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Mortgage declined after acceptance
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?
Comments
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I would guess it's because they don't fancy lending you £50k more than the previously agreed mortgage offer.
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I thought this but the broker advised it would come up with ‘affordability’ rather than the credit score.
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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?
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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#latest2 -
Maybe the broker is wrong.
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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.2 -
both 5% deposits with Natwest
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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.0 -
Thank you kingsstreet.
Does this mean the initial application that was accepted is still valid?
Thanks you0 -
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.0
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