Mortgage approved, then cancelled, then declined. Please help?

K_S

annetheman said:

Does anyone - especially a mortgage broker, maybe @K_S? - think that the reason I was declined without even a DiP this time is to do with the information supplied by the broker in the application?
I just don't understand how I can get to months post-valuation and underwriting done, then less than a month later, declined without even a soft search (none showing up on my file, usually the alert is instant).

@annetheman Tbh, it's impossible to say. One reason could be that your application is marked as a decline on their systems and there's a minimum time period until when any new application with automatically decline. Your broker should be calling their contact at the lender to find out exactly why, sometimes they'll just tell the broker clearly why. But again, I would advise against putting all your eggs in the Leeds basket. Due to the set of unfortunate events that has preceded this, that ship has likely sailed. And in any case any application from early March may as well be in a different era. Lending criteria has tightened considerably in the 9 months since so Leeds may not even be a viable option now.

annetheman

Thanks everyone.

I'm not in a rush because EWS1 is still in progress, so until the seller can produce it, I feel I can take my time with applying to plan B.... Rates are going up though so I don't even know if I will pass affordability on the HA shared ownership criteria (affordability for the mortgage was always fine).

Sigh. 

EWS1 should be renamed the LifeRuiner.

fizzgog

With regards the ESW1, have that gave you a timescale? Read on FB Leasehold Scandal group some people are having to wait 2 years??

Shocking if so.

annetheman

fizzgog said:

With regards the ESW1, have that gave you a timescale? Read on FB Leasehold Scandal group some people are having to wait 2 years??

Shocking if so.

No timescale given though after the EWS1 survey was performed on Aug 28th, the seller (HA) said would take 4 weeks for the contractor to draw up the report and produce a signed copy.

3 months later, the contractor said "I have to visit the site again but can't tell you why - oh btw the whole office has COVID so I'm self isolating" - then proceeds to perform the site visit last Tuesday (timelines don't make sense). Who knows when the form will be produced at this rate?..

I feel lucky that I can simply walk away if it gets an A3 or B2, but there are hundreds of thousands stuck in fire risk buildings unable to secure a form. It's a true nightmare - I wouldn't buy without one, even if the lender didn't ask for it.

fizzgog

Good to hear annetheman, if you want more information and things to look out for, might be worth joining the NLC group on FB ... lots of info on there.

annetheman

Thank you! I'm really active on Twitter cladding scandal community, I don't have FB anymore, though I'm glad people are finding support wherever they can - leasehold is a nightmare for so many but the cladding scandal compounds the worst aspects of it...!

Well, with regards to my rejection by Leeds on second application, I have come to realise I am just not as hot a tomale to lend to as I thought I was.

That Kent Reliance is my last and only option speaks volumes.

I genuinely thought I was perfect with my 534 ClearScore score, asking for way less than DiP and years of minimal, responsible credit handling whilst on the electoral roll. Guess timing got the best of me, silver lining being I will have a valid EWS1... eventually.