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  • FIRST POST
    • kingstreet
    • By kingstreet 26th Feb 14, 12:56 PM
    • 29,615Posts
    • 15,706Thanks
    kingstreet
    The Broker Blues Thread
    • #1
    • 26th Feb 14, 12:56 PM
    The Broker Blues Thread 26th Feb 14 at 12:56 PM
    Today, I've had a HTB - EL enquiry, I've had to turn down. He's got 200k deposit, wants to buy for 395k, but can't understand why he can't borrow 130k on a salary of 21k.

    "Halifax has told me I can borrow 130k."

    The HCA calculator says 6X income and 53% debt to income ratio is a non-starter, before I start on lender affordability.

    Another wants to buy on shared ownership newbuild. IVA ended in 2011 and LTV too much for any lender but one which won't accept the IVA.

    Finally, another shared ownership case, fits only one lender again and without six months employment they won't touch it.

    Anyone else having a "plaiting sawdust" kind of day...?
    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.
Page 41
    • Ftba.d
    • By Ftba.d 13th Aug 16, 5:10 PM
    • 58 Posts
    • 7 Thanks
    Ftba.d
    Hi Brokers,

    Just from reading this thread it seems Halifax are quite straightforward with their application process whereas Nationwide require lots of docs and paperwork. How does the TSB fair ?


    Thanks in advance
    Last edited by Ftba.d; 14-08-2016 at 1:08 PM.
    • Ftba.d
    • By Ftba.d 14th Aug 16, 12:42 AM
    • 58 Posts
    • 7 Thanks
    Ftba.d
    Also, out of interest, hoe long does it take to process a full application before submission ?
    • kingstreet
    • By kingstreet 14th Aug 16, 10:30 AM
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    • 15,706 Thanks
    kingstreet
    You might want to open a thread of your own instead of hijacking this one which is intended for broker comment, rather than individual case issues.
    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.
    • Ftba.d
    • By Ftba.d 14th Aug 16, 10:47 AM
    • 58 Posts
    • 7 Thanks
    Ftba.d
    Ok. Point taken.

    How precious
    • kingstreet
    • By kingstreet 14th Aug 16, 4:32 PM
    • 29,615 Posts
    • 15,706 Thanks
    kingstreet
    Precious?

    Perhaps I should have left you wondering why you were getting no replies on here, instead of making a suggestion to try to help you get the information you need?
    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.
    • amnblog
    • By amnblog 15th Aug 16, 8:00 AM
    • 8,624 Posts
    • 3,232 Thanks
    amnblog
    Ok. Point taken.

    How precious
    Originally posted by Ftba.d
    This is the only thread we can get some peace on. Please leave it to us!
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • dunstonh
    • By dunstonh 15th Aug 16, 11:35 AM
    • 84,046 Posts
    • 49,062 Thanks
    dunstonh
    I would recommend that any mortgage adviser reads the following FOS decision
    http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=119641

    It has to be one of the strangest decisions going but that is the world we live in.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • GingerFurball
    • By GingerFurball 15th Aug 16, 9:49 PM
    • 721 Posts
    • 739 Thanks
    GingerFurball
    I would recommend that any mortgage adviser reads the following FOS decision
    http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=119641

    It has to be one of the strangest decisions going but that is the world we live in.
    Originally posted by dunstonh
    That's absolutely laughable.

    "They didn't want us to consolidate the card."

    "well you should have done it anyway. However we agree the rest of the complaint is a load of crap"
    DEBT FREE!

    Debt free by Xmas 2014: 3555.67/4805.67 (73.99%)
    Debt free by Xmas 2015: 1250/1250 (100.00%)
    • Mkl79
    • By Mkl79 21st Aug 16, 11:18 AM
    • 34 Posts
    • 61 Thanks
    Mkl79
    Hi

    Started my own thread with this question but someone suggested trying here,so here goes.
    I am thinking of doing CeMap's and working towards becoming an independant broker but will obviously need some on the job experience,once qualified,with a company/brokerage first,the problem i have is my credit history is not perfect,no bankruptcy or ccj's but i am in a debt management plan the root of which was overstretching myself on a mortgage pre credit crunch. Would this be a minor stumbling block or a major hurdle,or even a complete non starter?
    Any advice would be welcome,and apologies if this is the wrong place to ask.
    • ACG
    • By ACG 21st Aug 16, 11:23 AM
    • 13,155 Posts
    • 6,442 Thanks
    ACG
    Its probably not a non starter but its also not a minor issue. You could struggle to fine people prepared to take you on.
    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.
    • dunstonh
    • By dunstonh 21st Aug 16, 12:52 PM
    • 84,046 Posts
    • 49,062 Thanks
    dunstonh
    I am thinking of doing CeMap's and working towards becoming an independant broker but will obviously need some on the job experience,once qualified,with a company/brokerage first,the problem i have is my credit history is not perfect,no bankruptcy or ccj's but i am in a debt management plan the root of which was overstretching myself on a mortgage pre credit crunch. Would this be a minor stumbling block or a major hurdle,or even a complete non starter?
    We employ advisers and credit standing is a hurdle. A debt management plan would be a no-go in our case. However, that is our choice. There are many that will think the same way but if you have enough positives to offset it, then you may have a chance. However, unqualified with no previous experience and no client bank means you are lacking on the most common requirements small firms look for.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • kingstreet
    • By kingstreet 25th Aug 16, 12:49 PM
    • 29,615 Posts
    • 15,706 Thanks
    kingstreet
    When I was trained to do this job, I learned to "consolidate."

    That means at the end, you finish off by explaining what is going to happen next and when.

    I used to tell people it will go quiet for the next week to ten days and a few days after that we will expect your mortgage offer to be issued.

    Judging from the threads on here, consolidation isn't being done any more, or people aren't prepared to wait for their applications to be processed.

    They seem to want every detail and the ins and outs of every lender's procedures. Is it just a symptom of the time and age creeping up on me...?

    FWIW our clients are nowhere near as demanding as some of the threads here, so I suspect poor consolidation is the likely cause.
    Last edited by kingstreet; 25-08-2016 at 1:24 PM.
    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.
    • amnblog
    • By amnblog 25th Aug 16, 1:47 PM
    • 8,624 Posts
    • 3,232 Thanks
    amnblog
    Hi
    I am thinking of doing CeMap's and working towards becoming an independant broker but will obviously need some on the job experience,once qualified,with a company/brokerage first,the problem i have is my credit history is not perfect,no bankruptcy or ccj's but i am in a debt management plan the root of which was overstretching myself on a mortgage pre credit crunch. Would this be a minor stumbling block or a major hurdle,or even a complete non starter?
    Any advice would be welcome,and apologies if this is the wrong place to ask.
    Originally posted by Mkl79

    To paraphrase Groucho Marx - you wouldn't want to work with a brokerage who would take on someone with your background history.


    Blunt, but there it is.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • amnblog
    • By amnblog 25th Aug 16, 1:48 PM
    • 8,624 Posts
    • 3,232 Thanks
    amnblog
    When I was trained to do this job, I learned to "consolidate."

    That means at the end, you finish off by explaining what is going to happen next and when.

    I used to tell people it will go quiet for the next week to ten days and a few days after that we will expect your mortgage offer to be issued.

    Judging from the threads on here, consolidation isn't being done any more, or people aren't prepared to wait for their applications to be processed.

    They seem to want every detail and the ins and outs of every lender's procedures. Is it just a symptom of the time and age creeping up on me...?

    FWIW our clients are nowhere near as demanding as some of the threads here, so I suspect poor consolidation is the likely cause.
    Originally posted by kingstreet

    Posters here are not being 'managed' through the process by the likes of you and I KS.


    My view is, if they need to call me to find out what is going on, I have made a mistake.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • kingstreet
    • By kingstreet 25th Aug 16, 3:04 PM
    • 29,615 Posts
    • 15,706 Thanks
    kingstreet
    Posters here are not being 'managed' through the process by the likes of you and I KS.

    My view is, if they need to call me to find out what is going on, I have made a mistake.
    Originally posted by amnblog
    True.

    As people make speculative applications to lenders without really knowing if they will be successful, I guess they think brokers do the same and that's the reason for the uncertainty on the broker case threads.

    We only submit to the lender when we're as close to certain as we can possibly be that the case fits the lender's criteria in all respects and we have, at the point of submission, everything usually required.
    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.
    • ACG
    • By ACG 25th Aug 16, 3:20 PM
    • 13,155 Posts
    • 6,442 Thanks
    ACG
    When I first became a broker in 2012, my network at the time gave me a 2 day IT system training session and some tests on fraud etc.

    I was then told I was free to go and advise and someone would check my files.

    I basically had to wing my first few appointments and learnt as I went along. In one sense it was good as I knew I did not have a clue and just had to learn from everything (rather than going in there thinking I knew it all). I began to pick up that people were asking about what happens next and timeframes and so started to incorporate that in to the factfind meeting.

    I can believe it happens as I have been guilty of doing it myself and with nobody to really show me the ropes I basically had to learn everything myself. I suppose there is nothing like being thrown in at the deep end.
    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.
    • Thrugelmir
    • By Thrugelmir 25th Aug 16, 3:34 PM
    • 49,917 Posts
    • 41,596 Thanks
    Thrugelmir

    I can believe it happens as I have been guilty of doing it myself and with nobody to really show me the ropes I basically had to learn everything myself. I suppose there is nothing like being thrown in at the deep end.
    Originally posted by ACG
    Doesn't that sum up working life? You just get on with the job in hand. You learn from the people you encounter, the good, the bad and the ugly. Progressively evolving a unique style for oneself. I remember being called into the big bossess office when I was 20 and being asked if I'd fly up to Aberdeen on Monday morning to conduct the branch audit there. As the internal auditor had broken his leg playing football the previous night. Did such a good job I remained in role for the next 18 months.
    A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against a rainy day.
    • kingstreet
    • By kingstreet 22nd Sep 16, 9:49 PM
    • 29,615 Posts
    • 15,706 Thanks
    kingstreet
    WTF is going on?

    Tonight I've twice been emailed a grinning image of Top Cat by clients who had Halifax offers in early August who are now asking if they can have the FTB 1,000 cashback instead of the 500 from their last offer.

    These two cases are already on their second product, the builder having missed the drawdown deadline, so this will be our third offer, KFI, RWL etc.

    Done on no fee and with a gross proc fee of 453 any profit we might have made on such a case is long spent on additional sourcing, admin/compliance work.
    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.
    • amnblog
    • By amnblog 22nd Sep 16, 10:12 PM
    • 8,624 Posts
    • 3,232 Thanks
    amnblog
    We have a re work fee in our terms to cover us if we need to use our time making changes to agreed deals.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • kingstreet
    • By kingstreet 22nd Sep 16, 10:17 PM
    • 29,615 Posts
    • 15,706 Thanks
    kingstreet
    We have a re work fee in our terms to cover us if we need to use our time making changes to agreed deals.
    Originally posted by amnblog
    One of our major builders offered us a new additional site in a prime location in return for us waiving the fees they used to pay, 250 per case.

    In some cases, their inability to honour a build end-date is resulting in us losing money on the actual mortgage.

    It was just weird being sent the same Halifax advert on the same day though. It's as if Halifax has set out to increase its costs by 500 a case.
    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.
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