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  • FIRST POST
    • Bongofish
    • By Bongofish 12th Jan 18, 5:25 PM
    • 23Posts
    • 3Thanks
    Bongofish
    Can you turn a decline into an acceptance.
    • #1
    • 12th Jan 18, 5:25 PM
    Can you turn a decline into an acceptance. 12th Jan 18 at 5:25 PM
    Hi.

    If you got turned down at underwriting stage for poor credit with a 15% deposit, is this final?

    Or can you go back and offer a 20% deposit or 25% deposit etc etc until they may possibly agree?

    Just a quick question really. If you get turns down at a late stage and have wasted weeks on waiting whether theirs anything you can do or say to pull it back?
Page 1
    • amnblog
    • By amnblog 12th Jan 18, 5:32 PM
    • 10,546 Posts
    • 4,171 Thanks
    amnblog
    • #2
    • 12th Jan 18, 5:32 PM
    • #2
    • 12th Jan 18, 5:32 PM
    That depends on the reason for your decline. What has your broker said?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • kingstreet
    • By kingstreet 12th Jan 18, 5:40 PM
    • 33,544 Posts
    • 18,181 Thanks
    kingstreet
    • #3
    • 12th Jan 18, 5:40 PM
    • #3
    • 12th Jan 18, 5:40 PM
    Have you been declined, or are you still trying to find an answer to every possible outcome that might take place?
    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.
    • ACG
    • By ACG 12th Jan 18, 5:48 PM
    • 17,017 Posts
    • 8,913 Thanks
    ACG
    • #4
    • 12th Jan 18, 5:48 PM
    • #4
    • 12th Jan 18, 5:48 PM
    It really depends, I get declines a few times a year, most of them I get overturned but thats because I get the green light from my account managers before applying.

    Occasionally (twice last year) I had cases declined that I could not get overturned.

    But as has been said, it really depends on why and who the lender is. If you have a broker, they should be working on it. If you dont, then you can go through the appeals process but I would suggest saving your time and finding a new lender.
    I am a Mortgage Adviser
    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.
    • Bongofish
    • By Bongofish 12th Jan 18, 5:59 PM
    • 23 Posts
    • 3 Thanks
    Bongofish
    • #5
    • 12th Jan 18, 5:59 PM
    • #5
    • 12th Jan 18, 5:59 PM
    Just working out worse possible scenarios. Ha. I still don!!!8217;t get it. Through a broker we have had a DIP with nationwide and I have a default from 3 years ago with a payday loan and some missed payments over a year ago. However my partner has perfect score. My broker has not asked any questions but has seen our bank statements and we have had a hard credit check done by nationwide. We have now a valuation booked for Thursday and I don!!!8217;t know if this is all good or whether it!!!8217;s just delaying the inevitable or being turned down at some stage?
    • amnblog
    • By amnblog 12th Jan 18, 6:15 PM
    • 10,546 Posts
    • 4,171 Thanks
    amnblog
    • #6
    • 12th Jan 18, 6:15 PM
    • #6
    • 12th Jan 18, 6:15 PM
    Your Broker has completed a DIP, has not asked any equestrians, and has not seen your bank statements?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • Bongofish
    • By Bongofish 12th Jan 18, 6:23 PM
    • 23 Posts
    • 3 Thanks
    Bongofish
    • #7
    • 12th Jan 18, 6:23 PM
    • #7
    • 12th Jan 18, 6:23 PM
    Yes he!!!8217;s done all those. He asked for bank statements which he!!!8217;s seen. We have done affordability, basically everything and now nationwide have sent a text saying a valuation date has been arranged but i still don!!!8217;t get why no questions have been asked with my past credit history :/
    • amnblog
    • By amnblog 12th Jan 18, 6:44 PM
    • 10,546 Posts
    • 4,171 Thanks
    amnblog
    • #8
    • 12th Jan 18, 6:44 PM
    • #8
    • 12th Jan 18, 6:44 PM
    What questions would you like them to ask? Their system has told them you fit criteria.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • Bongofish
    • By Bongofish 12th Jan 18, 6:56 PM
    • 23 Posts
    • 3 Thanks
    Bongofish
    • #9
    • 12th Jan 18, 6:56 PM
    • #9
    • 12th Jan 18, 6:56 PM
    Well I!!!8217;m just surprised at this stage after handing over 999 and a valuation being booked nothing has been picked up :/....
    • Spikecast
    • By Spikecast 12th Jan 18, 7:48 PM
    • 49 Posts
    • 7 Thanks
    Spikecast
    Sounds to me like you're overthinking things, don't worry about things that haven't happened or are unlikely to. Sounds positive so far!
    • bigstevex
    • By bigstevex 12th Jan 18, 10:40 PM
    • 705 Posts
    • 342 Thanks
    bigstevex
    Correct me if I'm wrong but once it gets to valuation stage as long as you haven't lied and the house is the right value it's passed their checks? Don't see how you've been rejected or are you talking hypothetically?
    • Dolly123
    • By Dolly123 12th Jan 18, 11:01 PM
    • 147 Posts
    • 12 Thanks
    Dolly123
    Your Broker has completed a DIP, has not asked any equestrians, and has not seen your bank statements?
    Originally posted by amnblog
    Am I missing something what do horses have to with anything?
    • TheBanker
    • By TheBanker 13th Jan 18, 9:11 AM
    • 618 Posts
    • 1,562 Thanks
    TheBanker
    Am I missing something what do horses have to with anything?
    Originally posted by Dolly123
    I guess the OP wanted to hear the decision from the horse's mouth.
    Make 10 a day challenge: Jan-18: 330 / 400
    • Bongofish
    • By Bongofish 13th Jan 18, 11:43 AM
    • 23 Posts
    • 3 Thanks
    Bongofish
    Haha good one! . Is nationwide mortgage department open on Saturdays or will it all be mon-fri does anyone know?
    • Thrugelmir
    • By Thrugelmir 13th Jan 18, 2:41 PM
    • 58,876 Posts
    • 52,210 Thanks
    Thrugelmir
    Correct me if I'm wrong but once it gets to valuation stage as long as you haven't lied and the house is the right value it's passed their checks? Don't see how you've been rejected or are you talking hypothetically?
    Originally posted by bigstevex
    Depends on the internal procedures of the lender. Different work streams may handle different aspects of the mortgage application.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Spendingqueen
    • By Spendingqueen 27th Jan 18, 12:39 PM
    • 133 Posts
    • 31 Thanks
    Spendingqueen
    My application submitted 22nd and valuation submitted very next morning, then was on 24th and I still haven't heard so obviously it isn't the last process.
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