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    • Zoe Nurse
    • By Zoe Nurse 15th Jan 20, 10:58 AM
    • 3Posts
    • 0Thanks
    Zoe Nurse
    Masthaven Bank - Buy to Let Mortgage
    • #1
    • 15th Jan 20, 10:58 AM
    Masthaven Bank - Buy to Let Mortgage 15th Jan 20 at 10:58 AM
    Hi, anyone had any issues with this bank. I applied for a BTL mortgage with them using a broker to transfer the mortgage over on a property I had previously lived in. I submitted all the required paperwork. They have refused the application outright which I haven't got an issue with if they will tell me why which they won't. I have no adverse credit history and am not on the Cifas register. Not only that they have gone back to the broker with a stipulation not to proceed with any further BTL applications from me. I personally think this is outrageous as they again refuse to tell me why. I am beginning to wonder what incorrect information is held against me within financial circles. Strangely enough though I was given a residential mortgage at the same time on a new property..... FOS complaint pending but taking ages.
Page 1
    • eddddy
    • By eddddy 15th Jan 20, 11:36 AM
    • 8,943 Posts
    • 9,333 Thanks
    eddddy
    • #2
    • 15th Jan 20, 11:36 AM
    • #2
    • 15th Jan 20, 11:36 AM
    It seems surprising that your broker cannot give you any clues about why your application was rejected.

    Not only that they have gone back to the broker with a stipulation not to proceed with any further BTL applications from me.
    Originally posted by Zoe Nurse
    Presumably, you mean any further BTL applications to Masthaven. They can't stop you from applying to other lenders.

    I am beginning to wonder what incorrect information is held against me within financial circles.
    Originally posted by Zoe Nurse
    Have you checked your credit reports with all 4 of the main Credit Reference agencies: Equifax, Experian, TransUnion and Crediva?

    It may be that Masthaven uses different agencies from your residential mortgage lender.

    (This link suggests Masthaven use Equifax, but they may use other agencies as well: https://www.equifax.co.uk/Products/learning-centre/lender-list.html#letterm )

    They probably also check your application details against National Hunter's records. https://www.nhunter.co.uk/

    You can also browse through Masthaven's 57 screens of lending criteria if you want, to see if you fail against any of them: https://www.masthaven.co.uk/intermediaries/mortgages/buy-to-let/lending-criteria/

    FOS complaint pending but taking ages.
    Originally posted by Zoe Nurse
    I didn't think the FOS dealt with complaints about BTL mortgages arranged by brokers, but perhaps I'm out of date.

    Their guidelines have changed a few times over the years.


    TBH, I would put my efforts into applying for a mortgage from a different lender, and perhaps using a different broker, rather than making an FOS complaint.

    What complaint outcome are you hoping for? An apology?
    • foxy-stoat
    • By foxy-stoat 15th Jan 20, 11:54 AM
    • 5,731 Posts
    • 3,550 Thanks
    foxy-stoat
    • #3
    • 15th Jan 20, 11:54 AM
    • #3
    • 15th Jan 20, 11:54 AM
    They have refused the application outright which I haven't got an issue with if they will tell me why which they won't.
    Originally posted by Zoe Nurse
    I do not believed they are obliged to say why they have refused you.

    Is your broker finding another lender for you?
    • kingstreet
    • By kingstreet 15th Jan 20, 12:38 PM
    • 35,769 Posts
    • 19,578 Thanks
    kingstreet
    • #4
    • 15th Jan 20, 12:38 PM
    • #4
    • 15th Jan 20, 12:38 PM
    I was given a residential mortgage at the same time on a new property
    Originally posted by Zoe Nurse
    Which suggests you should check this;-

    They probably also check your application details against National Hunter's records. https://www.nhunter.co.uk/
    as this logs discrepancies between applications.

    You should also obtain copies of both mortgage applications and check for differences in the data.
    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.
    • Zoe Nurse
    • By Zoe Nurse 15th Jan 20, 7:37 PM
    • 3 Posts
    • 0 Thanks
    Zoe Nurse
    • #5
    • 15th Jan 20, 7:37 PM
    Masthaven
    • #5
    • 15th Jan 20, 7:37 PM
    Hi to all those who replied. Thanks. a) all four main credit agencies had been checked, as stated no adverse markers b) Masthaven have refused to tell the broker why they refused c) No it wasn't an application with Masthaven only, it was all further applications with anyone and d) the FOS complaint is because they flatly refuse to say why they refused in order for me to address any adverse information held out there. I haven't got a problem if they say for instance it was on affordability, it is the fact that they do not say why and add the caveat on any further applications......
    • Zoe Nurse
    • By Zoe Nurse 15th Jan 20, 7:40 PM
    • 3 Posts
    • 0 Thanks
    Zoe Nurse
    • #6
    • 15th Jan 20, 7:40 PM
    • #6
    • 15th Jan 20, 7:40 PM
    Ive decided to sell until it is sorted then reinvest at a later date. I do not want to keep applying for mortgages and paying the cost of the application to then be turned down as multiple applications will impact on my credit rating. Until I find out what they have on me I daren't take the chance.
    • G_M
    • By G_M 15th Jan 20, 7:47 PM
    • 51,189 Posts
    • 64,225 Thanks
    G_M
    • #7
    • 15th Jan 20, 7:47 PM
    • #7
    • 15th Jan 20, 7:47 PM
    .... c) No it wasn't an application with Masthaven only, it was all further applications with anyone ........
    Originally posted by Zoe Nurse
    That's ludicrous, esp if they have not told your broker why. Did your broker give his reaction? Is he willing to apply to a different lender for you?

    If not - new broker!

    Strangely enough though I was given a residential mortgage at the same time on a new property
    With them, or a different lender? It may be the combination of applications that has worried them.
    Last edited by G_M; 15-01-2020 at 7:49 PM.
    ** If I include a blue link in my post, click and read it before posting a follow-up question. The answer may be in the link! **
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