Mortgage rejected! need some comfort

[wrped]

Our broker applied with santander and they rejected, gave no reason

My partner and i have good crediting scores, both in 800s out 1000

Anyone else had a mortgage rejected and were successful in the end?

Need some comforting words as extremely upset 😔

Sorry never used a broker, can they not ask for a reason? Try not to worry, some lenders have stricter criteria than others. We had pretty much perfect credit scores and got turned down by our preferred lender. We got approved by the next good one. I would have thought a good broker would tell you your chances with a lender?

will try and ask for reason, seems silly not give a reason so we can improve our chances

Youve given me some hope

Thank you

Did your broker call 800s a good credit score?

When we were getting our mortgage we freaked out when my DPs went down to 980. Mine has always been 999. I wouldn't have thought 800s was good if I was considering lending you hundreds of thousands of pounds.

Aw sorry to hear that but different lenders have different criteria so your broker should be able to help.

Not the same but my son got rejected by Santander for a student loan. They said he might have been accepted if he had a credit card but he didn’t have much of a credit history so got rejected. Didn’t seem to make much sense but 🤷🏼‍♀️

Hope you get something sorted soon with a different Lender.

Credit score doesn’t matter to banks. Only your credit history

Just checked my credit rating and NatWest calls it “excellent” but it’s out of 710 not 1000. Weird. I’d suggest speaking to your broker and maybe chatting to London and country brokers (we found they were able to access far better deals than the local broker).

Try searching yourself. DS broker had difficulty but he did his own and got one with good rates with a large building society.

It could be for many reasons, not all linked to your credit history. Swap rates have influenced how much you can borrow.

I too would ask for feedback from the broker. I would also question why the broker hasn't already given you feedback or tried with a different bank.

Are you sure your broker is decent? Mine has messed me about for 4 months so today I took matters into my own hands, rang HSBC and had 2 hours on the phone with a lovely staff member who did more for me today than broker has since July. And I’ve paid broker a fortune, whereas HSBC were free and (if my application is officially approved by underwriters) I will get £350 cash back.

using a broker from moneybox

Absolutely this. Any decent broker will know exactly why you were declined by a lender.

DS was declined a mortgage on a specific house by one Building Society but almost immediately got an offer from another High Street lender on the same property. His Mortgage Advisor couldn't understand why it had been declined.
They all seem to have different criteria.

Santander turned us down too, we went to barclays after that they were much better. In the end Santander apologised and gave us £100 (we bank with them and their false promises of giving us a mortgage was all recorded so was very strange time), we took the money and still went with barclays though, they have been good. Have to add we didn't use a broker though, maybe try applying yourself online? its not that difficult if I can do it honestly anyone could

I think you will find that Santander are no longer giving new mortgages, only mortgages to people that already have one with them. The lady on the phone said this is because they are slimming down in the mortgage industry and focusing on other areas.

I had a mortgage offer in place broker told me I was in a great position, vendors dragged it on for nearly 8 months so I had to reapply, second time I was earning over £5k more with similar (low) additional debt and had a mortgage offer refused! Broker blamed it on the market. We reapplied to Coventry, original building society, and all went through fine.

Thank you everyone, feeling bit more hopeful

Just Google the bank you are looking at then intermediaries and you can see their full lending criteria eg Google Santander for Intermediaries. I have never used brokers as I can do it far more competently this way

We had an application rejected due to the lender reaching the maximum number of properties they’d lend on in our area, it was a new build development.

Same except we went direct to Halifax, who worked with me to get a mortgage approved. So helpful.

Unlike Charcol, who told me they couldn’t find anyone to lend more than 3x my salary (single applicant with a child, but I had a 40% deposit and perfect credit score, and was looking for 4.5 x my salary, so not a ridiculous stretch).

I think that person is right about Santander- I think they are slimming down lending in general- why I'm not sure

Yes
Rejected by Santander. Accepted by nationwide and been with them ever since. They are amazing 🤩

Don't despair. He's gone to the mainstream lenders first. If your broker is a good one they will find you another lender. Someone will lend to you but the interest you pay may be higher, but you never know he may find a better deal with one of the smaller lenders.
My advice, take the best deal he finds for you - you can always remortgage for a better rate in the future.

Editing to say, there is nothing to stop you going direct to Santander yourselves. Not all deals are better accessed by brokers. My DD was rejected by Santander through a broker but later accepted after applying direct.

@2Sensitive glad to hear it worked out

did santander give you a reason for being declined?

was nationwide your second application?