formal mortgage decline

[jamiew]

hi guys,

we had application for mortgage in last week but advisor has come back a bit negative saying things were brought up and she thinks before we get a formal decline , we should park it for a few months before applying again,

does anyone know if we have nothing to lose, or if we get a formal decline it will go against us?

thanks

 

[ryaner]

Once the app is in, they'll most likely process it anyway to get the final result. A refusal won't stand against you unless you don't change whatever reason it was refused for.

And it may not be refused anyway. Banks have been far from consistent.

 

[44brendan]

No harm in taking the advice of the advisor. If she believes that it will be declined. I really don't see any point in progress to formalities. If you reapply to the same organisation the historical decline decision will come up and it's always more difficult to turn a no into a yes than a maybe into a yes!!