Mortgage Declined, now broker claims he has nothing.

alonzo-ny

Our broker (Trussle) just told us we were declined a (re)mortgage from Natwest with no reason given. Now Trussle claim there are no mortgages available to us?

This is clearly a nonsense considering we had a full range to pick from previously. It seems to me Trussle are suddenly deciding not to work with us.

As a background we could easily afford the payments and are both in great credit shape (we checked on the credit club).

Do I have any right to the reasoning behind our declined application or the bizarre response from Trussle? Our fixed rate period ends in two weeks and this nonsense will cost us!

comeandgo

Why did you use a broker just to remortgage with the same company Natwest? I have remortgaged directly using no outside help, the fact you used a broker suggests to me you know there is something not "normal" in your application?

alonzo-ny

Apologies if I gave the wrong impression or used incorrect terminology. We are remortgaging from Halifax.

I have looked at Halifax (we might be stuck with them now) and their offered rates are terrible compared to the open market.

My issue is now, if something is causing the rejection and no one is willing to tell us. Is it worth the risk of starting another application with a new lender?

ACG

Get a copy of your credit reports.

Thrugelmir

alonzo-ny wrote: »

This is clearly a nonsense considering we had a full range to pick from previously. It seems to me Trussle are suddenly deciding not to work with us.

As a background we could easily afford the payments and are both in great credit shape (we checked on the credit club).

Do I have any right to the reasoning behind our declined application or the bizarre response from Trussle? Our fixed rate period ends in two weeks and this nonsense will cost us!

Often a vast disparity as to how an applicant views their financial circumstances, and a lender assesses affordability etc. In addition lenders credit profile applicants themselves. Scores provided to consumers aren't used by lenders. Lenders will have their own criteria which may include the type of customer they are trying to target for new business.

Try an alternative broker. Hopefully they'll be better placed to provide a range of suitable options. Without knowing your relationship with the old one difficult to comment on why they no longer wish to act for you. That's business though. As working relationships are key.

LRmortgage

I would agree with ACG. Go to a local Broker who will sit down with you and go through your credit reports and find the right solution for your needs and profile.

Trussle are an online Broker who’s model is to process as many mortgages as possible, they possibly don’t want to spend time on your case now that it’s got more complicated.

nicholbb

Do you have any credit card debts, even on 0% deals? A few years ago I had a Santander 0% card, paid it off just before my mortgage application, but then Santander failed me on affordability - they invited me to go to a in depth review but went to another bank instead.


From what I can work out take your credit card debt multiply by 5, remove this from your affordability.

dunstonh

Rather than use a factory line service of relatively low skilled staff who are geared for easy stuff and don't really want the complicated stuff, why not try a local mortgage broker?

enthusiasticsaver

A decline will show as adverse credit so this will be why no other lenders will touch you after the Nat West rejection. Check your Noddle report to see if there is anything showing up to indicate why you were rejected.

tacpot12

What rates/deals were you offered by Halifax and what is their SVR?

kingstreet

enthusiasticsaver wrote: »

A decline will show as adverse credit

No. It will show a search and nothing more!