Forum Home» House Buying, Renting & Selling

Masthaven Bank - Buy to Let Mortgage

New Post Advanced Search
Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.

Masthaven Bank - Buy to Let Mortgage

edited 30 November -1 at 12:00AM in House Buying, Renting & Selling
6 replies 348 views
Zoe_NurseZoe_Nurse Forumite
3 posts
edited 30 November -1 at 12:00AM in House Buying, Renting & Selling
Hi, anyone had any issues with this bank. I applied for a BTL mortgage with them using a broker to transfer the mortgage over on a property I had previously lived in. I submitted all the required paperwork. They have refused the application outright which I haven't got an issue with if they will tell me why which they won't. I have no adverse credit history and am not on the Cifas register. Not only that they have gone back to the broker with a stipulation not to proceed with any further BTL applications from me. I personally think this is outrageous as they again refuse to tell me why. I am beginning to wonder what incorrect information is held against me within financial circles. Strangely enough though I was given a residential mortgage at the same time on a new property..... FOS complaint pending but taking ages.

Replies

  • eddddyeddddy Forumite
    10.9K posts
    Tenth Anniversary 10,000 Posts Name Dropper
    ✭✭✭✭✭
    It seems surprising that your broker cannot give you any clues about why your application was rejected.
    Zoe_Nurse wrote: »
    Not only that they have gone back to the broker with a stipulation not to proceed with any further BTL applications from me.

    Presumably, you mean any further BTL applications to Masthaven. They can't stop you from applying to other lenders.
    Zoe_Nurse wrote: »
    I am beginning to wonder what incorrect information is held against me within financial circles.

    Have you checked your credit reports with all 4 of the main Credit Reference agencies: Equifax, Experian, TransUnion and Crediva?

    It may be that Masthaven uses different agencies from your residential mortgage lender.

    (This link suggests Masthaven use Equifax, but they may use other agencies as well: https://www.equifax.co.uk/Products/learning-centre/lender-list.html#letterm )

    They probably also check your application details against National Hunter's records. https://www.nhunter.co.uk/

    You can also browse through Masthaven's 57 screens of lending criteria if you want, to see if you fail against any of them: https://www.masthaven.co.uk/intermediaries/mortgages/buy-to-let/lending-criteria/
    Zoe_Nurse wrote: »
    FOS complaint pending but taking ages.

    I didn't think the FOS dealt with complaints about BTL mortgages arranged by brokers, but perhaps I'm out of date.

    Their guidelines have changed a few times over the years.


    TBH, I would put my efforts into applying for a mortgage from a different lender, and perhaps using a different broker, rather than making an FOS complaint.

    What complaint outcome are you hoping for? An apology?
  • foxy-stoatfoxy-stoat Forumite
    6.8K posts
    Fifth Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    Zoe_Nurse wrote: »
    They have refused the application outright which I haven't got an issue with if they will tell me why which they won't.

    I do not believed they are obliged to say why they have refused you.

    Is your broker finding another lender for you?
  • kingstreetkingstreet Forumite
    36.6K posts
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    Zoe_Nurse wrote: »
    I was given a residential mortgage at the same time on a new property
    Which suggests you should check this;-
    They probably also check your application details against National Hunter's records. https://www.nhunter.co.uk/

    as this logs discrepancies between applications.

    You should also obtain copies of both mortgage applications and check for differences in the data.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Hi to all those who replied. Thanks. a) all four main credit agencies had been checked, as stated no adverse markers b) Masthaven have refused to tell the broker why they refused c) No it wasn't an application with Masthaven only, it was all further applications with anyone and d) the FOS complaint is because they flatly refuse to say why they refused in order for me to address any adverse information held out there. I haven't got a problem if they say for instance it was on affordability, it is the fact that they do not say why and add the caveat on any further applications......
  • Ive decided to sell until it is sorted then reinvest at a later date. I do not want to keep applying for mortgages and paying the cost of the application to then be turned down as multiple applications will impact on my credit rating. Until I find out what they have on me I daren't take the chance.
  • edited 15 January 2020 at 7:49PM
    G_MG_M Forumite
    52K posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    ✭✭✭✭✭✭
    edited 15 January 2020 at 7:49PM
    Zoe_Nurse wrote: »
    .... c) No it wasn't an application with Masthaven only, it was all further applications with anyone ........
    That's ludicrous, esp if they have not told your broker why. Did your broker give his reaction? Is he willing to apply to a different lender for you?

    If not - new broker!

    Strangely enough though I was given a residential mortgage at the same time on a new property
    With them, or a different lender? It may be the combination of applications that has worried them.
    ** If I include a blue link in my post, click and read it before posting a follow-up question. The answer may be in the link! **
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support