Remortgage rejected at the last minute - advice please.

[Deleted User]

If you start missing mortgage payments, then yes, obviously that will have a major impact and you're unlikely to be able to remortgage for some months or years.

Start cutting your costs to avoid that happening.

But you will have no legal redress for missing those payments.

LRmortgage

I suspect if you’ve passed affordability etc for the borrowing with that lender there might be a solution, perhaps to convert this to a product within their retention deals and then a further advance on a different product for the additional money you were requesting.

If I was the broker (I know the individual isn’t there anymore but perhaps someone senior there) I’d be on the phone to my business manager and finding a route to get this sorted.

Some lenders don’t allow a current customer to remortgage, but instead want existing borrowers to choose from their product transfer range. I’m guessing your broker was inexperienced and hadn’t checked this out first. To be honest, it’s quite an easy mistake to make if you don’t know.

superbez

LRmortgage wrote: »

I suspect if you’ve passed affordability etc for the borrowing with that lender there might be a solution, perhaps to convert this to a product within their retention deals and then a further advance on a different product for the additional money you were requesting.

If I was the broker (I know the individual isn’t there anymore but perhaps someone senior there) I’d be on the phone to my business manager and finding a route to get this sorted.

Some lenders don’t allow a current customer to remortgage, but instead want existing borrowers to choose from their product transfer range. I’m guessing your broker was inexperienced and hadn’t checked this out first. To be honest, it’s quite an easy mistake to make if you don’t know.

Thank you. The brokers really do seem to be doing everything they can I’ll admit that. It’s just the timing could not be worse, the agreement was in place, it’s Christmas, I’m stressed beyond belief following the news but realistically we’re looking at 4-6 weeks with Xmas and new year in the way so you can add a couple of weeks onto that before a new deal is agreed. Is ANYBODY accountable here or does it just get brushed under the carpet by the big companies and a ‘tough luck’ response?

[Deleted User]

No one is accountable yet as you have not made any loss yet. If you do make losses then perhaps you have comeback


The reason of the deal being for new customers only makes zero sense. Worst case scenario, a new product code would need to be chosen.

There has to be another reason it has declined as that one makes no sense to me

maybe another broker will explain a different take on things but to me there is more to this than meets the eye

superbez

Deleted_User wrote: »

No one is accountable yet as you have not made any loss yet. If you do make losses then perhaps you have comeback


The reason of the deal being for new customers only makes zero sense. Worst case scenario, a new product code would need to be chosen.

There has to be another reason it has declined as that one makes no sense to me

maybe another broker will explain a different take on things but to me there is more to this than meets the eye

Thank you. I think the issue is down to the additional borrowing. We have over 50% in the property, the lender has suggested that a remortgage and additional borrowing don’t work under the agreement we have had in place for months.

I think I have the answer I need here and that despite doing nothing wrong, being honest and transparent throughout and that my young families future has been thrown into doubt, that I have not a leg to stand on. Brilliant. Appreciate the responses guys, thank you.

LRmortgage

I have a potential idea that could sort the remortgage out in a couple of minutes.

It wouldn’t address the extra borrowing that you require, but if they can’t sort this out as a whole in a speedy manner, could you (or the broker) not do an online product transfer with your lender on your existing borrowing so that doesn’t move onto the SVR. You could then separately apply for the further advance to clear your debts.
It’s not guaranteed, but at least the bulk of your borrowing will get sorted quickly.

[Deleted User]

Does your lender offer any erc free tracker products you can go to in the short term?

[Deleted User]

Who si your existing lender? And who is your new lender?

What ltv are you going to with the extra borrowing? Maybe the lender thought it was all for a like for like borrowing and won't allow you to borrow extra for this reason above a certain ltv

Thrugelmir

To clarify as you say the process started some months ago. Have you received a formal mortgage offer yet? I'm not referring to an agreement in principle.

Also has your overall indebtedness increased since you first applied, i.e. credit card , overdraft usage etc.

superbez

Thrugelmir wrote: »

To clarify as you say the process started some months ago. Have you received a formal mortgage offer yet? I'm not referring to an agreement in principle.

Also has your overall indebtedness increased since you first applied, i.e. credit card , overdraft usage etc.

YES! The agreement has been in place for months. A proper agreement, not in principle it’s way past that!

Yes the debt has crept up a little bit no where near it becomes a problem unless the deal I’ve got in place with NATWEST falls through due to an admin error. This is exactly the problem I’m facing.

I’ve done nothing wrong, I’ve passed all checks by a mile, an admin error is seriously causing me grief, that’s all it is! Thank you.