Mortgage declined and we haven’t been told why!

Thrugelmir

NoodleK wrote: »

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

Lenders score you themselves, in part, using the data supplied by the CRA's. Internal criteria being set at board level. This change change at any time. Depending upon the lenders propensity to lend.

ACG

I used to work for co-op bank mortgages. Their published criteria is a fraction of their whole criteria.

Your experian/equifax/call credit score is just a number, it is of no value what so ever. I have seen customers with defaults have higher scores than me and there is nothing on my report.

If time is of the essence, cut your losses and find a new lender. Even if you do get a reason other than "scorecard" it does not mean they will overturn the decision.

Thrugelmir

NoodleK wrote: »

I work in IT so even if there is a computer says no element there is always a manual override process

Computer says no as that's the decision of the business. Mortgage lenders don't chase business at any cost.

LRmortgage

I would give up chasing Platform and get your broker to find you a new lender. There are plenty out there who are more flexible than Platform.

Farmer_Johnson

NoodleK wrote: »

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.

You can’t, you have no right to this information.

csgohan4

NoodleK wrote: »

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!

Create your own thread instead of hijacking someone else's.


Not hearing what you want is not necessarily wrong information


Is your broker from an estate agent? do you have copies of all 3 credit files?

alexrdavies

Interest wrote: »

If your credit history is so good, apply to a new lender via your broker.

ACG wrote: »

I used to work for co-op bank mortgages. [...] If time is of the essence, cut your losses and find a new lender.

This.

Your lender has looked at your file, and don't want your business. Hopefully they're idiots; we don't know; but you're unlikely to change their minds.

Ask your broker whether they'll sign you up for another mortgage under the fee they've already charged. They should - they signed up to get you a mortgage! And you've paid. Then look down the list of offers; pick someone else; and try again.

Good luck