Mortgage declined and we haven’t been told why!

NoodleK

We are having the exact same issue and we have a good broker who did all the nessessary checks prior to application. We got told it’s based on credit rating yet they are all fine we have the max available with no negatives! Seriously not sure what to do. We are calling citezen advice tomorrow as we and our broker are totally stumped on this one and it’s causing issues with our seller as we simply can’t explain it! Any support on how we can get this info or the specific specifications as to why we failed. Will be interesting to read any support. I work in IT so even if there is a computer says no element there is always a manual override process or reporting on outcomes just need to find out how to get it sorted!

[Deleted User]

NoodleK wrote: »

We got told it’s based on credit rating yet they are all fine we have the max available with no negatives!

You'll never see the credit rating they're giving you, but it's clearly not 'the max'.

The lender isn't under any obligation to tell you why you were rejected, but your broker should have an idea if they are halfway decent.

Thrugelmir

jerome1 wrote: »

Our credit reports are flawless we have just checked with Equifax and Experian too

No debts at all?

ACG

NoodleK wrote: »

We are calling citezen advice tomorrow

Why? They wont be able to do anything.

Sometimes you can have a great credit report but still not pass the score. Things that may go against you are: small deposit (10% and under), gifted deposit (rather than saved), low incomes, large amount of available credit, small amount of credit but being fully utilised.

Ultimately there are hundreds of different factors which can go for or against you in varying degrees. If there are no major issues, it may just be that you have gone with the wrong lender for you.

NoodleK

Appreciate what your saying and when I say max we have the top score available 999.

Also the lender won’t tell our broker either half decent or not apparently this is a common issue amounts brokers also it’s a case of computer says no due to AI technology and there is no practical logic behind it!

This is why I posted this on the forum because if anyone can advise on how we can obtain the results for the rejection and not just listing the 100’s of reasons why it could have happened would be more helpful.

NoodleK

I’m calling citizens advice because at this moment in time I’m running out of available options as to how I can obtain the reason for the failure as we do not know what it is nor does our broker.

The underwriters know what it is, they have configured there system they can generate error reporting so why can they just tell us ... it’s ridiculous I’ve even requested to have a GDPR subject access request complicated to see if that contains anything of value!

Does anyone know how we can obtain this data?

[Deleted User]

NoodleK wrote: »

Appreciate what your saying and when I say max we have the top score available 999.

But that's just your Experian comedy score. It's not real.

It's not one that is seen, used or respected by lenders. You can get 999 by going bankrupt, but that also won't get you a mortgage.

A SAR won't reveal their lending criteria.

NoodleK

Thanks for your reply. The banks have clearly states in there criteria documents that the report is based on the Experian credit score of which we have the full report with no issues. We know this isn’t the issue.

We have posted on here to see if people Can advise us what we CAN do to get the rejected data and resolve this issue? We are just trying everything else at this stage as we are now out of ideas as to why it was rejected as we can’t get the info

Interest

I get that it is frustrating, however, you're ignoring the fact that the lender doesn't have to tell you the reason and cannot be forced to tell you. Their money their rules. They may suspect fraud and then definitely won't tell you anything. A mortgage isn't a right, CAB can do nothing for you. You're wasting your own time and energy on this. If your credit history is so good, apply to a new lender via your broker.

BoGoF

Please dont waste Citizens Advice Bureau time.

They can do nothing for you and their time is needed more on people who need it.....not somebody who has had a mortgage application rejected.