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Original poster

Mortgage declined

26 replies

Cobbelstone · 29/08/2021 01:09

My mortgage was declined. By the reason of stage income.How can I challenge this decision?What type of solicitors would be dealt with?Anyone any experience please?Many thanks in advance.

OP posts:
WiltingWalli · 29/08/2021 01:12

Solicitors? I don't think you can challenge a lenders decision to not lend to you in this way. It's a legitimate business decision to which they're entitled to make.

Christoncrutches · 29/08/2021 01:20

What's 'stage income'? @Cobbelstone - sorry to hear about your mortgage being declined...

PlanarJaner · 29/08/2021 04:17

Find out why it was declined and find a lender who will cater for that?
I can't figure out what stage income means either...

Hekatestorch · 29/08/2021 05:18

You have been declined a mortgage and want a solicitor to fight the decision.

The much easier route would be to get a broker who can find you a mortgage you would pass for, if at all possible.

ThisIsStartingToBoreMe · 29/08/2021 05:43

"Stage income"?

You can't challenge the mortgage company's decision. There is no legal requirement in the uk for someone to lend money to you . As a PP said, look for another provider.

Hekatestorch · 29/08/2021 05:49

Does op mean her or her partners income if from the stage. As in, they are an actor?

User56439876 · 29/08/2021 06:07

Would it have been Covid that has caused this rejection as shows could be cancelled at anytime and hopefully it will improve so OP can buy in the future

Malin52 · 29/08/2021 07:21

Not sure what is meant by 'stage income'. If you mean acting income then presumably the lender doesn't believe your income is stable enough now and for the term of the loan to consider you a good credit risk.

This isn't something that can be challenged legally so a solicitor wouldn't be able to help. Lenders are actually required under regulations to consider long term income stability and affordability.

Some specialist lenders may consider you. Try a broker. They may know of options for you but self certification was ruled out long ago.

Lonecatwithkitten · 29/08/2021 07:36

Another one being not certain if stage income is income from a stage career or if income is staged over the year rather than a salary.
If you think they have misunderstood your circumstances you can request that you discuss this with the underwriters some will agree. I was self employed and had a situation where the underwriters stated that I had no income as they could not find drawings in the accounts. I requested a phone conversation and after directing them to page 10 line 15 they were able to see drawings listed and approved my mortgage.

gogohm · 29/08/2021 07:38

Unless they have made a specific mistake eg failing to take into account one of the applicants incomes there is nothing you can do, use a broker

LordEmsworth · 29/08/2021 12:17

You can find the issue very clearly explained by googling "staged income". The lender believes the borrower has artificially inflated their income in order to get the mortgage.

FinallyFluid · 29/08/2021 12:21

The biggest type of fraud in this area is around staged income. This is where applicants with low or no income may create income streams for the purpose of obtaining a mortgage. The income is manufactured to look like regular payments throughout the mortgage application process but it then ceases after completion.

Viviennemary · 29/08/2021 12:24

I didn't know what staged income was either. Thanks LordEmsworth for explaining. I suppose you could provide extra evidence of your income. Payslips and letter from employers. But it would be better just to apply to another provider. Why did they think your income was staged? But solicitors wouldn't be able to do anything.

BridgetInHerBravery · 29/08/2021 12:27

If it's genuine income, OP, you'll have evidence of that. Just provide it.

FinallyFluid · 29/08/2021 12:32

If I was genuine, I would be looking for another broker, not a solicitor. Hmm

wedwewerpink · 29/08/2021 12:40

Well did you stage your income @Cobbelstone?? it's a reasonable reason for them to refuse!

ThisIsStartingToBoreMe · 29/08/2021 12:45

If you make dishonest mortgage applicants they will put you on a banned list, i forget what it's called but it's definately a thing.

But if your income isn't staged, just engage another provider and show more evidence.

Oblomov21 · 29/08/2021 12:49

I'd hire a broker. Are you SE? How did you calculate your income. Do you have good backing evidence, so it's not rejected by next provider?

knittingaddict · 29/08/2021 12:53

You can't challenge it. You find a mortgage broker and hope they can find you a company who will give you a mortgage. No one is entitled to a mortgage.

knittingaddict · 29/08/2021 12:56

Just googled staged income. So they think you fraudulently inflated your income?

knittingaddict · 29/08/2021 12:57

The op's not coming back, are they?

Bluntness100 · 29/08/2021 13:00

I’m also not sure what stage income is, is it non guaranteed pay? As in working short term contracts so when any one ends you could be out of work and on benefits?

Bluntness100 · 29/08/2021 13:01

Well if it’s fraudulently inflating income then there’s nothing to challenge.

ShuddaBeenMe · 29/08/2021 13:04

You need to try elsewhere.

LawnFever · 29/08/2021 13:10

Did they actually say it was declined because they believe you’ve staged your income to appear higher?

I thought they’d just say declined, but if they have given that reason they must have come to that conclusion from something on your application? Is there anything odd about your income that might make them think this?

As everyone else has said, it’s nothing to do with a solicitor, nobody is legally obligated to give you a mortgage.

Your best bet is speaking to a mortgage broker and see if they can help.