Mortgage refusal without clear reason

ozzy49

Hi all!

I don't post here often but follow a lot of journeys and really could do with some advice.

I purchased a property last month and was expecting a quick completion as it's just a small property less than 2x my salary.

Anyway, I applied through the broker me and lots of friends have used previously (who's pretty great to be honest) but to the surprise of us both I was declined. The bank said they'd seen "something" on my credit report from Equifax and they just couldn't give me an offer because of this and they couldn't disclose what it is was but suggested I contacted Equifax.

So I got a credit report from Equifax (nothing negative on there at all) and sent it to the Underwriter. They're insisting that what they're seeing from Equifax isn't on the Credit Report I've downloaded from Equifax and forwarded to them. The Head of Underwriting himself couldn't understand why there's a difference between the two reports but insists they've double checked that the "negative" mark definitely relates to me.

I really don't know what to do now - I've put in Data Subject Access Requests to both Equifax and the Bank to try and get the report that the bank received from Equifax but this could take up to 28 days.

In wondering if there is there anyway to do sort of a "hard" credit check on myself to see exactly what the bank will be seeing?

Any help would be really appreciated

Oz

[Deleted User]

No - but in the meantime, I would be checking my other two files.

Thrugelmir

Too little information to hazard a guess as to why you failed the lenders internal criteria. Who is the lender concerned?

Highly likely that a SAR won't reveal anything of note. Nor are lenders required to justify the reason behind a decline. As it's a commercial decision. They are free to choose who they do business with.

haras_nosirrah

I am going through this with a client (although his mortgage isn't declined)

lender said there was adverse - we got a credit report saying there wasn't

The adverse was against an address the client hadn't included on his credit report. Once this address was imput it popped up

Is that a possibility?

[Deleted User]

I had Nationwide pull an offer about 2 weeks after exchange as a previously undisclosed IVA popped up. Turned out to be the dad who had same first and middle name as well as living at same address.

Always been told that stuff like that doesnt happen but things slip through the net.

Mine was easily solved with documentation, hopefully there is an easy explanation out there for you

ACG

haras_nosirrah wrote: »

I am going through this with a client (although his mortgage isn't declined)

lender said there was adverse - we got a credit report saying there wasn't

The adverse was against an address the client hadn't included on his credit report. Once this address was imput it popped up

Is that a possibility?

I was going to suggest checking you have put in all of your addresses.

ozzy49

Thanks all for the advice. I've checked my other 2 files and they all show the same and nothing adverse on those either.

Idea behind the SAR was to try and get hold of the document that the bank has received from Equifax as the underwriters are saying that the report they've received from Equifax is different to the one I've downloaded from Equifax and that's the only issue with application.

I've only ever lived at the one address but I did rent a property a couple of years ago whilst mine was being renovated. This is already appearing on the credit reports from all 3 CRAs as a linked address. Should I still get another report by putting the rental property address during the application?

alphabravocharli

The only thing which lender can see but you dont will be CIFAS marker. Do SAR request to CIFAS as well.

ozzy49

Thanks alphabravocharli, I put in a SAR to Cifas although my credit reports show my Cifas being clear too. So am I right in thinking that Equifax was right when they said the lender doesn't see anything more from them than what's on my credit file?

sal_III

Assuming the mixup is only with Equifax, is there an option to go for a different lender that doesn't use them?

alphabravocharli

No, You can only see CIFAS maker on credit report, if the marker is that You are victim of fraud. Having said that i am not suggesting you have done any fraud but these lender can do anything.