Need help please!!

haiderali12

Hi everyone recently i had a morgage application with newcastle society and it got declined. I was assured from my broker that it should be accepted so we applied and they asked 2 questions regarding cash deposits, which i answered then day later my broker said that i have been declined without a reason.
I think my broker backed out the deal because straight away he said we should go with barclays and it made me think that the bank did not ask me any questions direct and they also instructed valuation but suddenly my broker saying they declined me without giving a reason. This all makes me think the broker just wants to me go with barclays because they might me giving him more commission.
I might just be overthinking but all just seems odd.     

K_S

@haiderali Barclays pays 0.33% proc fee (commission) and Newcastle pay 0.37% so that's definitely not it.

If all the underwriter queried was about cash-deposits and they have declined without giving any reason, then it could be due to suspecting something 'wrong' (I can't expand on this any further) with the application.

In those cases, the lender (or the broker) will not give any further details. Just to be clear, I am not accusing you of doing anything wrong, just giving one potential explanation.

haiderali12

thanks for the reply, i understand that completely but just dont see why they would instruct valuation and then suddenly decline?
Its very frustrating because it was my first morgage application and i just pray that this application with barclays is approved. Broker is planing to submit the full application today, we had our DIP done yesterday and had hard check done also so i'm hoping i don't get rejected again. 

TheTruemans

Hey, 
Not sure how much this will help but I too had a mortgage application declined after about 3 weeks basically due to the way Nationwide do credit checks (they score you together) and not independent. They didn’t give us much more reason and we had already had a DIP, Valuation booked, paperwork approved. 

We went back to our broker who also suggested Barclays, in 6 hours we had a DIP, desktop valuation approved and both Hard and soft credit checks done... this was done on the 28/5 - we just got our offer back this morning!
I obviously can’t speak for your case but I would highly recommend your broker try Barclays.
Good luck and hope it works out! 

haiderali12

thanks for the reply! 
Congrats on the offer, must be a huge relief.
The broker did say barclays is the best lender for my case so i hope things go well and i get the offer. 
He submitted the offer in today so i'm hoping ill hear some sort of news within 2 weeks.
How many days did it take from application to offer for you?

TheTruemans

This was the turn around from the day we had our application declined by Nationwide...
28/5 - Nationwide Application declined due to “Financial Association”

*Cry, put the kettle on, get broker back on it*

28/5 - Barclays DIP Accepted - 3.22% Fixed

28/5 - Barclays Full Application Submitted

28/5 - Desktop Valuation Approved 

28/5 - Hard Credit Search

29/5 - Barclays Mortgage Declaration Sent

5/6 - Mortgage Offer received

8 day turnaround 

haiderali12

Thats a quick turn around, I'm at the declaration stage but i don't think they carried out a valuation yet.
My credit file is showing a hard search from barclays though.