Mortgage broker - ask me anything

K_S

Athanasia said:

So I tried to change the purchase price of the house I’m trying to buy, with Santander, and the product, and the advisor (going direct) advised that my application was declined. They said the manager would appeal it with the underwriter as there’s no more risk involved,or any changes in my circumstances, but there is a chance that they will decline it. My credit score is all over the place, MSE cc shows a different score to Experian, but in both it’s obvious I have not taken any extra credit or have any missed payments or anything of that sort. Has anyone had something similar happen, and what was the outcome? Can an underwriter overturn a system decline, or am I just hoping in vain?

@athanasia Sorry to hear that. It's hard to say without knowing what the reason for the decline was. What is the adviser giving as a reason? Did you go up an LTV band with the change in price?

cgphillips8

Looking for help from broker to aid my son and his gf in buying their first house.

The house is new build at £255k, they want to use the Govt HTB for 20% and also have around £25-30k of their own money to use as deposit.
Both are full time employment and have rented a flat for over 2 years without any issues with the rent and all other bills are paid on time.
The one issue is which is causing a problem is that last Dec, Jan and Feb there was a problem/error with my sons debit card and my son failed to pay paypal for that period (not intentionally but just didnt realise there was an issue). This has now affected his credit rating and his current broker is struggling to find a good mortgage with good rates.
The offer he received last night was 4.09% which is a discounted rate from the variable of 5.3% so not even fixed over 3 yrs with high redemption penalty if he wanted to change mortgages.

Was hoping anybody van help with a dvice or a good broker who could find better deal.

Thanks.

K_S

cgphillips8 said:

Looking for help from broker to aid my son and his gf in buying their first house.

The house is new build at £255k, they want to use the Govt HTB for 20% and also have around £25-30k of their own money to use as deposit.
Both are full time employment and have rented a flat for over 2 years without any issues with the rent and all other bills are paid on time.
The one issue is which is causing a problem is that last Dec, Jan and Feb there was a problem/error with my sons debit card and my son failed to pay paypal for that period (not intentionally but just didnt realise there was an issue). This has now affected his credit rating and his current broker is struggling to find a good mortgage with good rates.
The offer he received last night was 4.09% which is a discounted rate from the variable of 5.3% so not even fixed over 3 yrs with high redemption penalty if he wanted to change mortgages.

Was hoping anybody van help with a dvice or a good broker who could find better deal.

Thanks.

@cgphillips8 The Darlington 3yr product? That is quite high for a 70% LTV HTB mortgage.

Whether another broker could help or not depends on what actually shows on the credit report. Normally, before going to Darlington, the broker would've checked other lenders as well.

Athanasia

K_S said:

Athanasia said:

So I tried to change the purchase price of the house I’m trying to buy, with Santander, and the product, and the advisor (going direct) advised that my application was declined. They said the manager would appeal it with the underwriter as there’s no more risk involved,or any changes in my circumstances, but there is a chance that they will decline it. My credit score is all over the place, MSE cc shows a different score to Experian, but in both it’s obvious I have not taken any extra credit or have any missed payments or anything of that sort. Has anyone had something similar happen, and what was the outcome? Can an underwriter overturn a system decline, or am I just hoping in vain?

@athanasia Sorry to hear that. It's hard to say without knowing what the reason for the decline was. What is the adviser giving as a reason? Did you go up an LTV band with the change in price?

Thank you @K_S. I actually applied for 2k less, as I negotiated the price with the vendor in order to cover the repairs. I downloaded my full credit report from Experian yesterday, and the credit score has -indeed- come down by 35 points, but because Santander did another hard search on me (I am assuming, as nothing else is wrong). It is so frustrating, I have no defaults, no missed payments, no gambling, no going over my arranged overdraft, a very healthy income of 40k a year (mortgage stress-tested and still affordable with a very healthy disposable income too), and I was approved 10 days ago, for a higher amount, so it doesn't make any sense. The advisor said the system declined it due to credit score, but I am hoping that the underwriter will see beyond that, as there is literally nothing on my credit file that would flag up a risk, quite the contrary, my finances are getting healthier each month as I pay off any (justified) debt. Would appreciate it if anyone knew of any cases where the appeal resulted in favour of the customer.

K_S

Athanasia said:

K_S said:

Athanasia said:

So I tried to change the purchase price of the house I’m trying to buy, with Santander, and the product, and the advisor (going direct) advised that my application was declined. They said the manager would appeal it with the underwriter as there’s no more risk involved,or any changes in my circumstances, but there is a chance that they will decline it. My credit score is all over the place, MSE cc shows a different score to Experian, but in both it’s obvious I have not taken any extra credit or have any missed payments or anything of that sort. Has anyone had something similar happen, and what was the outcome? Can an underwriter overturn a system decline, or am I just hoping in vain?

@athanasia Sorry to hear that. It's hard to say without knowing what the reason for the decline was. What is the adviser giving as a reason? Did you go up an LTV band with the change in price?

Thank you @K_S. I actually applied for 2k less, as I negotiated the price with the vendor in order to cover the repairs. I downloaded my full credit report from Experian yesterday, and the credit score has -indeed- come down by 35 points, but because Santander did another hard search on me (I am assuming, as nothing else is wrong). It is so frustrating, I have no defaults, no missed payments, no gambling, no going over my arranged overdraft, a very healthy income of 40k a year (mortgage stress-tested and still affordable with a very healthy disposable income too), and I was approved 10 days ago, for a higher amount, so it doesn't make any sense. The advisor said the system declined it due to credit score, but I am hoping that the underwriter will see beyond that, as there is literally nothing on my credit file that would flag up a risk, quite the contrary, my finances are getting healthier each month as I pay off any (justified) debt. Would appreciate it if anyone knew of any cases where the appeal resulted in favour of the customer.

@athanasia If the LTV hasn't gone up and borrowing hasn't gone up either, then it could also be down to Santander tweaking its credit-scoring requirements as well, which lenders have been doing often recently for their high-LTV products. One hard search would only impact the credit-scoring requirements if it was already borderline to start with.

Can't speak for Santander but some lenders' underwriters can run a manual score to check if there is any movement or the fail was due to things like an address mismatch (very common for flat addresses) etc. Hopefully that is the case with Santander underwriters as well.

If you are in a hurry, it may be worth considering lining up a back up. Good luck!

Athanasia

K_S said:

Athanasia said:

K_S said:

Athanasia said:

So I tried to change the purchase price of the house I’m trying to buy, with Santander, and the product, and the advisor (going direct) advised that my application was declined. They said the manager would appeal it with the underwriter as there’s no more risk involved,or any changes in my circumstances, but there is a chance that they will decline it. My credit score is all over the place, MSE cc shows a different score to Experian, but in both it’s obvious I have not taken any extra credit or have any missed payments or anything of that sort. Has anyone had something similar happen, and what was the outcome? Can an underwriter overturn a system decline, or am I just hoping in vain?

@athanasia Sorry to hear that. It's hard to say without knowing what the reason for the decline was. What is the adviser giving as a reason? Did you go up an LTV band with the change in price?

Thank you @K_S. I actually applied for 2k less, as I negotiated the price with the vendor in order to cover the repairs. I downloaded my full credit report from Experian yesterday, and the credit score has -indeed- come down by 35 points, but because Santander did another hard search on me (I am assuming, as nothing else is wrong). It is so frustrating, I have no defaults, no missed payments, no gambling, no going over my arranged overdraft, a very healthy income of 40k a year (mortgage stress-tested and still affordable with a very healthy disposable income too), and I was approved 10 days ago, for a higher amount, so it doesn't make any sense. The advisor said the system declined it due to credit score, but I am hoping that the underwriter will see beyond that, as there is literally nothing on my credit file that would flag up a risk, quite the contrary, my finances are getting healthier each month as I pay off any (justified) debt. Would appreciate it if anyone knew of any cases where the appeal resulted in favour of the customer.

@athanasia If the LTV hasn't gone up and borrowing hasn't gone up either, then it could also be down to Santander tweaking its credit-scoring requirements as well, which lenders have been doing often recently for their high-LTV products. One hard search would only impact the credit-scoring requirements if it was already borderline to start with.

Can't speak for Santander but some lenders' underwriters can run a manual score to check if there is any movement or the fail was due to things like an address mismatch (very common for flat addresses) etc. Hopefully that is the case with Santander underwriters as well.

If you are in a hurry, it may be worth considering lining up a back up. Good luck!

Thank you! Maybe worth spreading the information. I live in Northern Ireland, and they wiped out the electoral roll data without any communication about it, so I am no longer registered on the electoral roll. The bank seems to be doing everything they can to get this sorted, so hopefully the underwriter will consider that. Unfortunately I tried with Nationwide and also got declined (for the DIP) due to credit score, so I am guessing it is the electoral roll that messed it up, which is utterly ridiculous. Hopefully the underwriter will have some sense and realize it is not my fault or anything in my actual finances that affected that.

K_S

Athanasia said:

K_S said:

Athanasia said:

K_S said:

Athanasia said:

So I tried to change the purchase price of the house I’m trying to buy, with Santander, and the product, and the advisor (going direct) advised that my application was declined. They said the manager would appeal it with the underwriter as there’s no more risk involved,or any changes in my circumstances, but there is a chance that they will decline it. My credit score is all over the place, MSE cc shows a different score to Experian, but in both it’s obvious I have not taken any extra credit or have any missed payments or anything of that sort. Has anyone had something similar happen, and what was the outcome? Can an underwriter overturn a system decline, or am I just hoping in vain?

@athanasia Sorry to hear that. It's hard to say without knowing what the reason for the decline was. What is the adviser giving as a reason? Did you go up an LTV band with the change in price?

Thank you @K_S. I actually applied for 2k less, as I negotiated the price with the vendor in order to cover the repairs. I downloaded my full credit report from Experian yesterday, and the credit score has -indeed- come down by 35 points, but because Santander did another hard search on me (I am assuming, as nothing else is wrong). It is so frustrating, I have no defaults, no missed payments, no gambling, no going over my arranged overdraft, a very healthy income of 40k a year (mortgage stress-tested and still affordable with a very healthy disposable income too), and I was approved 10 days ago, for a higher amount, so it doesn't make any sense. The advisor said the system declined it due to credit score, but I am hoping that the underwriter will see beyond that, as there is literally nothing on my credit file that would flag up a risk, quite the contrary, my finances are getting healthier each month as I pay off any (justified) debt. Would appreciate it if anyone knew of any cases where the appeal resulted in favour of the customer.

@athanasia If the LTV hasn't gone up and borrowing hasn't gone up either, then it could also be down to Santander tweaking its credit-scoring requirements as well, which lenders have been doing often recently for their high-LTV products. One hard search would only impact the credit-scoring requirements if it was already borderline to start with.

Can't speak for Santander but some lenders' underwriters can run a manual score to check if there is any movement or the fail was due to things like an address mismatch (very common for flat addresses) etc. Hopefully that is the case with Santander underwriters as well.

If you are in a hurry, it may be worth considering lining up a back up. Good luck!

Thank you! Maybe worth spreading the information. I live in Northern Ireland, and they wiped out the electoral roll data without any communication about it, so I am no longer registered on the electoral roll. The bank seems to be doing everything they can to get this sorted, so hopefully the underwriter will consider that. Unfortunately I tried with Nationwide and also got declined (for the DIP) due to credit score, so I am guessing it is the electoral roll that messed it up, which is utterly ridiculous. Hopefully the underwriter will have some sense and realize it is not my fault or anything in my actual finances that affected that.

@athanasia I would be surprised if it was just down to the electoral roll. Having started my career in London, I do quite a few mortgages for clients from non-EU, non-commonwealth countries who can't/don't register on the electoral roll, I haven't hadissues with them failing credit-scores on this count.

I would recommend considering using a broker if the Santander appeal doesn't work out. If it's a fee that is stopping you, there are plenty of fee-free brokers listed on the MSE page https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3 who often do a decent job as long as there aren't too many complications in your scenario.

Athanasia

K_S said:

Athanasia said:

K_S said:

Athanasia said:

K_S said:

Athanasia said:

So I tried to change the purchase price of the house I’m trying to buy, with Santander, and the product, and the advisor (going direct) advised that my application was declined. They said the manager would appeal it with the underwriter as there’s no more risk involved,or any changes in my circumstances, but there is a chance that they will decline it. My credit score is all over the place, MSE cc shows a different score to Experian, but in both it’s obvious I have not taken any extra credit or have any missed payments or anything of that sort. Has anyone had something similar happen, and what was the outcome? Can an underwriter overturn a system decline, or am I just hoping in vain?

@athanasia Sorry to hear that. It's hard to say without knowing what the reason for the decline was. What is the adviser giving as a reason? Did you go up an LTV band with the change in price?

Thank you @K_S. I actually applied for 2k less, as I negotiated the price with the vendor in order to cover the repairs. I downloaded my full credit report from Experian yesterday, and the credit score has -indeed- come down by 35 points, but because Santander did another hard search on me (I am assuming, as nothing else is wrong). It is so frustrating, I have no defaults, no missed payments, no gambling, no going over my arranged overdraft, a very healthy income of 40k a year (mortgage stress-tested and still affordable with a very healthy disposable income too), and I was approved 10 days ago, for a higher amount, so it doesn't make any sense. The advisor said the system declined it due to credit score, but I am hoping that the underwriter will see beyond that, as there is literally nothing on my credit file that would flag up a risk, quite the contrary, my finances are getting healthier each month as I pay off any (justified) debt. Would appreciate it if anyone knew of any cases where the appeal resulted in favour of the customer.

@athanasia If the LTV hasn't gone up and borrowing hasn't gone up either, then it could also be down to Santander tweaking its credit-scoring requirements as well, which lenders have been doing often recently for their high-LTV products. One hard search would only impact the credit-scoring requirements if it was already borderline to start with.

Can't speak for Santander but some lenders' underwriters can run a manual score to check if there is any movement or the fail was due to things like an address mismatch (very common for flat addresses) etc. Hopefully that is the case with Santander underwriters as well.

If you are in a hurry, it may be worth considering lining up a back up. Good luck!

Thank you! Maybe worth spreading the information. I live in Northern Ireland, and they wiped out the electoral roll data without any communication about it, so I am no longer registered on the electoral roll. The bank seems to be doing everything they can to get this sorted, so hopefully the underwriter will consider that. Unfortunately I tried with Nationwide and also got declined (for the DIP) due to credit score, so I am guessing it is the electoral roll that messed it up, which is utterly ridiculous. Hopefully the underwriter will have some sense and realize it is not my fault or anything in my actual finances that affected that.

@athanasia I would be surprised if it was just down to the electoral roll. Having started my career in London, I do quite a few mortgages for clients from non-EU, non-commonwealth countries who can't/don't register on the electoral roll, I haven't hadissues with them failing credit-scores on this count.

I would recommend considering using a broker if the Santander appeal doesn't work out. If it's a fee that is stopping you, there are plenty of fee-free brokers listed on the MSE page https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3 who often do a decent job as long as there aren't too many complications in your scenario.

Thank you. I was in the electoral roll and I’m an EU citizen with settled status. The electoral roll was wiped out here, and if it’s two banks that reject me then it must be something on my credit score instead of the tweak of one lender, sure?

K_S

Athanasia said:

K_S said:

Athanasia said:

K_S said:

Athanasia said:

K_S said:

Athanasia said:

So I tried to change the purchase price of the house I’m trying to buy, with Santander, and the product, and the advisor (going direct) advised that my application was declined. They said the manager would appeal it with the underwriter as there’s no more risk involved,or any changes in my circumstances, but there is a chance that they will decline it. My credit score is all over the place, MSE cc shows a different score to Experian, but in both it’s obvious I have not taken any extra credit or have any missed payments or anything of that sort. Has anyone had something similar happen, and what was the outcome? Can an underwriter overturn a system decline, or am I just hoping in vain?

@athanasia Sorry to hear that. It's hard to say without knowing what the reason for the decline was. What is the adviser giving as a reason? Did you go up an LTV band with the change in price?

Thank you @K_S. I actually applied for 2k less, as I negotiated the price with the vendor in order to cover the repairs. I downloaded my full credit report from Experian yesterday, and the credit score has -indeed- come down by 35 points, but because Santander did another hard search on me (I am assuming, as nothing else is wrong). It is so frustrating, I have no defaults, no missed payments, no gambling, no going over my arranged overdraft, a very healthy income of 40k a year (mortgage stress-tested and still affordable with a very healthy disposable income too), and I was approved 10 days ago, for a higher amount, so it doesn't make any sense. The advisor said the system declined it due to credit score, but I am hoping that the underwriter will see beyond that, as there is literally nothing on my credit file that would flag up a risk, quite the contrary, my finances are getting healthier each month as I pay off any (justified) debt. Would appreciate it if anyone knew of any cases where the appeal resulted in favour of the customer.

@athanasia If the LTV hasn't gone up and borrowing hasn't gone up either, then it could also be down to Santander tweaking its credit-scoring requirements as well, which lenders have been doing often recently for their high-LTV products. One hard search would only impact the credit-scoring requirements if it was already borderline to start with.

Can't speak for Santander but some lenders' underwriters can run a manual score to check if there is any movement or the fail was due to things like an address mismatch (very common for flat addresses) etc. Hopefully that is the case with Santander underwriters as well.

If you are in a hurry, it may be worth considering lining up a back up. Good luck!

Thank you! Maybe worth spreading the information. I live in Northern Ireland, and they wiped out the electoral roll data without any communication about it, so I am no longer registered on the electoral roll. The bank seems to be doing everything they can to get this sorted, so hopefully the underwriter will consider that. Unfortunately I tried with Nationwide and also got declined (for the DIP) due to credit score, so I am guessing it is the electoral roll that messed it up, which is utterly ridiculous. Hopefully the underwriter will have some sense and realize it is not my fault or anything in my actual finances that affected that.

@athanasia I would be surprised if it was just down to the electoral roll. Having started my career in London, I do quite a few mortgages for clients from non-EU, non-commonwealth countries who can't/don't register on the electoral roll, I haven't hadissues with them failing credit-scores on this count.

I would recommend considering using a broker if the Santander appeal doesn't work out. If it's a fee that is stopping you, there are plenty of fee-free brokers listed on the MSE page https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3 who often do a decent job as long as there aren't too many complications in your scenario.

Thank you. I was in the electoral roll and I’m an EU citizen with settled status. The electoral roll was wiped out here, and if it’s two banks that reject me then it must be something on my credit score instead of the tweak of one lender, sure?

@athanasia Yes it is indeed likely to be something in your credit report, in combination with the rest of your circumstances and mortgage requirements. The reason I recommended a broker was because they may (at least the experienced ones) be able to better identify what exactly the issue is that's stopping you and then suggest a route to take.

For the avoidance of doubt, I hope this doesn't come across as pushing my services I'm not, I don't have the capacity to take on any new clients at the moment.

Good luck!

K_S

@lily78_2 Apologies there's too much info on there and very specific questions which are best answered by the broker as anything I say could be construed as advice. Perhaps if you post this on the main thread someone less constrained will be able to answer your questions. Good luck!