Mortgage Rejection Help!

JMcc123

Hi, I'm really hoping someone can help.
Long story short, in March I had an offer accepted on the house I loved my son and I, due to old debts I was paying off with Lowell my broker did an application with Aldermore. I did got a conditional offer from them, the condition being all debts were cleared prior to completion. It was about £1.5k, so all cleared.
Agreed completion date in May fot 18th June. Solicitors called 17th June advising there were delays on sellers part. Due to end of tenancy my son and I relocated (to the town where I'm buying the house) to live with my mum, but as the delays were on-going and it was difficult sharing a room while working etc, we have entered into a short term tenancy agreement in the property I'm buying (started 23/07)
Due to change of circumstances the mortgage offer can't be extended. But the seller is now ready to complete.
Here's the curve ball, deposit is safe with solicitors, outgoings have gone down as my son is no longer at nursery, completely clear of all debt, salary has increased since initial offer was recieved. 
Halifax want 15% deposit, which I'm unable to do, I have 10%, I asked my Broker to just go with Aldermore again as I just want to own the house I'm now investing money in but I have been declined!!

Only changes have been positive, apart from I no longer recieve any UC, rent here is lower than previous, £700 up per month on childcare costs, no debts. The only thing is I'm not showing on the electoral role yet?

Any ideas of what I can do? My experian credit score is 999! I have never been in better finances in my life, but im just at a total loss.

Broker wants to speak to his rep at Aldermore who is currently on AL, then potentially looking at Barclays (he was reluctant due to hard footprint on search), and then onto Kensington.

Lowell aren't showing on 3 months bank statements as they were paid off in March and aren't on experian, but are still showing on equifax

JMcc123

@CLJ2986 this is where I am at now 😭 avoided the forum for a while, hoping to update with good news, but im at a total loss! X

ele_91

I was rejected from mainstream lenders for my last mortgage due to not being on the electoral roll for similar reasons. My applications were rejected at the initial AIP every time for this reason alone. My broker eventually got me an offer from Accord, who don’t do an automated check and go straight to underwriting. They were satisfied with an address history and that I had been on the register at some point.

If it was the electoral register issue I would think it would be impacting your score with Experian. The lenders you are trying aren’t mainstream, is that for a reason?

JMcc123

ele_91 said:

I was rejected from mainstream lenders for my last mortgage due to not being on the electoral roll for similar reasons. My applications were rejected at the initial AIP every time for this reason alone. My broker eventually got me an offer from Accord, who don’t do an automated check and go straight to underwriting. They were satisfied with an address history and that I had been on the register at some point.

If it was the electoral register issue I would think it would be impacting your score with Experian. The lenders you are trying aren’t mainstream, is that for a reason?

Hi, firstly, thanks for getting back to me!

Hes tried a couple of mainstream, but both wanted 15% deposit, which I'm just not in the position to do right now.
He got me to sign up to to check my file and they all say I'm not on the electoral register. I have have letter from the local council confirming I will be on it from 1st Septmeber, but MA thinks it could take a couple of months for that to show 🤦‍♀️

I'll mention Accord to him tomorrow.

Thank you again! 

hardquest

Post is how it will go! It must be stressful stuff like that! Fingers crossed!!

AFF8879

People have to move all the time, it’s a fact of life - the idea that all mainstream lenders would reject you simply because you’re not on the roll for an address you’ve very recently moved to is just bizarre, and (I think) nonsense. Have you ever been on the electoral roll? If so I really think there must be more to the rejection and would ideally try and hold on until the Aldermore rep is back.

JMcc123

AFF8879 said:

People have to move all the time, it’s a fact of life - the idea that all mainstream lenders would reject you simply because you’re not on the roll for an address you’ve very recently moved to is just bizarre, and (I think) nonsense. Have you ever been on the electoral roll? If so I really think there must be more to the rejection and would ideally try and hold on until the Aldermore rep is back.

I know, it seems insane.
My broker and I are both baffled by it. He has my full credit report, and the only negative impact has been not being on the electoral register.
I've asked my broker to hold off until the Rep is back as it seems even more bizarre they've come back with no questions, requests, just a flat out rejection and a generic response saying they reserve the right not to comment.

When he did the initial DIP it was declined based on the fact I had apparently taken a loan out last month 🤪 but that was cleared up, and DIP received. 

AFF8879

JMcc123 said:

AFF8879 said:

People have to move all the time, it’s a fact of life - the idea that all mainstream lenders would reject you simply because you’re not on the roll for an address you’ve very recently moved to is just bizarre, and (I think) nonsense. Have you ever been on the electoral roll? If so I really think there must be more to the rejection and would ideally try and hold on until the Aldermore rep is back.

I know, it seems insane.
My broker and I are both baffled by it. He has my full credit report, and the only negative impact has been not being on the electoral register.
I've asked my broker to hold off until the Rep is back as it seems even more bizarre they've come back with no questions, requests, just a flat out rejection and a generic response saying they reserve the right not to comment.

When he did the initial DIP it was declined based on the fact I had apparently taken a loan out last month 🤪 but that was cleared up, and DIP received. 

If it makes you feel any better… 5 years ago when I bought my first home, I was rejected by Coventry Building Society. Broker was shocked as there was zero apparent reason. However they refused to comment, and I went on to successfully get a mortgage with HSBC with no issues.

6 months later I got a letter in the post saying they had audited their processes and uncovered that actually, I shouldn’t have been rejected…. I was tempted to ask them to refund all the legal fees I lost from losing the first place I wanted to buy, but alas took the high road and moved on…