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    • Perry1991
    • By Perry1991 18th Mar 17, 9:14 AM
    • 4Posts
    • 0Thanks
    Perry1991
    Broker is making this more difficult... advice
    • #1
    • 18th Mar 17, 9:14 AM
    Broker is making this more difficult... advice 18th Mar 17 at 9:14 AM
    Hi

    Our broker seems to be making strange mistakes and making this whole process complicated.

    We are first time buyers. We are having a 95% mortgage.
    We have been looking since September. We had had 2 mortgage in principals for different amounts all went through ok.

    We put an offer on a house last week for the exact amount on our DIP that was done in January. That was valid until April.
    Broker came round and said he had to do a new DIP? So he did and it didn't go through and had to go to the underwriter.
    48 hours later that came back ok. So he scheduled us a week later to do the application.

    Few days later my house of dreams re listed on the market and we put an offer in and secured that house for £50 less than the old property we originally offered for.

    Broker comes out last night to do application with nationwide.

    On the application it has old property address on. He then says he cannot add the new property's address. Cannot edit it or anything.... so says he has to go back and do another DIP!????

    Goes to do that... and nationwide stated we cannot afford the property? And advised not to do a DIP because it will be declined?

    At this point I'm loosing the will to live.
    I said to him why when nothing has changed In fact the house is cheaper.

    He fiddled with the deposit and lowered some numbers and still it said we cannot afford it!!!!

    So he left and said he would ring them Monday.

    Am I right In thinking you cannot change the address on a mortgage application that easy? Haven't lots of people changed their minds on a house or am I not understanding this process?

    So now 2 weeks in and already having these issues I'm just majorly stressed I want my mortgage!!!

    Help
Page 1
    • Perry1991
    • By Perry1991 18th Mar 17, 9:16 AM
    • 4 Posts
    • 0 Thanks
    Perry1991
    • #2
    • 18th Mar 17, 9:16 AM
    • #2
    • 18th Mar 17, 9:16 AM
    Oh and all these DIPs will leave marks on credit file!!! This surely cannot be right.

    Can you not just edit the mortgage application address!
    • Keezing
    • By Keezing 18th Mar 17, 9:31 AM
    • 261 Posts
    • 225 Thanks
    Keezing
    • #3
    • 18th Mar 17, 9:31 AM
    • #3
    • 18th Mar 17, 9:31 AM
    Good Morning Perry,

    It's not the broker's fault that you changed your mind and switched property.

    It's not the broker's fault that you don't currently meet Nationwide's affordability criteria after this sudden change.

    I'm struggling to see how the broker is making things difficult. He seems to be working hard to help you.

    I'm sure you'll get more answers after he phones them on Monday.

    Good luck!
    • kingstreet
    • By kingstreet 18th Mar 17, 9:53 AM
    • 31,728 Posts
    • 16,960 Thanks
    kingstreet
    • #4
    • 18th Mar 17, 9:53 AM
    • #4
    • 18th Mar 17, 9:53 AM
    If a full application has been submitted to Nationwide, to change property you have to abandon the application and start a new one.

    So if you had a DIP on yours, he did one on his and he is having to do another due to change of property, the three searches were inevitable.

    It's on reason why we try to ensure clients limit the number of DIPs they have done but presumably you had done two before appointing the broker.

    TBH there have been a number of strange things happening on the Nationwide system since some new developments last week and the site is down again this weekend for "essential maintenance."

    A Nationwide DIP from a few weeks ago would have been scored with Experian, now it's multi-agency Call Credit and Equifax.

    http://www.nationwide-intermediary.co.uk/news/article?id=28-02-2017

    System changes and unavailability this weekend

    From Monday 6 March, we're making some changes to our system that'll allow us to move to multi-credit bureaus. This means we'll be able to provide a more informed Decision in Principle (DIP) to your client.

    To make these changes, NFI Online and NFI MTE will be unavailable from 9:30pm Friday 3 March until 6am Monday 6 March. We're sorry for any inconvenience this might cause.

    Pipeline Cases

    Ahead of these changes, we'll be adopting the following approach to pipeline cases to minimise disruption to your client's applications:

    For applications at DIP stage as at 3 March:
    You'll need to submit your applications by 5pm on Friday 3 March.

    For any applications not fully submitted by this time:

    When re-entering the application, NFI Online and NFI MTE will prompt you to complete any new questions relevant to your client's case.

    Following our move to multi-credit bureaus, some decisions will change from an 'accept' decision to a 'refer'. If this happens you might be asked to upload additional proofs:

    If you haven't made any changes to the application, you don't need to upload additional proofs. Instead, we'll automatically review it and change it to an accept, which we'll aim to do within 48 hours.
    If you have made a change to the application, you'll need to upload all the proofs asked for before we can review the decision and get back in touch.
    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.
    • Perry1991
    • By Perry1991 18th Mar 17, 9:53 AM
    • 4 Posts
    • 0 Thanks
    Perry1991
    • #5
    • 18th Mar 17, 9:53 AM
    • #5
    • 18th Mar 17, 9:53 AM
    Indeed it is not his fault.

    However, why does it warrant a new DIP when the previous one was still valid?

    I asked the question and wasn't given an answer. Hence why I come to this forum looking for answers. Is that normal will that always be he case as others have said no they don't get why?

    He is working hard but also meant to be straightforward process that's why I'm paying him and not doing it myself!
    • Perry1991
    • By Perry1991 18th Mar 17, 9:57 AM
    • 4 Posts
    • 0 Thanks
    Perry1991
    • #6
    • 18th Mar 17, 9:57 AM
    • #6
    • 18th Mar 17, 9:57 AM
    Now that makes sense as to why it went to the underwriter as it was done at 8.30 on the evening!!

    The previous 2 DIP's were done with him also I haven't been elsewhere!

    It wasn't a full mortgage application to my knowledge as that's what he came to do last night but couldn't change the previous address and replace with the new purchase address if that's makes sense
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