approved then rejected

G

gongey

Registered User
Messages
101
my broker wrote to me to say that they were delighted to report that a certain bank would be more than happy to offer me a mortgage facility, upon the issue of paylsips and a letter from my employer. I hadn't got my hopes up totally but further to speaking with the broker I was told that this was almost guaranteed and the payslips and letter were a formality.

later that week the broker rang me to say that the bank re-considered and would not be offering me credit. Obviously, I was shocked and disappointed as this was the last chance having been refused from other institutions.

does this happen a lot? am i right to be upset or should I just grin and bear it?
 
Why don't you approach the Bank yourself and get the reasons why they rejected you rather than getting rthe information second hand from the broker. Maybe you can address the concerns they have in person better than via somerone else. It is worth a try as i know some people who were turned down via a broker and were more successful when bargaining in person with the institution.
 
Speaking as a broker - this doesnt sound at all right to me. I would go directly to the bank, and avoid the broker. Sounds very fishy...
 
I agree it seems a bit strange, but remember its in the brokers interest to get you the loan so he can get his commission.


regards,

Ikeano
 
show the bank the broker letter, do not let the bank keep the broker letter but have a photocopy made for them
 
story gets stranger.

i rang head office and they haven't even got my name on their log. They told me that all applications have to go their for approval. i have the name of a person in a branch who is supposed to have been the point of contact.

i'm a novice to this but it all seems alittle strange?
 
is the broker trying to get you involved with a credit impaired mortgage where you pay 5 or 6% instead of the usual 3-4% ? ring them up and ask what can I do now, I need a mortgage and tell us if they sugggest anything at all fishy.

the bank will be most interested if their name is 'used' to support this and they were never contacted by the broker .....why they may even give you a mortgage

for the moment find out what the broker is up to !!
 
gongey said:
...upon the issue of paylsips and a letter from my employer.
Click to expand...

I don't think the underwriters--they who ultimately make the decision--get involved until the above details have been gathered. The "approval" could have been given merely in principle by a bank staffer.

My brother was in a similar situation. If there's anything even slightly non-standard about your application, each bank will weight the application differently, and the outcome can be as much a surprise to the bank staff as the applicant.

I don't think there's anything dodgy about your broker, just that you can't count on the mortgage being truly approved until you have the cheque.

Frustrating, I know.
 
"is the broker trying to get you involved with a credit impaired mortgage where you pay 5 or 6% instead of the usual 3-4% ? ring them up and ask what can I do now, I need a mortgage and tell us if they sugggest anything at all fishy"

actually yes. at the end of last week's bad news the next piece was how i would have no problem getting the mortgage with one of the higher rate crowds.


"I don't think the underwriters--they who ultimately make the decision--get involved until the above details have been gathered. The "approval" could have been given merely in principle by a bank staffer"

I was lead to believe that the person who gave the approval was a former under writer and upon looking at all details could say "95%" certain that there would be no problem. the amount quoted was based on my salary remember so looking at payslips should not be a problem. in fact the broker told me that the person they were dealing with had a huge sway in the decision.

yes frustrating but I'll persevere!
 

I would approach the bank that 'allegedly' refused you .

I would inform them that the broker misused their name to collect data for a competitor, the banks do not take kindly to scumbaggery in brokers.

I would inform them that the broker only wanted your details to offer you an uncompetitive loan.

The broker would make a LOT more money out of the uncompetitive loan than they would from a a bank mortgage.

You have a very good case with the IFSRA who regualte these cowboys but you must get the offers in writing. The key to your case is that the broker never submitted data to the bank OR collected it FOR the bank but rather for the uncompetitive loan instead and that was their intention all along. They may know your income because you have insurance with them maybe ??????

The broker did not accurately disclose their relationships with the bank/gouger lender.

While you need a bit more in writing form th ebroker before you approach the bank I would name the broker in here so we all know what they are up to once you have confirmed the bank was never contacted.
 
Do you mind disclosing some facts? It could be that the Income was way outside what you wanted to borrow. It could be a credit reference issue. It could be that your case was not packaged properly. It could be not long in employment..
The high rate lenders usually require even more disclosure.
 
Hi

I'd be tempted to go around telling everyone exactly which broker it was etc, if the broker cannot provide a satisfactory written explanation on whats happened here. Needless to say, the IFSRA, the newspapers & even this website's readers would all like to know what broker this is

Name & Shame the bad guys .. Name & Praise the good guys

I'd also demand the name of the lending institution which originally "approved" you ... so you can meet with them directly .. invite the broker along, if the broker is genuine, they will be just as eager to get things sorted as you are.

Cheers

G>
http://www.rpoints.com/newbie
 
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