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mortgage application problems. my valuation has been cancelled

(8 Posts)
pud1 Thu 03-Dec-15 22:14:39

i have applied for a mortgage and all was going well. we have had to use a non high street lender due to 2 ccjs from 2011 and 2010. all was going well. we provided all documents including letters to confirm my oh's redundancy that lead to the ccj's the lender we have gone with accept ccjs as long as they are due to a problem like redundancy.

we got a call 2 weeks ago to tell us that the underwriter is happy with all documentation and credit scoring but as the month has rolled over they need this months bank statements. we sent these and they agreed to move to valuation. my broker assured me that this meant that they were happy so far and as long as the valuation was ok we will receive the mortgage offer. 3 days later my broker asked for 5 days worth of bank statements that were missing from the file. we provide the 5 days of statements but i did question why this had been flagged now when the valuation had been booked. broker didnt really have a satisfactory answer and just told me that we needed to send the,

on the day of the valuation ( tuesday) i got a call from the vendors estate agent to inform me that the valuation had been cancelled. i called the Broker and they said they was not aware of this and called the mortgage company. he was told by the business development manager that the file has been passed to senior underwriter for reasons undisclosed. i understand that this can happen either at initial underwriting stage or after valuation but i am confused as to why now. the valuation was cancelled to ensure money isnt wasted if the senior underwriter declines the application.

has anyone experienced this and what was the outcome. could it just be a random check. i am in limbo now. i cant understand why they would book a valuation then change there minds. my broker i apparently as mystified as i am.

wowfudge Thu 03-Dec-15 22:47:32

Sounds as though they are looking very closely at your application. If the senior underwriter passes it, then you'll be back on track. I don't know but they probably review every xth application.

pud1 Thu 03-Dec-15 23:12:13

Thanks. I am not holding my breath. It doesn't look good does it

SeasonalVag Fri 04-Dec-15 06:52:02

It's so stressful isn't it. My husband has similar and it was down to a mobile phone contract that had kept running at an old address....can you check your credit file and see if there's anything you're unaware of?

lighteningirl Sat 05-Dec-15 15:48:48

Can you clear the ccj ? I thought once the debt was cleared it was removed from your record then you won't have a problem.

Bearbehind Sun 06-Dec-15 00:23:47

That's incorrect lightening girl

Even after it is settled, it will remain on your record for 6 years.

Op, unfortunately it's just a waiting game as no one can second guess why the valuation has been cancelled. My pessimistic side fears it's not a good sign but thats not to say all hope is lost. Fingers crossed for you.

wowfudge Sun 06-Dec-15 07:23:02

Am I missing something here?The valuation has been cancelled (you could also say postponed) pending the senior underwriter's review of the application. That is pretty clear from the OP's post. What hasn't been clarified is why the application has been sent for review, although it's highly likely to be related to the two CCJs. How the senior underwriter will view those in conjunction with all the other information in the application is not known. The mortgage company are saving the OP having any outlay should the mortgage application be turned down, which would be doubly disappointing surely? All you can do is wait and see. If the OP's finances have been in good shape since the CCJs then that will help.

Bearbehind Sun 06-Dec-15 08:58:39

* How the senior underwriter will view those in conjunction with all the other information in the application is not known.*

Sorry, I know it wasn't clear from my post but ^^ is what I meant- it is clear why the valuation has been cancelled/ postponed- it's just not clear why they want to re-review the case or what the outcome might be- only the underwriters know that.

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