Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Coldfy
    • By Coldfy 11th Apr 18, 9:22 PM
    • 16Posts
    • 10Thanks
    Coldfy
    Mortgage Declined
    • #1
    • 11th Apr 18, 9:22 PM
    Mortgage Declined 11th Apr 18 at 9:22 PM
    Hi All,

    Part rant, part advice seeking.

    We are FTB, 90% LTV, and applying for mortgage through a broker. Broker says our affordability is fine. Partner has a clear credit score, I have one default of 50 five years ago. We applied for the mortgage 4 weeks ago.

    We found out today that the mortgage has been declined by the lender. This is where it gets complicated. There was an admin error in the application where my title was incorrectly listed as Mrs as opposed to Miss. Upon correcting this, for some unknown reason, the lender performed TEN hard credit searches, causing a dent in my score. This then pushed my score below their automated threshold. The underwriter continued with the application, telling the broker that it would be overridden.

    We have found out today that they are not willing to overturn the decision as previously advised. Understandable to an extent, but their ten hard searches will now have an impact on any application elsewhere. We cant current appeal as the case is terminated (because it took them so long to tell us).

    The broker is great and working hard to resolve this but Im terrified well lose our dream house. Any comforting words or gems of wisdom appreciated!
Page 1
    • ACG
    • By ACG 11th Apr 18, 9:25 PM
    • 16,701 Posts
    • 8,681 Thanks
    ACG
    • #2
    • 11th Apr 18, 9:25 PM
    • #2
    • 11th Apr 18, 9:25 PM
    There are lenders who do not credit score, so that could be an option.
    But I would leave it in the hands of your broker.
    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.
    • Jaywood89
    • By Jaywood89 11th Apr 18, 9:26 PM
    • 123 Posts
    • 60 Thanks
    Jaywood89
    • #3
    • 11th Apr 18, 9:26 PM
    • #3
    • 11th Apr 18, 9:26 PM
    If all this happened as you said then I!!!8217;d say, Formal complaint, and a good discussion with your broker about your other options. Don!!!8217;t panic yet. There are always options



    I doubt the complaint would be dealt with in time for any result but I wouldn!!!8217;t let it lie where it is either
    • MortgageMamma
    • By MortgageMamma 11th Apr 18, 9:30 PM
    • 6,194 Posts
    • 3,057 Thanks
    MortgageMamma
    • #4
    • 11th Apr 18, 9:30 PM
    • #4
    • 11th Apr 18, 9:30 PM
    I don't understand why a lender would do ten hard credit searches on someone, its seems excessive. If they had any questions following a credit search perhaps they could have asked for further info?


    Have you asked the broker do you have grounds to complain to the lender for the searches and how long it took to reach a decision.


    I occasionally mis-key things on mortgage applications, and I know full well something as simple as a title change doesn't cause four weeks worth of delays and ten credit searches. You just send a material change form to the lender, sign it, the lenders accepts it. I've never had any problems such as yours for mis-spelling a name or putting the wrong date of birth or whatever.


    I'm not sure what to suggest as you seem satisfied with your broker, but have you been given the actual reason that your application has been declined by the lender? This is an important bit of info as its the basis of professional advice for you following this. What is your broker proposing to do?
    Hi there! Weve had to remove your signature. Please check the Forum Rules if youre unsure why its been removed and, if still unsure, email forumteam@moneysavingexpert.com
    • feekerry
    • By feekerry 11th Apr 18, 10:04 PM
    • 74 Posts
    • 26 Thanks
    feekerry
    • #5
    • 11th Apr 18, 10:04 PM
    • #5
    • 11th Apr 18, 10:04 PM
    Can you actually see the 10 hard searches on your file? Or have you just been told thats the case?
    If you can see them when were they dated? All same day? Different days/weeks?
    • Coldfy
    • By Coldfy 11th Apr 18, 10:26 PM
    • 16 Posts
    • 10 Thanks
    Coldfy
    • #6
    • 11th Apr 18, 10:26 PM
    • #6
    • 11th Apr 18, 10:26 PM
    We!!!8217;re happy with our broker as they seem to be doing everything within their power, including pulling in relevant expertise from elsewhere in the firm and speaking directly to the business development manager for the lender. The broker is actively pursuing appeal/complaint/other options.

    The plan from broker is to find out the exact reason for the decline this week (current vague reason is credit score, which was fine when I was Mrs but not fine now I am Miss), in conjunction with looking at the rest of the market for a more suitable deal. With the expectation that an appeal/complaint will take weeks, we are prepared (with MB advice) to approach another lender if needed. A straight appeal isn!!!8217;t possible due to 2 weeks it took the lender to inform the broker that we were declined, because the case has since been terminated.

    Yes, I can see the searches on my credit file. They!!!8217;re split over two separate days very close to the start of the mortgage application. I!!!8217;ve forwarded it all to the broker who is raising it with the lender.

    ETA: I!!!8217;m probably using the term appeal wrongly, we can!!!8217;t go through them normal appeal process as case is terminated, but the broker is !!!8216;appealling!!!8217; via phone/email/f2f with the lender BDM to see if there is anything that can be done before a formal complaint.
    Last edited by Coldfy; 11-04-2018 at 10:32 PM.
    • Coldfy
    • By Coldfy 12th Apr 18, 7:18 PM
    • 16 Posts
    • 10 Thanks
    Coldfy
    • #7
    • 12th Apr 18, 7:18 PM
    • #7
    • 12th Apr 18, 7:18 PM
    Thanks for the comments guys

    Today!!!8217;s update is that business development manager has agreed to an appeal, and will submit the paperwork on our behalf. Hopefully we should have an answer mid next week.
    • Coldfy
    • By Coldfy 19th Apr 18, 2:21 PM
    • 16 Posts
    • 10 Thanks
    Coldfy
    • #8
    • 19th Apr 18, 2:21 PM
    • #8
    • 19th Apr 18, 2:21 PM
    Update: Our mortgage appeal was approved by underwriters today. We're now waiting for all of the paperwork to come through!
    • pink_pirlie
    • By pink_pirlie 19th Apr 18, 4:25 PM
    • 146 Posts
    • 95 Thanks
    pink_pirlie
    • #9
    • 19th Apr 18, 4:25 PM
    • #9
    • 19th Apr 18, 4:25 PM
    Update: Our mortgage appeal was approved by underwriters today. We're now waiting for all of the paperwork to come through!
    Originally posted by Coldfy


    Congratulations!!!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

864Posts Today

6,596Users online

Martin's Twitter
  • Today's twitter poll: have you ever seen a ghost?

  • RT @JohnnyMercerUK: Another important day ahead in achieving parity of esteem between mental and physical health: the breathing space schem?

  • RT @mmhpi: Third time lucky? After being delayed twice, tomorrow MPs are due to debate our #RecoverySpace proposals in parliament. @helen_u?

  • Follow Martin