In March time we were contacted by a potential client.
The client was having some issues obtaining a Mortgage through his broker. His broker had tried a certain high street bank (we will call them “Bank A”). Bank A had declined his application due to failing credit score. The broker was trying another lender, a quirky little building society who do not credit score.
The client told us the information and my first thought was Bank A was the best option and should have accepted the case. I told the client to trust their current broker as they have a good idea of who should accept it (and we like to do the right thing and not step on peoples toes), although I was not as confident with their second choice.
The quirky little building society declined the case due to adverse and so the broker was now looking at adverse lenders with higher rates and fees.
At that point, the client came back to us and so we were happy to take it.
We asked the client if we could try Bank A. He was not 100% convinced, but we advised that if Bank A would not do it, our only alternatives would be non credit scoring lenders with higher rates, so in effect there was nothing for him to lose.
We went ahead with his permission and it was a straight pass!
We are still not completely sure why we managed to obtain a pass where the original broker had not, although we do spend a lot of time with lenders and their account managers finding out what they like/do not like and how to get the best scores for out clients on their systems. So maybe that knowledge helped the client with a default and some adverse get high street rates rather than higher rates with the bad credit lenders?