Mortgage Declined By Precise Mortgages, Foundation Home Loans, and Bath Building Society, What NOW?!

Knighttrader

Hello All,

I hope everyone is well.

I was hoping someone could point me in the right direction.

I am a portfolio landlord and I have 3 buy to let properties, 1 joint buy to let property.

Recently, I remortgaged 2 of my BTL to release equity to buy a residential property and a buy to let property.

Both my remortgages went through smoothly via Birmingham Midshires.

I also applied for a NatWest Mortgage for a residential property which went through too, I have the Mortgage Offer Letter and am hoping to complete the 19th October.

I applied for another mortgage for a BTL property with 25% Deposit and was declined by Precise Mortgages after 7 days. This was done using a business BTL.

I later applied through another broker Manor Mortgages and had the mortgage approved but then after they did the Survey the application was referred to the senior underwriter who declined after 25 days (the valuation was fine). This was done through a Business BTL.

I later applied for a personal BTL with Bath Building Society and it was declined after 2 weeks.

My Credit History is very very good, haven't missed a payment for 9 years, previously had some trouble during the credit crunch but all that has been removed from my credit report.

I recently changed my name but I was told this would not be a problem as I haven't done anything illegal, changed my name to correct a spelling.

I have been racking my brains for the last 2 months and can't get to the bottom of this. Apparently, the banks have some information on me which they found after I was approved by Natwest and after I was declined by Precise. I am thinking Precise is now finding this information and sharing it with everyone.

I was hoping someone could advise me on how to proceed. How can I get to the bottom of this?

I have handed a Subject Access Request to all three mortgage companies but this will take 40 days to arrive and there is no guarantee I'll spot the problem.

Is there any way I can hire someone to check all my information and find the reason for this decline?

Any insights or ideas would be appreciated.

kingstreet

Have you tried National Hunter?

https://www.nhunter.co.uk/

This picks up anomalies in credit applications where the data doesn't match from one to another.

Thrugelmir

Knighttrader wrote: »

Recently, I remortgaged 2 of my BTL to release equity to buy a residential property and a buy to let property.

I also applied for a NatWest Mortgage for a residential property which went through too, I have the Mortgage Offer Letter and am hoping to complete the 19th October.

Leveraging has a ceiling. The source of the deposit is most likely the issue. Is the NatWest aware of your recent activity and the source of the deposit for the residential you intend to purchase?

amnblog

KS most likely on the right track here.

Sounds like a National Hunter issue.

If I had to bet because detail on two or more applications differs.

Knighttrader

Thrugelmir wrote: »

Leveraging has a ceiling. The source of the deposit is most likely the issue. Is the NatWest aware of your recent activity and the source of the deposit for the residential you intend to purchase?

NatWest is aware of my Source of deposit, however, they are not aware that I applied for more mortgages once I got the offer letter from them. I wasn't aware I would need to let them know I want to borrow more for a BTL property which is one of my business streams, they are aware that I am self-employed and a portfolio landlord.

Knighttrader

amnblog wrote: »

KS most likely on the right track here.

Sounds like a National Hunter issue.

If I had to bet because detail on two or more applications differs.

Thanks for the reply,

How can I fix this if this is the cause?

Tigsteroonie

Knighttrader wrote: »

I have handed a Subject Access Request to all three mortgage companies but this will take 40 days to arrive and there is no guarantee I'll spot the problem.

Just a point - under GDPR, this is now one month (ie 30 days) and not 40 days.

Thrugelmir

Knighttrader wrote: »

I have handed a Subject Access Request to all three mortgage companies but this will take 40 days to arrive and there is no guarantee I'll spot the problem.

Internal lending decisions won't be disclosed.

Thrugelmir

Mortgagebrokertorquay wrote: »

Hi, you need to look at Experian and Equifax report to check your credit file. It will tell you if there are any issues and most lenders use these sites when doing a credit search. I am a mortgage adviser for the whole of market, if you would like any further support in this matter call me on

Suggest you read the forum rules before posting again.

Thrugelmir

Knighttrader wrote: »

NatWest is aware of my Source of deposit, however, they are not aware that I applied for more mortgages once I got the offer letter from them. I wasn't aware I would need to let them know I want to borrow more for a BTL property which is one of my business streams, they are aware that I am self-employed and a portfolio landlord.

Perhaps it's the level of activity which is unnerving underwriters. 2 remortgages , a residential purchase (mortgage free? ) and a further BTL in a short space of time. Leveraging isn't risk free. Different era to that before the GFC and easy lending.

Knighttrader

Thanks for all the replies.

I do appreciate all the insights that I'm getting.


I have requested SARs from CIFA, Hunter, Bath, Precise, and Foundation, along with all the Credit Reference Agencies, I'm determined to get to the bottom of this because I don't have anything to hide.

Also, here is some more information on why I was declined....

Precise - Declined me in 2 weeks, the reason they gave was 'Risk Decline'

Foundation Home Loans - This company actually approved my application and then declined it. Some of the questions that caused a red flag for my broker was the following information that was requested. Declined over 1 month, valuation done after underwriter initially approved application...

1. Applicants last 3 years employment history including dates, names, & addresses.

2. The last six months consecutive business and personal bank statements for all applicants active accounts. If applicants closed bank accounts within the last 6 months these should be included too. - My Broker said this was unusual.

I have been self-employed for the last 5 years, so I don't know why they think I'm employed. where could they get this information from?

The only accounts I have closed is a Mortgage Account with Santander after I paid it off with the remortgage money from Birmingham Midshires. I also have a Sainsburys Loan which I have also paid off too.

One other thing to mention, in March 2018 I applied for an MBNA credit card, afterwards, I just forgot about it. When I check my Experian Credit File I saw the search and queried it. I later got a letter saying I am a victim of impersonation and I got a CIFA marker on my account. I later realised this was my mistake and asked CIFA and all the credit reference agencies to remove it which they did after 2 months and 50 calls later. I'm wondering if this information is on the Hunter Database which is causing the decline.

Also, with regards to my residential mortgage which I am going to complete on the 19th of October 2018, will all the above declines affect this? it is a Natwest Mortgage where only 1-year income proof was required and I put up a hefty 45% deposit.

Any insights, Please?