Mortgage broker not communicating - lender rejecting evidence of savings for deposit

kerchingbinnacle

Just as an update, I received contact from my broker. The previous handler for my case is no longer with the company..

Hopefully smooth sailing from here on out. My case handler is in contact with Westbrom and they are aware of the financials regarding my deposit so fingers crossed this can all be wrapped up and an offer proposed.

kerchingbinnacle

Westbrom wouldn't accept the additional income from this year as a deposit unfortunately.

Parents are going to provide £30k of the £49k deposit. There's been a lot of back and forth with Westbrom. We submitted the gifted deposit letter for £30k as I had £20k in savings previously so was enough to cover the deposit..

They came back and said I needed another £10k. They didn't read my LISA statements which had ~£10k in them. Each time this happens it takes ~7 working days for them to get back to me. It's been a very long process..

Hopefully next week (or maybe even today if I'm lucky!) they'll confirm that the LISA covers the additional £10k they were wanting and they can continue on with the affordability checks.

Slightly worryingly I had a notification yesterday that my credit score dropped. Apart from a Hire Purchase agreement I don't have any credit to my name currently and I don't have any missed payments, so that's very odd. I think it might be because I settled a loan I had out a month or so ago which has only just been marked as settled on my file. I guess having the loan open was somehow boosting my score.

Hopefully nothing nefarious going on.. Westbrom still haven't run a credit check on me yet (or at least according to my credit search history). Hopefully I pass affordability checks, I have six figures including the deposit sitting in my bank..

CSI_Yorkshire

Credit score is a made up thing that nobody looks at.

The actual entries on the record are what matters - and they seem ok.

kerchingbinnacle

CSI_Yorkshire said:

Credit score is a made up thing that nobody looks at.

The actual entries on the record are what matters - and they seem ok.

Yeah well aware of that thankfully. Just a bit concerned that it has randomly dropped for some reason, hoping there hasn't been a missing payment recorded or such (not that I noticed one when I briefly scanned, and not that I have any payments that could've been missed other than the HP which definitely hasn't been).

kerchingbinnacle

After lots of back and forth I have just checked the mortgage portal and it has now moved onto waiting for the mortgage offer to be issued.

Two months and the lender is finally happy with the deposit! Hopefully it won't take them long to offer the mortgage.. I have my fingers crossed that they have already completed the affordability checks since the case has been open for so long. I'm not sure how much longer this part will take. I'm very eager to move now.

I also confirmed that there haven't been any missing credit payments so still unsure why my score has randomly decided to drop but hey-ho. Hopefully nothing that will impact the mortgage application.

fewcloudy

kerchingbinnacle said:

After lots of back and forth I have just checked the mortgage portal and it has now moved onto waiting for the mortgage offer to be issued.

Two months and the lender is finally happy with the deposit! Hopefully it won't take them long to offer the mortgage.. I have my fingers crossed that they have already completed the affordability checks since the case has been open for so long. I'm not sure how much longer this part will take. I'm very eager to move now.

I also confirmed that there haven't been any missing credit payments so still unsure why my score has randomly decided to drop but hey-ho. Hopefully nothing that will impact the mortgage application.

You mean confirmed with WestBrom? Why, did they ask you about your credit score? I doubt they would, so don't bring up anything that they haven't mentioned would be my strategy. 

kerchingbinnacle

fewcloudy said:

kerchingbinnacle said:

After lots of back and forth I have just checked the mortgage portal and it has now moved onto waiting for the mortgage offer to be issued.

Two months and the lender is finally happy with the deposit! Hopefully it won't take them long to offer the mortgage.. I have my fingers crossed that they have already completed the affordability checks since the case has been open for so long. I'm not sure how much longer this part will take. I'm very eager to move now.

I also confirmed that there haven't been any missing credit payments so still unsure why my score has randomly decided to drop but hey-ho. Hopefully nothing that will impact the mortgage application.

You mean confirmed with WestBrom? Why, did they ask you about your credit score? I doubt they would, so don't bring up anything that they haven't mentioned would be my strategy. 

Sorry, I meant I checked over my credit report and confirmed that there hadn't been any missing payments. I'm assuming TransUnion have just decided to lower my score because I paid a loan off and therefore my total available credit is now lower.

The only credit line I have currently is for a Hire Purchase for my vehicle so there isn't really much to go wrong in that sense. 

kerchingbinnacle

I'm happy to say that after 57 days of waiting I have just received my mortgage offer!

Thanks for any/all advice from the members on here.

caprikid1

Glad it all got sorted and your complaint to Primis clearly got swift action and everything back on track. I think there are c3000 independent brokers under Primis so it's no small organisation.

kerchingbinnacle

caprikid1 said:

Glad it all got sorted and your complaint to Primis clearly got swift action and everything back on track. I think there are c3000 independent brokers under Primis so it's no small organisation.

Yes I have to say that PRIMIS and the broker handled it quickly for me thankfully. The broker has been pretty good apart from that slight mishap.