Mortgage declined by Barclays for a vague reason

Naga007

Hi,

We got a letter from barclays saying that our mortgage offer is declined by audit/risk team due to 'commercial risk'. They have done a physical valuation survey and approved the valuation. Credit score is excellent/good on all credit agency platforms (experian, equifax, transunion). Both applicants' affordability is quite good. I am unable to understand why it is declined and learn from others who had a similar experience?

Mark_d

What type of property are you looking to buy?  Is it a house/flat in a regular housing development...or is it a flat above shop etc?

Naga007

Mark_d said:

What type of property are you looking to buy?  Is it a house/flat in a regular housing development...or is it a flat above shop etc?

It is a semi-detached bungalow in a common residential area. 

Naga007

Only reason I could think of is I have joined a new company 4 months back. Before that I was freelancing on and off for an year. But before freelancing I worked for a company for 11 years. I read somewhere that some banks check 6 months continuous permanent employment before the date of application. Not sure if Barclays is one of them. 

When I spoke to my mortgage advisor, he was clueless about the reason behind declining the offer. He said some random cases often go to audit teams and they sometimes don't give a strong reason for declining the offer. Feels very weird.

Hoenir

Everybody's circumstances differ. All number of aspects of the application are scored. There's a cut-off point where lenders won't wish to underwrite the business. Little point in worrying about it. Move on with your life.