has changed materially about my credit situation, I am assuming the problem stems from the fact that your system cannot pick up any credit at my interim address, nor am I on the voters roll at this address. Both are things that negatively affect a systems interpretation of my credit score. I find it astonishing that you would refuse to lend to me given details surrounding the situation.

It seems had I have not informed them of my change of address (albeit temporary) which goes against policy, then this situation would not have arisen and the mortgage would still have been agreed. It seems you are forcing applicants to either withhold information or be punished for situations beyond their control.

Anyone had this problem? Thanks in advance!

Thrugelmir

MF2693 wrote: »

At this point the mortgage had been agreed subject to valuation,

Either you received a formal mortgage offer or you hadn't. Until formalities are complete there's no subject to.

amnblog

Who is/are the ‘you’ that you are referring to in your original post.

Sounds like the original score was very tight. Who is the Lender and what has the Broker said?