Remortgage declined, any way of appeal?

layhar

layhar said:

dunstonh said:

layhar said:

GrumpyDil said:

If you didn't go via a broker I would strongly recommend finding a broker to help you as they are most likely to be able to identify a suitable lender. 

Appealing against a refusal is unlikely to get you anywhere as the lenders are free to choose who to do business with and you may just not meet their idea of who they want as a customer. 

Oh sorry, I should have said. This is through a broker. 

Is it a small broker or an online one?
They tend to be very good at this sort of thing if it's a small one.  Indeed, more often than not, they won't even submit a case unless they know it is going to go through.   The online/nationals tend to be a let-down on borderline cases or where you are pushing limits.

Is there anywhere I can go to have this looked into? A course of action I can take to get a decision overturned? Would it be something the FCS would deal with? 

This is something your broker should be doing.  However, a lender is ultimately free to decide what it does or does not take on.  The FCA will not intervene on your behalf.       So, what is your broker saying to you about this?

My broker is saying to go to another lender but the interest rate and fixed period are not as good. 

It’s a large broker I believe. 

layhar

housebuyer143 said:

layhar said:

RelievedSheff said:

Is your current lender not offering you a product switch

No, they say their criteria has changed and they no longer accept income support as an income. 

For a product switch they normally never ask for affordability details unless you are trying to borrow more?
You just select a new product and sign a piece of paper. They wouldn't even know you are not working. 

I asked to borrow a bit more, the heating and a bathroom need replacing. That aside, then not being a main lender their interest rates are a fair bit higher as standard so it would be ideal if I could get away from them. 

GrumpyDil

So you may be best advised to find another more local broker who can tailor their advice to your specific situation, rather than the larger one. 

Also having had one rejection you probably want to make sure that any alternative application will be accepted (as far as you can) before any further application is submitted. 

Sncjw

Could it be the LTV being too low? 

housebuyer143

layhar said:

housebuyer143 said:

layhar said:

RelievedSheff said:

Is your current lender not offering you a product switch

No, they say their criteria has changed and they no longer accept income support as an income. 

For a product switch they normally never ask for affordability details unless you are trying to borrow more?
You just select a new product and sign a piece of paper. They wouldn't even know you are not working. 

I asked to borrow a bit more, the heating and a bathroom need replacing. That aside, then not being a main lender their interest rates are a fair bit higher as standard so it would be ideal if I could get away from them. 

The choice then it's likely to not borrow anymore and product switch if no lender can be found that will lend to you. 

ACG

Did the lender change criteria (on the benefit income) before or after your application went in? If after, then they shoudl really be honouring it based on the criteria at the time. Although I suspect the broker has made the mistake here. 

If the lender changed their criteria after the application went in, yes, appeal it. I would be doing that as a broker and kicking up a fuss. 

I dont mean to be too blunt, but the other rate might not be as good but if you are not eligible for the initial rate then you cant have it.