Mortgage Offer pulled at last minute

Joe66

Hi,

I have just been through a lengthy process, (6 weeks), of attempting to re-mortgage. The broker I used had every piece of information required to get an agreement from the underwriters asked for before proceeding with the process. We were told that with all of the information supplied, if this would be backed up by confirmation, (papers etc), the mortgage would be offered. Having supplied this and having been reassured, we were told on Friday that the mortgage would not now be offered despite everything having been agreed up until this time.

Although I have been completely honest and open about any past problems and despite the lender being totally aware of all past issues and every piece of this information being supplied, we now have to go through the same process all over again.

How can we avoid this next time?

Robdeviant

Hi Joe66,

We started our remortgage in February................finally gets completed on 15/11. Now that's a lengthy remortgage process!
Although our offer was never cancelled, the interest rate of the remortgage shot up (+1.9%), around the time Northern Rock's troubles became common knowledge.
I can only sympathise with you, but I'm sure your broker would have received several offers originally so maybe all's not lost?

Joe66

Thanks for the reply. Unfortunately the route look's like the offer was only through one lender. I'm not sure how many (if any others) they approached. So look's like the 'all eggs in one basket scenario'. I'm not happy at all and have learnt a valuable lesson here.

lynzpower

are you trying to consolidate any debts onto your mortgage?

herbiesjp

Who is the lender in question?

What past problems have you had?

Joe66

Yes I am.

Current mortgage is a ridiculous 10% plus and I have been trying to get out of it. Have passed to penalty period now. Large house valued at £825,000 by valuer for mortgage purposes. Current mortgage @ £500,00 looking for £700,000. LTV approx 85%. Income is not a problem and can and has been verified. Offer that was originally given was for amount I required but for the same payment as I'm currently making! Therefore giving me what I wanted to clear everything and be debt free with no extra outlay.

Basically I'm looking for a whole of market broker, (I didn't know any of this until I found this website yesterday), and one that is honest and straight.

lynzpower

Joe

Am I reading right that you want to consolidate 200ks worth of debt to the mortgage, is that what you mean?

Where in the UK are you- im sure someone can recommend a whole of market broker. Who have you been using so far

Joe66

herbiesjp wrote: »

Who is the lender in question?

What past problems have you had?

Derbyshire Home Loans Limited

Issues with Bank loans, but paying monthly agreed amount. Also some payments on mortgage over past 12 months late, but completely up to date. All stuff declared at initial application

Joe66

Based in Sussex

Been using Phoenix Mortgage Services

herbiesjp

Well you should be able to get better than 10% interest rates

You are borrowing 85% which should mean schemes available to you - some may even include free legal fees and valuation (that will depend on the schemes and the severity of your adverse credit history)

Adverse lenders have been changing their criteria on a regular basis recently, however you should fit into the criteria of plenty lenders

Joe66

Joe66 wrote: »

Derbyshire Home Loans Limited

Issues with Bank loans, but paying monthly agreed amount. Also some payments on mortgage over past 12 months late, but completely up to date. All stuff declared at initial application

To be clear, Derbyshire Home Loans Limited was the one that was going to make the offer. GMAC current provider