We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Mortgage declined after acceptance

Newheight13
Newheight13 Posts: 246 Forumite
Fourth Anniversary 100 Posts Name Dropper
in House buying, renting & selling

Hi guys,


Mortgage had been accepted subject to work being carried out before they would lend due to structual issues - so that mortgage is pending.

We decided today to pull out and our broker ran another AIP with them again for an additional 50k but it came back with ‘declined’ and the reason being ‘credit score?’ Broker advised it should have said ‘affordability’ but looks to be an issue with credit score but nothing changed on our reports in the last 3 days.

Can anyone shed any light on this please?

«1

Comments

  • Nearlyold
    Nearlyold Posts: 2,458 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker

    I would guess it's because they don't fancy lending you £50k more than the previously agreed mortgage offer.

  • Newheight13
    Newheight13 Posts: 246 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    https://forums.moneysavingexpert.com/discussion/comment/81874550#Comment_81874550

    I thought this but the broker advised it would come up with ‘affordability’ rather than the credit score.

  • Newheight13
    Newheight13 Posts: 246 Forumite
    Fourth Anniversary 100 Posts Name Dropper

    Hi guys, 


    Mortgage had been accepted subject to work being carried out before they would lend due to structual issues - so that mortgage is pending. 

    We decided today to pull out and our broker ran another AIP with them again for an additional 50k but it came back with ‘declined’ and the reason being ‘credit score?’ Broker advised it should have said ‘affordability’ but looks to be an issue with credit score but nothing changed on our reports in the last 3 days. 

    Can anyone shed any light on this please?

  • Ayr_Rage
    Ayr_Rage Posts: 3,801 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    edited 7 February at 3:51PM

    DUPLICATE Please do not post the same across multiple boards.


    Already on the go here.


    https://forums.moneysavingexpert.com/discussion/6654339/mortgage-declined-after-acceptance#latest

  • Ayr_Rage
    Ayr_Rage Posts: 3,801 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper

    Maybe the broker is wrong.

  • kingstreet
    kingstreet Posts: 39,442 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic

    What were/are the old and new loan to value percentages?

    Which lender?

    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • Newheight13
    Newheight13 Posts: 246 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    https://forums.moneysavingexpert.com/discussion/comment/81874627#Comment_81874627

    both 5% deposits with Natwest

  • kingstreet
    kingstreet Posts: 39,442 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic

    Credit score doesn't mean the number assigned by a credit reference agency. Lenders have their own internal score card which is created using a lot more data on top of the CRA data. Period in employment, time at current address, source of deposit… any number of different components.

    It sounds like between the first application and this one, NatWest has increased its score threshold for 95% business. Possibly as a result of an increased number of applications in recent weeks or the desire to increase the quality of its 95% book following adverse experience.

    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • Newheight13
    Newheight13 Posts: 246 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    https://forums.moneysavingexpert.com/discussion/comment/81875747#Comment_81875747

    Thank you kingsstreet.
    Does this mean the initial application that was accepted is still valid?
    Thanks you

  • kingstreet
    kingstreet Posts: 39,442 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic

    Probably not if you're trying to increase the amount to be borrowed.

    NatWest will do a change of property on an existing application but if you're failing a decision in principle for the new amount it's likely you'll be rescored on the old app for the amended property etc.

    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.1K Banking & Borrowing
  • 254.3K Reduce Debt & Boost Income
  • 455.3K Spending & Discounts
  • 247.1K Work, Benefits & Business
  • 603.7K Mortgages, Homes & Bills
  • 178.3K Life & Family
  • 261.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture