Keep on getting declined for a mortgage - what should you do?

During 2018 and 2019, I planned to expand my property portfolio in the UK, I wanted to do this before the Brexit deadline of March.

I was able to remortgage two of my buy to let properties, one of the properties was with Birmingham Midshires Solution and another was with Santander. I was able to remortgage both these mortgages with Birmingham Midshires and release equity for another property.

With the money I released, I was able to buy another property in the London Borough of Barking & Dagenham with NatWest Bank, they offered me 1.98% for a 5 year fixed which was an excellent rate.

Anyway, after that, things took a nasty turn. I had some money left over so I decided to apply for another mortgage through Precise Finance, this is a lender who offers mortgages for Buy to Let businesses, the rate was competitive so I asked my broker to submit the application.

Everything went fine, my affordability was good, my credit score was excellent and my survey for the property went through with enough rental income to cover the mortgage. Just when I was about to get my mortgage offer I was declined!!!

My broker was very confused, bearing in mind I just got a mortgage offer from NatWest. We then tried Foundation Home Loans who declined me after 4 weeks. I later tried Bath Building Society and Lend Invest who did exactly the same. They took ages to assess my application and then declined my after the senior underwriter reviewed my case.

I was determined to find out why I was getting declined to I submitted a Subject Access Request to the following lenders and Credit Reference Agencies...

1. Precise Finance
2. Foundation Home Loans
3. Bath Building Society
4. Lend Invest
5. Experian
6. Equifax
7. TransUnion, formerly Call Credit

I emailed the request to them directly and all of the above accepted the request.

I also submitted a Subject Access Request with the following Fraud Prevention Agencies.

1. CIFA
2. SIRA - Synectics Solutions Limited
3. National Hunters Database

The Data held on me by the lenders, Precise Finance, Foundation Home Loans, Bath Building Society, Lend Invest, all came back with no adverse information in the file. They sent hundreds of pages of data and it's mind-boggling how much information these lenders hold on their customers!

The Data from the Credit Reference Agencies, namely Experian, Equifax, and TransUnion also came back with no adverse data and again it amazed me to see how many pages they sent!

Unbelievably, the fraud prevention bodies CIFA and SIRA came back with a fraud marker. The National Hunters Database came back clean which was good.

On my CIFA report, there were 2 counts of fraud reported. One count of fraud was reported by Ratesetter trading as Retail Markets Limited and the second count of fraud was recorded by Paratus AMC limited which was part of Foundation Home Loans. Both counts of fraud indicated altered statements, use of fake payslips, use of misleading employment details.

If you are ever declined for a mortgage after going through 99% of the hurdles only to get a NO from the senior underwriter then its most probably FRAUD.

These FRAUD markers were completely false and it was clear to me someone else was using my details along with fake statements, payslips, and work details to apply for loans and mortgages.

Whenever the senior underwriters request this information and its usually late in the application process it's because they suspect fraud for some reason, did you change your name recently?

If you've been declined don't worry too much (I was tearing my hair out)! This information can be removed. Yes, it can be removed.

Obviously, I had not committed this fraud so I wrote directly to the Cheif Executive Officer for Ratesetter and Paratus AMC and within weeks the fraud marker was removed. You must fully cooperate with their investigations and demonstrate you were a victim of fraud.

Once the information is removed keep the email of the letter sent by the lender. Also just submit another subject access request for CIFA to confirm that no adverse information is held.

SIRA, which is another fraud prevention database and part of Synectics Solutions Limited also had a REFER marker on their system. The refer marker was put on there by Precise Finance after they saw the FRAUD on CIFA, this was to warn other lenders that they should investigate further. I am in the process of having this removed and am just waiting for confirmation from the lender.

If I could do it all again I would start my mortgage application by submitting a subject access request to CIFA, SIRA and The National Hunters Database. You never know what false information the banks have on you so its a smart move to see that you're in the clear. If you do have fraud then it's removable if you provide enough evidence that you were a victim of fraud.

I really hope this helps anyone who's been declined a mortgage. It's not a very nice feeling to get a NO just when you're about to pick out the kitchen and bathroom!

If you need any advice or insights into my many applications, please, feel free to leave a post below. I will try to help as much as possible.

I wish you all the best with your mortgage applications.