Declined Accord Mortgages - haven't a clue why! Help!

vase · 6 September 2016 at 7:46PM

A broker just advised me that a joint mortgage application for me and my partner has been declined by Accord Mortgages.

Details:

* Remortgage
* Borrowing £211,500 on £240,000 house, so just under 90% LTV
* £190,000 ish balance on current mortgage - extra borrowing for home improvements
* 33 years
* 2.34% fixed 2 years

The only things showing on my file is an AP from a while ago that settled last year. There are no defaults, no missed payments, no CCJs etc. Partner the same. I logged into Experian and Equifax today and they said that I wasn't on the electoral roll, I am and they changed it. Not sure if the same is tru fro my partner's - would this affect it?

We earn £71k between us and affordability seems to be fine. I read Accord's lending criteria before the application was made just to satisfy myself that we met them, and there was nothing that would raise a question or make me nervous so I am shocked that it's been declined outright.

The broker said he'll chase for feedback first thing - are they likely to tell him what the issue is or might they be vague?

I'm concerned that this might be a sign of how other lenders might see us and am hoping for some good feedback. In the meantime (because I'm worried!), I would very much appreciate your thoughts on the above and any experience with this lender.

Many thanks.

Thrugelmir · 6 September 2016 at 7:51PM

Lenders will have their own criteria.

An AP is a form of default. With your household annual income why was it necessary to enter into one?

Do you have much unsecured debt between you?

How much equity are you looking to release for home improvements and what are the "improvements"?

vase · 6 September 2016 at 8:02PM

Thanks for your reply.

The lending criteria I checked is Accord's lending cirteria, we were ok on every point.

The AP was actually from a default back in 2006, ish. The AP was on there showing that it was being paid (small amount every month) and then settled once balance had been paid. It was necessary to enter into one when a former partner left me with thousands of debt, a child and no maintenance. I wasn't earning as much then.

Unsecured debt for me is just under £4k on credit card, £11,000 loan and same on a car. Partner is £700 Next account and £800 credit card.

From the post, you'll see that the equity release is £21,500 to include garage conversion to study, utility, WC; new bathroom, knocking through into another bathroom to make en-suite; and other things if it stretches! (Partner is in building trade)

I hope that gives more of a context... Thanks!

Limibo · 19 June 2018 at 11:44AM

How did you get on with this? We have submitted an application and worried.
Finances are ok now but 6 years ago not so good. Few late payments and arrangement plan all now closed but still makes me nervous

Lauren090588 · 29 June 2018 at 10:50PM

I'm interested to know how you got on too. I am just about to make an application to accord through a broker and I'm petrified of being declined. My previous credit history has not been the best. I had a default 6 years ago which has not just come off file. I also had a few payday loans 5/6 years ago. ( Went through a really bad financial stage) but I would say for the past 4 years I have been doing really well financially. I do have a credit card with a limit of only £300 (for emergencies) which at the moment is close to the limit as I have been on maternity leave (go back on Monday !!!55357;!!!56875;) so needed for emergencies whilst money has been tight. I also have a PayPal credit account limit of £500 with a balance of £200. Both these accounts will be paid off next month when I get my first full wage on returning to work. Me and my partner have no other debt /loans/car finance. What is the likelihood of us being accepted? I'm really worried. How did you get on Limobo?

Lauren090588 · 29 June 2018 at 10:54PM

I'm interested to know how you got on too. I am just about to make an application to accord through a broker and I'm petrified of being declined. My previous credit history has not been the best. I had a default 6 years ago which has just come off file. I also had a few payday loans 5/6 years ago. ( Went through a really bad financial stage) but I would say for the past 4 years I have been doing really well financially. I do have a credit card with a limit of only £300 (for emergencies) which at the moment is close to the limit as I have been on maternity leave (go back on Monday !!!55357;!!!56875 so needed for emergencies whilst money has been tight. I also have a PayPal credit account limit of £500 with a balance of £200. Both these accounts will be paid off next month when I get my first full wage on returning to work. Me and my partner have no other debt /loans/car finance. What is the likelihood of us being accepted? I'm really worried. How did you get on Limibo?

Caz3121 · 30 June 2018 at 12:09AM

Things change and what happened in 2016 (when the user last posted) may not be relevant today

amnblog · 30 June 2018 at 8:12AM

Lots of panic here.

We don!!!8217;t even yet know if the Broker has simply miss keyed something on the form.

Why on Earth you would be told this news just before the weekend and before the Broker has identified the problem is beyond me.

HampshireH · 30 June 2018 at 8:19AM

Lots of panic here.

We don!!!8217;t even yet know if the Broker has simply miss keyed something on the form.

Why on Earth you would be told this news just before the weekend and before the Broker has identified the problem is beyond me.

Which post are you replying to? The OP was from 2016:)

Lauren090588 · 30 June 2018 at 5:37PM

I was replying to Limibo who posted 10days ago saying they had put an application in and was worried as they had bad finances 6 years ago. I was wondering if they had heard back to say they had been accepted??

Declined Accord Mortgages - haven't a clue why! Help!

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