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Help Needed: Mortgage Refusal Due to Possible Financial Oversight
Comments
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Hoenir said:fatboydaz said:Hoenir said:fatboydaz said:
Currently, we are living with our three children at my brother's home while our house is rented out. The prospect of renting a home ourselves is not appealing.
It does not matter if it is on a variable rate at 9%, if it is self funding and affordability is ok, which it appears to be, its clearly not the problem.
You would also expect a lender to be far less secretive about this being the reason for a decline.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
ACG said:Hoenir said:fatboydaz said:Hoenir said:fatboydaz said:
Currently, we are living with our three children at my brother's home while our house is rented out. The prospect of renting a home ourselves is not appealing.
It does not matter if it is on a variable rate at 9%, if it is self funding and affordability is ok, which it appears to be, its clearly not the problem.
You would also expect a lender to be far less secretive about this being the reason for a decline.0 -
Hoenir said:ACG said:Hoenir said:fatboydaz said:Hoenir said:fatboydaz said:
Currently, we are living with our three children at my brother's home while our house is rented out. The prospect of renting a home ourselves is not appealing.
It does not matter if it is on a variable rate at 9%, if it is self funding and affordability is ok, which it appears to be, its clearly not the problem.
You would also expect a lender to be far less secretive about this being the reason for a decline.
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I spoke to a few financial advisors today who specialise in this, they said even if you rectify any mistakes on the National Hunter Database the chances of you getting mortgage remains the same. They hardly ever remove the mark on your name so your best option is to rent for 6 years and accept the fact that you have accidentally what they believe deliberately tried something illegal. My only other option is to go to a private lender who charges 8% interest only but that's just insane.
I honestly feel like I have let my entire family down and we are just in limbo now.0 -
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MWT said:
The first bank that declined the mortgage was TSB so do you think it's worth approaching them before the hunter report arrives?0 -
fatboydaz said:MWT said:I suspect anything short of a well advanced mortgage application is going to have the same result, but I wouldn't suggest telling them specifically about National Hunter.If your broker couldn't get more details out of TSB then I doubt that just asking them will get any more details.Personally if I was in your shoes I'd be inclined to try reapplying to TSB after you've got the tax record corrected and have your broker specifically mention that the tax issue was discovered and fixed...It would be good to hear ACG's perspective as a broker as well.
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Update on this is we received an email from Cifas that said.As of the above date, there is no Cifas data on our systems registered in your name and date of birth at the address(es) you supplied
So now still waiting on the National Hunter Report.0 -
Every seller is different. But what you tend to find is if you hide away from the agents trying to drag things out, that will only go on for so long. They know if you are not calling back there is a problem.
Telling them that there is a problem and that you are resolving it will have one of 2 outcomes, they give you some time to sort it or they get a bit worried and put it back on the market. Hiding from them is only going to have one outcome, they put it back on the market and potentially blacklist you from future viewings.
I have just checked with a couple of lenders (little building societies) out of curiosity more than anything and they have basically said they could "potentially consider it". Its far from a guarantee as I have had lenders say they can consider it and then decline. But its also not 8% if it is accepted.
I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If my wife and I have made a joint application for a mortgage and the underwriter has denied it, will both our names be flagged on the National Hunter register? My wife has been working in a school for the past 10 years, so I'm confident there are no issues with her name. We are considering having her purchase the property with my brother or sister and leaving my name off the application.
What I am worried about is if it is flagged again, will it then affect my sibling for future applications? Any advice or insights would be appreciated.
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