Mortgage declined with Leeds Building Society

Melis2024

Just an update but we received the offer from Accord today 😃 application went in on Wednesday last week so it was a 3 working day turn around and nothing but bog standard questions which were easy to resolve 🥹 we are very relieved and excited! I think Yorkshire building society are a bit more open to mild adverse cases. Rates very competitive as well, I would recommend them to anyone reading this forum or in a similar situation. 

Melis2024

JustMe18 said:

Strange, we have 7 years mortgage with Leeds and always had overdraft. Not sure if their policy has changed...

I am unsure but our mortgage advisor said it would be 50/50 as they have become a somewhat “picky” lender. We don’t really have any adverse as in CCJs or missed payments, just some background debt and an overdraft but have savings which are greater then that. Quite surprised that Leeds expects customers to be that squeaky clean, especially in the current climate. 

JamieJ89

Melis2024 said:

Just an update but we received the offer from Accord today 😃 application went in on Wednesday last week so it was a 3 working day turn around and nothing but bog standard questions which were easy to resolve 🥹 we are very relieved and excited! I think Yorkshire building society are a bit more open to mild adverse cases. Rates very competitive as well, I would recommend them to anyone reading this forum or in a similar situation. 

When you say bog standard questions, can I ask what they were?

Waiting on my mortgage offer from Accord, have some historic adverse so slightly nervous whilst I wait.

Melis2024

JamieJ89 said:

Melis2024 said:

Just an update but we received the offer from Accord today 😃 application went in on Wednesday last week so it was a 3 working day turn around and nothing but bog standard questions which were easy to resolve 🥹 we are very relieved and excited! I think Yorkshire building society are a bit more open to mild adverse cases. Rates very competitive as well, I would recommend them to anyone reading this forum or in a similar situation. 

When you say bog standard questions, can I ask what they were?

Waiting on my mortgage offer from Accord, have some historic adverse so slightly nervous whilst I wait.

They just asked about a few transactions and to upload 1x months bank statement for me to prove earnings (I think my broker must have forgot to do this). I wouldn’t worry about your historic adverse too much. I was very nervous and read lots of different forum posts. People with far worse adverse have been offered mortgages through YBS/&Accord and they generally seem quite good at getting to know your individual circumstance and background.

annetheman

Melis2024 said:

I have just been declined a mortgage with Leeds building society after passing their AIP for much higher than we were asking for and looking for some general advice on next steps we appear to be taking.

Our mortgage broker says they declined due to both of us actively using our overdrafts. He also said ‘Leeds are a picky lender’ but that the only reason we applied for them in the first place was to see if we could get a cheaper rate. 

He is now putting an application forward for us with Accord mortgages and says that he’s seen people with much worse background debt be accepted by them. 

Just for context my partner and I have a combined income of 80k (both for an employer). We have both been active with our overdrafts (but have now cleared them from savings after being declined). We have no dependents and FTB. Looking for a 90-95% mortgage. Parents are able to act as guarantors if it came to it or will release equity from their home to help us. However, we are trying to avoid getting to that stage. Our total combined loan debt is 14k and credit cards totalling 11k between us. 

We have no CCJs, IVAs, missed payments between us. I have a settled payday loan that is now 4 years old but still shows on my credit file. 

Am unsure if applying for Accord is a good second choice or what to do if we are declined a second time.

Wow you are in a very similar position to me - my broker has taken me straight to Accord.

Active overdraft: I haven't been in overdraft in many, many years, but in December a lifestyle company took a huge payment out (I thought it was pay in installments), which took me into overdraft - before that, absoutely nothing. It is now cleared by my pay, but I told my broker about it and provided an additional 3 months to show it is not a habitual thing.

Unsecured debt and light adverse: I have £13k credit cards but will have £6k by the time of mortgage due to my bonus paying off one entirely, also car loan and personal loan at around £9k. With all this, plus one annoyingly missed payment last May that was paid off in full the next month.

My credit utilisation overall vs income is low <25% and my income is relatively high £101k with bonus, employer.

So I think your broker is right to make that choice, or at least I hope so because mine has too and we sound like we have similar profiles! wishing you good luck!

JustMe18

annetheman said:

Melis2024 said:

I have just been declined a mortgage with Leeds building society after passing their AIP for much higher than we were asking for and looking for some general advice on next steps we appear to be taking.

Our mortgage broker says they declined due to both of us actively using our overdrafts. He also said ‘Leeds are a picky lender’ but that the only reason we applied for them in the first place was to see if we could get a cheaper rate. 

He is now putting an application forward for us with Accord mortgages and says that he’s seen people with much worse background debt be accepted by them. 

Just for context my partner and I have a combined income of 80k (both for an employer). We have both been active with our overdrafts (but have now cleared them from savings after being declined). We have no dependents and FTB. Looking for a 90-95% mortgage. Parents are able to act as guarantors if it came to it or will release equity from their home to help us. However, we are trying to avoid getting to that stage. Our total combined loan debt is 14k and credit cards totalling 11k between us. 

We have no CCJs, IVAs, missed payments between us. I have a settled payday loan that is now 4 years old but still shows on my credit file. 

Am unsure if applying for Accord is a good second choice or what to do if we are declined a second time.

Wow you are in a very similar position to me - my broker has taken me straight to Accord.

Active overdraft: I haven't been in overdraft in many, many years, but in December a lifestyle company took a huge payment out (I thought it was pay in installments), which took me into overdraft - before that, absoutely nothing. It is now cleared by my pay, but I told my broker about it and provided an additional 3 months to show it is not a habitual thing.

Unsecured debt and light adverse: I have £13k credit cards but will have £6k by the time of mortgage due to my bonus paying off one entirely, also car loan and personal loan at around £9k. With all this, plus one annoyingly missed payment last May that was paid off in full the next month.

My credit utilisation overall vs income is low <25% and my income is relatively high £101k with bonus, employer.

So I think your broker is right to make that choice, or at least I hope so because mine has too and we sound like we have similar profiles! wishing you good luck!

are you buying gain or remortgaging? 

annetheman

JustMe18 said:

annetheman said:

Melis2024 said:

I have just been declined a mortgage with Leeds building society after passing their AIP for much higher than we were asking for and looking for some general advice on next steps we appear to be taking.

Our mortgage broker says they declined due to both of us actively using our overdrafts. He also said ‘Leeds are a picky lender’ but that the only reason we applied for them in the first place was to see if we could get a cheaper rate. 

He is now putting an application forward for us with Accord mortgages and says that he’s seen people with much worse background debt be accepted by them. 

Just for context my partner and I have a combined income of 80k (both for an employer). We have both been active with our overdrafts (but have now cleared them from savings after being declined). We have no dependents and FTB. Looking for a 90-95% mortgage. Parents are able to act as guarantors if it came to it or will release equity from their home to help us. However, we are trying to avoid getting to that stage. Our total combined loan debt is 14k and credit cards totalling 11k between us. 

We have no CCJs, IVAs, missed payments between us. I have a settled payday loan that is now 4 years old but still shows on my credit file. 

Am unsure if applying for Accord is a good second choice or what to do if we are declined a second time.

Wow you are in a very similar position to me - my broker has taken me straight to Accord.

Active overdraft: I haven't been in overdraft in many, many years, but in December a lifestyle company took a huge payment out (I thought it was pay in installments), which took me into overdraft - before that, absoutely nothing. It is now cleared by my pay, but I told my broker about it and provided an additional 3 months to show it is not a habitual thing.

Unsecured debt and light adverse: I have £13k credit cards but will have £6k by the time of mortgage due to my bonus paying off one entirely, also car loan and personal loan at around £9k. With all this, plus one annoyingly missed payment last May that was paid off in full the next month.

My credit utilisation overall vs income is low <25% and my income is relatively high £101k with bonus, employer.

So I think your broker is right to make that choice, or at least I hope so because mine has too and we sound like we have similar profiles! wishing you good luck!

are you buying gain or remortgaging? 

Buying again - I've passed soft check application. Tomorrow is the big one...