We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Broker Blues Thread
Comments
-
One for our side today folks.
Spoke to Nationwide BDM and explained basic plus supplement are the same month in, month out, on four months' payslips. Agreed we'd add to basic and ignore variable earnings on top.
Submitted application on that basis. Uploaded four months payslips and covering letter explaining what I'd done and why.
Email this morning saying they want employer's reference. Sorted contact details with client and called over to get reference issued.
Wrote a moan email to BDM asking what the point is in providing explanation of what we've done and why. A few minutes later, I got an email to say the reference request has been cancelled and they were going with how I'd worked out the income.
A bit of common sense applied on the run-up to MMR!I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Have a 75 year old investor who has about 30 properties in the local area.
As she is 75 her properties are coming up for renewal so selling a load, remortgaging a few with TMW - all fine and dandy
she then comes to me saying she wants a little flat in london to live in with the 5% deposit scheme. What options do I have. I tell her we need proof of income but to my knowledge those for her age do not do help to buy and she will need a far higher deposit. I ask her to get her SA302's so we can see what income we can use.
She tells me she earns £88k profit from the property business plus £29k pension. SA302's come through - only 29k pension and £385 profit from property. Tell her we can only use this income
She tells me the SA302'S only show her pension income and she earns the 88k from property. She has also put an offer in on a 400k property and wants to borrow 360k
can anyone else confirm that sa302's show all income and I am not going mad. She wants to know what options she has and is getting quite shirty with me. God knows why she has put an offer in when I have told her we need proof of her income and don't have an aip yetI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It would confirm income from uk land and property, chances are she hasn't put any returns in for her rentals. sounds dodgyI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
SA302s show all declared income.
That aside, she owns property, she cant take part in HTB as its for people who do not own a property.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It would confirm income from uk land and property, chances are she hasn't put any returns in for her rentals. sounds dodgy
I have told her I am not happy to put in a mortgage until she can prove her income to me.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Tell her to jog on.
Ask for her accounts. Bet you she can't supply any !
Any broker is playing with fire if there is no income verification on file these days and it's just not worth losing your livelihood over trying to do someone a favour.0 -
Just between DIP and full app and found out applicant two has a middle name. We can't make it clearer on our information form that we need full name as it appears on passport.
Needless to say, adding middle name has given me an "Alternative Lending Proposal" which playing around suggests applicant two has £784 a month credit which was not disclosed, same as middle name.
This is my 20,000 post on here, so I thought I'd make it a good one! :mad:I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Just between DIP and full app and found out applicant two has a middle name. We can't make it clearer on our information form that we need full name as it appears on passport.
Needless to say, adding middle name has given me an "Alternative Lending Proposal" which playing around suggests applicant two has £784 a month credit which was not disclosed, same as middle name.
This is my 20,000 post on here, so I thought I'd make it a good one! :mad:
good thing about MMR is it should make this a thing of the pastI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Just as a follow up on this.... no phone call within 24 hours.AARGGHHHHH!
Called up woolwich last week, to check how long to have a case looked at? 3 applicants, it will refer and take 5 working days - fine (slightly out of the ordinary which is why i checked). Application goes in knowing it will be today before we get an answer.
I call up to chase it and im told 4 working days from today!
I go off on a 5 minute rant to be told if its urgent we might be able to push it up the queue - it isnt urgent but 9 working days to look at something when i was told it would be 5 is not funny.
Told them thats not good enough and i want to speak to a manager - they have said next 24 hours but may be today (i wont hold my breath).
What is the point in having timescales if:
1) they can be doubled at a whim
2) they can be halved if someone kicks up a fuss
Why do something that is clearly going to delay the time frames and not bother to tell the broker or client.
Woolwich are in my bad books again!
Put my angry voice on and call up woolwich 26 hours later (gave them 2 hours extra)...
Spent the day complaining to anyone and everyone and finally got it through to val stage.
Im a really laid back person by nature, but that is the first lender i have had to raise my voice to.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I've just run down our last twenty cases and the application to offer times were as follows, in calendar days;-
Halifax - 7, 9, 7, 4, 7, 7, 15, 8
Nationwide - 5, 5, 17, 7, 7
Leeds - 15
Principality - 12, 10
Woolwich - 21, 21, 9
Coventry - 18.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards