Masthaven bank Mortgage

bahaaabbas

I just want to give an advice to anyone planning to apply for a mortgage with Masthaven bank.
this bank a bit slow i,DO NOT believe what they says on their website about processing time.
I applied for a mortgage with on 25th April for bad credit application, my credit is Good 425 on Equifax my wife had dispute with virgin mobile as they charge her for free simcard they sent with a TV package which we through in the bin. our deposit was more than 50% which very good case for the bank.. They took 2 months to process the application with many questions been asked and we reply to all of them, the last point they wanted the Equifax report to be update showing Virgin payment account cleared (was only £18) and they said the last bit left, after 2 weeks we send them the updated report and Guess what they said the under writer left the company and new one looking on the application SO MORE DELAY!! after one week of valuation they said the underwriter send it to the offer team and will take 24 hours I been waiting for 10 days Now and nothing at all 15/06/18). So frustrating as my buyer and the vender and the state agent will not be able to wait any longer .

After this long story MY advice is if in hurry AVOID if you have other options. this bank is slow.

Thrugelmir

bahaaabbas wrote: »

my credit is Good 425 on Equifax

Your score means absolutel nothing. Equifax do not lend money.

bahaaabbas

But all the lender using these credit agencies and relay on them.

davidwood681

bahaaabbas wrote: »

But all the lender using these credit agencies and relay on them.

They don't see a score.

They see your payment history, which i suspect, isn't great.

Thrugelmir

bahaaabbas wrote: »

But all the lender using these credit agencies and relay on them.

Correct. They purchase information and analyse it. The lender measures this output against their own internal criteria.

bahaaabbas

my payment history is Excellent never missed any in my life, my wife had missed a payment with virgin mobile the account she never used cause was free simcard, and masthaven ignored it as its cleared now. the issue is their processing time is far too long But they are NOT a tick box bank I have to give them that. if they are a bit quicker I would give them 4 stars

bahaaabbas

davidwood681 wrote: »

They don't see a score.

They see your payment history, which i suspect, isn't great.

All high st bank see the score if it low, then payment history doesn't matter

Noobie2011

bahaaabbas wrote: »

All high st bank see the score if it low, then payment history doesn't matter

This is not true. You score on the credit reports is useless to the lender apart from taking a general view that someone with a high score will be in a general better position than someone with a low score.

From great research, information on here and also my work being directly associated with a credit referemce company(will not mention who) I know that every lender has a bespoke system designed for them which gives you a score at the end based on their requirements. So where as you may fly past a certain lenders criteria as you happen to tick their boxes and only a couple you didn’t, you may fall short for another lender as even though you tick the same boxes they my not score them as high and have a greater negative scoring on the boxes you do not tick.

The system is far from perfect and I know forst hand as my experian had one negative of high credit use and after paying them off a month ago I am now 999 on experian but got a different negative advising my credit usage is not high so lesson learnt is it is a balancing act

Jessd1982

We!!!8217;re waiting on them I feel like there have been after blood with all the information we have given our broker we!!!8217;re just waiting on the mortgage and we!!!8217;re all set to go but it!!!8217;s taken forever

bahaaabbas

They took their time, but Mortgage offered after all
Full Application submitted 26/04
Valuation Instructed 19/05 , took place on ht 31/05, Valuation back on 08/06
Final offer received on 18/06/18 (nearly 7 weeks in total).

Jessd1982

Great stuff ours Is with the underwriter should be done ASAP as there was a missing week on my bank statement so I needed to send that , we’re hoping to complete 13th July it’s been such a long process and we have taken a 5 year fix with an aim to get back to a high street lender once are term is up