turned down for mortgage - How to find out why?!

[Reverend Scapegoat]

Is there a way, does anyone know, to find out specifically on what grounds we've been turned down for a mortgage?
Our credit scores are both good ( 900+ ) but the bank aren't giving us any specific info - So how are we supposed to know what we need to fix?

Cheers,
S.

[craig1912]

Surely the bank will tell you why? If you have a good credit record then its unlikely to be that but take heart from the fact that you are not alone (http://www.myfinances.co.uk/news/mortgages/bad-credit-mortgage/16-000-turned-down-for-a-mortgage-$1305138.htm):(

[Kryten]

It may be the bank has their own risk assessment. Do you have other loans, money on credit cards, any missed payments ever, high risk jobs, high LTV on the mortgage etc?

Banks will look for anything they can to reduce risk at the moment, even if sometimes it is unlikely to be a problem.

[rbullivant]

Got any more info? Maybe they don't think the house is worth what you are paying. But surely they will tell you

R

[Reverend Scapegoat]

There are a few things it COULD be - 3 payments 1 month late each on a credit card over the space of a year due to a bank cockup... The house is valued at 96k and we're asking for 90%...
But that's the frustrating part - They won't tell us what it was.
Is Data Protection an issue here? Could we ask for a copy of any paperwork involved?

[bollecks]

All lenders use standard credit scores given by agencies, then they apply their own lending criteria, which are different. They never reveal what these additional criteria are or tell you why you were turned down because they'd then be open to fraud.

In the current mortgage market, it's perfectly possible that the lender is only accepting a tiny percentage of applications, even amongst those applicants who meet the official criteria for the loan.

[Reverend Scapegoat]

Cheers... Still seems to me a bit off for them to be able to turn us down and not say why tho.