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“My Mortgage application experience ”

Written on: 05/07/2020 by Olugbengasokan (1 review written)

Interestingly, I had to do a fact find about the vision and core values of LBS. Collaborative, Straightforward, Progressive, Integrity, Passionate and Responsible. The vision is to be Britains most successful Building Society. However, the present reality is a far cry, given my recent experience with LBS. I was on this platform some days ago, when I mentioned that LBS came recommended by a Broker. I immediately sanctioned the suggestion and went with LBS. DIP went through in a timely manner and my Broker informed me that the survey had been instructed 2 days later. Impressed by the initial steps, I was optimistic that all will be well. Having not heard from my Broker after 2 weeks, I called the mortgage dept for an update on my application. To my utter shock, I was informed that my application had been declined on the basis that I did not have an indefinite leave to remain (ILR) in the UK and I posed a great risk to LBS, as there was the potential for me to leave the country. I was also informed by the Advisor that this was also an LBS policy. It is interesting to note that I'm father and spouse to British citizens, and I'm currently in the process of obtaining my ILR. Therefore, it belies common sense and reason for me to leave my family in a country we call home and have our means of livelihood. Thus, from a risk based approach, I do not see the risk I pose to LBS. I hold the right to work and reside in the UK, which should suffice in their consideration of my application. What I found most intriguing was that my application wasn't declined on it's merit i.e affordability, credit history/score amongst others. It was declined on a policy which I find to be discriminatory, prejudicial and unfavourable to well meaning applicants like myself, seeking to climb up the property ladder. This also contravenes the spirit of one of the core values LBS stands for 'Progressive'. It is important to state that an institution that prides itself in being Progressive, will and should never put in place policies that are repugnant to equal opportunity and fairness, and also calculated to discriminate, marginalise and make disadvantaged applicants like myself, with genuine intent to be Home owners and who have the means. I have spent a huge amount on the said property, which I am now at a risk of losing. In such a season where there is a yearning and outcry for change for people who are of ethnic minority decent to be treated equally, and to also have a sense of inclusion, it beats my imagination that a progressive institution, with such laudable repute like LBS, will subject itself to such tarnishing and unethical policy. Also, in order to be Britains most successful Building Society, there must be a departure from the current policy that marginalises and discriminates. In assessing risk, a common sense approach and discretion should be adopted. The litmus test of which should be, what is the degree of risk posed by an applicant, whose spouse and kids are British citizens, have their livelihood in the UK and are permanently resident in the UK? More so, as the applicant ticks all other relevant boxes to qualify for a mortgage. I hope LBS and its Management team, can go back to the drawing board, review this draconian and discriminatory policy and demonstrate that they are indeed progressive. Only then will they be able to attain the status of being Britains most successful Building Society.

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