Sacking the old broker after AIP?

...and would there be any problems reapplying to the same lender?

Basically we had a Santander AIP through broker 1, found a property after a few weeks and now can't get hold of them to proceed to full application.

Tried to get an AIP online for a slightly higher (optimistic) amount. This was declined. Stressed myself out about it and decided to find a new broker.

Found a new broker, and basically Santander was still our best pick for our circumstances. We want to apply through them for the same amount as broker 1. Is it naive to think this should sail through considering it was okay before?

Also, while I understand Santander is a soft check, would there be any reason to believe they would decline full application if we have no adverse, late payments, low outgoings etc? Broker has keyed the application so income will be correct.

Comments

  • ACG
    ACG Posts: 23,679
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    edited 21 February 2018 at 9:14PM
    A DIP and application are very different.
    Getting one does not mean you will get the other - there are loads of threads on here that will confirm that.

    Realistically the chances of getting a different outcome by using a broker over going direct is quite slim [edit: if everything is fairly straight forward], a broker in theory may know a few "tricks" to improve your chances but that would only make a difference if you were a borderline case to begin with.

    I suppose it also depends on whether or not you want a helping hand with the application and if any problems do crop up - which can happen for even the most straight forward of applications (down valuations, retentions for example which are nothing to do with you, but the property).
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  • csgohan4
    csgohan4 Posts: 10,587
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    why do you think the application failed?? Have you looked at all three credit reports ? Debts? CCJ e.t.c?
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

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  • Alarae
    Alarae Posts: 355
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    ACG wrote: »
    A DIP and application are very different.
    Getting one does not mean you will get the other - there are loads of threads on here that will confirm that.

    Realistically the chances of getting a different outcome by using a broker over going direct is quite slim [edit: if everything is fairly straight forward], a broker in theory may know a few "tricks" to improve your chances but that would only make a difference if you were a borderline case to begin with.

    I suppose it also depends on whether or not you want a helping hand with the application and if any problems do crop up - which can happen for even the most straight forward of applications (down valuations, retentions for example which are nothing to do with you, but the property).

    Essentially the reason I would prefer to use a broker this time around (went direct on last purchase) is because I have a second job income, which also happens to me zero hours. I have been in the role for 16 months, so my last P60 only shows half a year's income, which is not enough for affordability and I need the last 12 months looked at instead. This rules out a lot of lenders for us. In this instance I thought it would be easier for a broker to handle the application, as they can reason with the lender on how we have reported this additional income.

    We are quite close on affordability as well, which is why I feel like I need a broker in our corner. When I did the direct application myself I was basically asking for the theoretical maximum they would lend us per the intermediaries calculator, so I was basically chancing it and fully expected a knock back. We have reduced the amount we are asking for back to the original AIP amount, as we knew that went through with the previous broker alright and we can make up the shortfall from other funds.

    I guess I am just looking for some hope since if we do not get a mortgage with Santander I am not sure there is another lender out there for our circumstances (high income multiple, <12 months additional zero hour income) :o

    Oh, the direct application (I made) was a decline due to affordability. It's not due to credit score as I've checked all three of our files and we have nothing. It genuinely is just because we are tight and I was a bit too optimistic with what I asked for :p
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