Refused Mortgage Over And Over

[Deleted User]

Radicalrooster said:

Ok so I've gone and scared myself.

I found this thread about someone who applied for three mortgages at once and then got a fraud marker - https://forums.moneysavingexpert.com/discussion/6163507/unfair-fraud-markers-placed/p1

I am worried that since I have applied for a number of mortgages since September that this may also happen to me...

I must note - I applied one at a time and based on advisor's recommendations, but the fact is I have been declined by three lenders in the space of two months.

(When I mentioned Halifax and Nationwide earlier, those were phone calls only, not applications).

It is more likely to happen if you have multiple brokers inputting data for you.  A few typos here and there and it can appear that information it being changed to try get an approval.   

Obviously you are pretty desperate at this point but i would suggest only moving forward with a single person to reduce the chances of information being different across applications.  

Re the actual case, if you were employed via an umbrella company it would be significantly easier for you but as it is at the moment you only have (on my list anyway) 13 lenders who will currently lend on foreign income.  You have been declined by a few so it really shouldnt take long for the broker to pick up the phone to business managers and lay the case out.  As you go down to the smaller lenders it is much easier to speak to an underwriter pre applicaiton rather than just a telephone agent so hopefully they can find a solution. 

If it was me, I would be asking the business manager / underwriter of the lenders left to assess the basic case documents without an application going in.  That way no one wastes their time

Radicalrooster

Deleted_User said:

Radicalrooster said:

Ok so I've gone and scared myself.

I found this thread about someone who applied for three mortgages at once and then got a fraud marker - https://forums.moneysavingexpert.com/discussion/6163507/unfair-fraud-markers-placed/p1

I am worried that since I have applied for a number of mortgages since September that this may also happen to me...

I must note - I applied one at a time and based on advisor's recommendations, but the fact is I have been declined by three lenders in the space of two months.

(When I mentioned Halifax and Nationwide earlier, those were phone calls only, not applications).

It is more likely to happen if you have multiple brokers inputting data for you.  A few typos here and there and it can appear that information it being changed to try get an approval.   

Obviously you are pretty desperate at this point but i would suggest only moving forward with a single person to reduce the chances of information being different across applications.  

Re the actual case, if you were employed via an umbrella company it would be significantly easier for you but as it is at the moment you only have (on my list anyway) 13 lenders who will currently lend on foreign income.  You have been declined by a few so it really shouldnt take long for the broker to pick up the phone to business managers and lay the case out.  As you go down to the smaller lenders it is much easier to speak to an underwriter pre applicaiton rather than just a telephone agent so hopefully they can find a solution. 

If it was me, I would be asking the business manager / underwriter of the lenders left to assess the basic case documents without an application going in.  That way no one wastes their time

@Deleted_User This reply is golden thank you.

I should point out - I have been paid in USD two out of the six months I have been employed. My employer has been flexible, so technically the money entering my account is in GBP direct from the employer.

So if my understanding is correct, it's not so much the number of applications you make, but whether there could be discrepancies between each application or changes being made to 'please' the lender?

This does worry me still as, while we have only applied for one mortgage at a time, after each mortgage advisor has let us down we have sought the advice of another and switched. I could say being a FTB is my excuse but I can see this may be naive. I thought since I am the same person applying for the same house the application would be the same, but I can also see how small changes would look dodgy.

Each advisor (after my original) has said they've spoken to BDMs or underwriters before applying, which in turn gave us confidence to switch brokers, and all have said we are 'likely' to be accepted. Unfortunately this hasn't been the case.

I am beginning to think that perhaps these last couple of applications may have been declined because we have been marked as fraudulent? But that doesn't explain the original decline for the first couple. Perhaps supporting evidence regarding NI as previously mentioned?

Hmm...

[Deleted User]

Im surprised that you havent been able to get an answer on why you have been declined.  Business managers are usually quite helpful for giving pointers on that even if they arent supposed to.  
Have you tried to call the lenders and ask why you were declined? 

Radicalrooster

Deleted_User said:

Im surprised that you havent been able to get an answer on why you have been declined.  Business managers are usually quite helpful for giving pointers on that even if they arent supposed to.  
Have you tried to call the lenders and ask why you were declined? 

I'm going to call them now, I should have done this sooner.

Our last mortgage advisor, who applied with HSBC a second time, said their 'senior underwriter contact' said we were declined due to a 'previous issue'.

Talking with our mortgage advisor, they said this could be because of our first initial HSBC application being declined or something completely different. As mentioned we have no adverse credit, which is why we didn't get anywhere with a clear answer.

Thrugelmir

Radicalrooster said:

Deleted_User said:

Radicalrooster said:

Ok so I've gone and scared myself.

I found this thread about someone who applied for three mortgages at once and then got a fraud marker - https://forums.moneysavingexpert.com/discussion/6163507/unfair-fraud-markers-placed/p1

I am worried that since I have applied for a number of mortgages since September that this may also happen to me...

I must note - I applied one at a time and based on advisor's recommendations, but the fact is I have been declined by three lenders in the space of two months.

(When I mentioned Halifax and Nationwide earlier, those were phone calls only, not applications).

It is more likely to happen if you have multiple brokers inputting data for you.  A few typos here and there and it can appear that information it being changed to try get an approval.   

Obviously you are pretty desperate at this point but i would suggest only moving forward with a single person to reduce the chances of information being different across applications.  

Re the actual case, if you were employed via an umbrella company it would be significantly easier for you but as it is at the moment you only have (on my list anyway) 13 lenders who will currently lend on foreign income.  You have been declined by a few so it really shouldnt take long for the broker to pick up the phone to business managers and lay the case out.  As you go down to the smaller lenders it is much easier to speak to an underwriter pre applicaiton rather than just a telephone agent so hopefully they can find a solution. 

If it was me, I would be asking the business manager / underwriter of the lenders left to assess the basic case documents without an application going in.  That way no one wastes their time

I should point out - I have been paid in USD two out of the six months I have been employed. My employer has been flexible, so technically the money entering my account is in GBP direct from the employer.

Contractually are you are paid in US $ though?  The fact you receive GDP simply means that your employer is incurring the exchange fees. 

Radicalrooster

Thrugelmir said:

Radicalrooster said:

Deleted_User said:

Radicalrooster said:

Ok so I've gone and scared myself.

I found this thread about someone who applied for three mortgages at once and then got a fraud marker - https://forums.moneysavingexpert.com/discussion/6163507/unfair-fraud-markers-placed/p1

I am worried that since I have applied for a number of mortgages since September that this may also happen to me...

I must note - I applied one at a time and based on advisor's recommendations, but the fact is I have been declined by three lenders in the space of two months.

(When I mentioned Halifax and Nationwide earlier, those were phone calls only, not applications).

It is more likely to happen if you have multiple brokers inputting data for you.  A few typos here and there and it can appear that information it being changed to try get an approval.   

Obviously you are pretty desperate at this point but i would suggest only moving forward with a single person to reduce the chances of information being different across applications.  

Re the actual case, if you were employed via an umbrella company it would be significantly easier for you but as it is at the moment you only have (on my list anyway) 13 lenders who will currently lend on foreign income.  You have been declined by a few so it really shouldnt take long for the broker to pick up the phone to business managers and lay the case out.  As you go down to the smaller lenders it is much easier to speak to an underwriter pre applicaiton rather than just a telephone agent so hopefully they can find a solution. 

If it was me, I would be asking the business manager / underwriter of the lenders left to assess the basic case documents without an application going in.  That way no one wastes their time

I should point out - I have been paid in USD two out of the six months I have been employed. My employer has been flexible, so technically the money entering my account is in GBP direct from the employer.

Contractually are you are paid in US $ though?  The fact you receive GDP simply means that your employer is incurring the exchange fees. 

Yes my contract is in USD, however my employer has said they are happy to pay in GBP.

I believe they convert the amount first and then send me the GBP.

MWT

Thrugelmir said:

Contractually are you are paid in US $ though?  The fact you receive GDP simply means that your employer is incurring the exchange fees. 

... or they just checked the box on the wire instruction to make the payment in GBP at the prevailing rate.

If they are making a fixed GBP payment each month that is certainly better, and hopefully written into the contract.

Tatters26

Radicalrooster said:

Yes my contract is in USD, however my employer has said they are happy to pay in GBP.

I believe they convert the amount first and then send me the GBP.

I'm no expert but I'm the Director of a recruitment agency, so see many employment contracts and terms, and something like this rings a bell from a few years ago where I had a candidate unable to secure a credit card based off his employment due to which side of the pond the money was converted from $ to £

kayleighali

Just wanted to clarify something as it's not a situation I have come across before...you say you pay HMRC by DD, where is this sent and how do they know to allocate to your record? Like someone above has said, this would normally be sent to HMRC under and employer PAYE reference (or AO reference for payment) but that wouldn't be the case here and might be a contributory factor in what's going wrong.

Have you checked your Personal Tax Account to see what that shows your status as?

Thrugelmir

Radicalrooster said:

Thrugelmir said:

Radicalrooster said:

Deleted_User said:

Radicalrooster said:

Ok so I've gone and scared myself.

I found this thread about someone who applied for three mortgages at once and then got a fraud marker - https://forums.moneysavingexpert.com/discussion/6163507/unfair-fraud-markers-placed/p1

I am worried that since I have applied for a number of mortgages since September that this may also happen to me...

I must note - I applied one at a time and based on advisor's recommendations, but the fact is I have been declined by three lenders in the space of two months.

(When I mentioned Halifax and Nationwide earlier, those were phone calls only, not applications).

It is more likely to happen if you have multiple brokers inputting data for you.  A few typos here and there and it can appear that information it being changed to try get an approval.   

Obviously you are pretty desperate at this point but i would suggest only moving forward with a single person to reduce the chances of information being different across applications.  

Re the actual case, if you were employed via an umbrella company it would be significantly easier for you but as it is at the moment you only have (on my list anyway) 13 lenders who will currently lend on foreign income.  You have been declined by a few so it really shouldnt take long for the broker to pick up the phone to business managers and lay the case out.  As you go down to the smaller lenders it is much easier to speak to an underwriter pre applicaiton rather than just a telephone agent so hopefully they can find a solution. 

If it was me, I would be asking the business manager / underwriter of the lenders left to assess the basic case documents without an application going in.  That way no one wastes their time

I should point out - I have been paid in USD two out of the six months I have been employed. My employer has been flexible, so technically the money entering my account is in GBP direct from the employer.

Contractually are you are paid in US $ though?  The fact you receive GDP simply means that your employer is incurring the exchange fees. 

Yes my contract is in USD, however my employer has said they are happy to pay in GBP.

I believe they convert the amount first and then send me the GBP.

You are exposed to flutuations in the $ £ exchange rate. If the £ were to return to a rate of say $1.65. Then your income would drop by around 20%.