mortgage application disappointment - have we grounds to complain?

dwsjarcmcd

_Andy_ wrote: »

Why would it help? The underwriters have already made a decision based on issues surrounding income.

Why would it help? As a broker have you never challenged an underwriters decision, and have you never had it overturned? If you've not then your the only one I've met (and that's a lot!).

Branch Managers challenge these decisions all the time and will have reasonable success, particularly where it is an existing borrower. That's why it would help.

To the OP, yes of course you can ask for the case to be looked at. I still say your best hope is to enlist the help of your local branch

Dan_Collins_2

dwsjarcmcd wrote: »

Why would it help? As a broker have you never challenged an underwriters decision, and have you never had it overturned? If you've not then your the only one I've met (and that's a lot!).

Branch Managers challenge these decisions all the time and will have reasonable success, particularly where it is an existing borrower. That's why it would help.

To the OP, yes of course you can ask for the case to be looked at. I still say your best hope is to enlist the help of your local branch

You have a good point but I think it is more about the situation we are in. We have had at least 4 or 5 lenders tell us that if computer says no its no!

But if you dont ask you dont get!

TEDDYRUKSPIN

Funny! What you guys/gals do not understand that approval goes through at least 2 lending managers. Even if it is £24k! From what I can gather, this tells me that the system has picked up an affordability issue meaning that it had to be referred on.

The telephone advisors would only be able to offer you a mortgage agreement in principle!!!

dk67

just wanted to add a post note...

it pays to be proactive. I wrote and explained that the whole communication issue could have been better dealt with and I found the application process very patchy.

i got a phone call from the Mortgage Centre Manager to say that after looking into my case, she found that we ARE entitled to the extension on our mortgage. She said staff had been confused by so many recent changes to the calculation and affordability requirements. We then received an offer in writing with an apology.:T

kunekune

Well done. I must admit I was at a loss to see how they could argue there was an affordability problem, based on what you had said! You are way below what they would lend to a new borrower, and have three years of overpaying to your credit.

dunstonh

Well, I have to say well done. I didnt think it would result in anything other than a "we're sorry". They must have found faults somewhere as if anything, their criteria has tightened.

Bet you very pleased with that outcome.

Rabiddog_2

I was about to write that you're obviously a drug dealer with loads of cash money (LOL)... Yes persistence does pay and even with a telephone confirmation (on the 24k) you could have suffered both loss and inconvenience.
Incidentally wouldn't it have been better to have saved the 45k (paid off the mortgage) to pay for the extension, rather than to borrow again with all the associated fees and (maybe) extra costs of increasing your Mortgage?? Plus your borrowing rate could possibly be cheaper

gfplux

Hello DK67,
How was it possible you did not know you had exceeded you C/C limit? had they reduced it without telling you.

Dan_Collins_2

Who is the lender. A few lenders have stopped FA's full stop.

dk67

Hi it was norwich and Peterborough BS