packagers.

smnb08

hi guys just after a bit of info on packagers
have read on hear that they tend to slow things down.
i wondered if your application is fully packaged before it reaches the lender that you are less likely to get a decline.
this is not entirely wishfull thinking(honest)
my broker has given me the impression that if there was a problem this would of been picked up on by the packager who apparently work very closely with the lender.
what are your opinions???
thanks xxx

Tiddler_2

In my opinion Packagers COULD offer a very good service to inexperienced brokers or brokers who rarely deal with the adverse lenders.

However, my experiences are not great and in the last 2 years I have not done any business through them as they just add another mouth in the mortgage food chain, and generally don't offer good value for the "food" they take.

Again in theory they should know the criteria for the lenders they deal with inside out (especially as there are fewer of the lenders that used to operate through packagers around now) so there shouldn't be many declines provided you have been honest in your application

smnb08

thank you that is pretty much the same as my broker has said.
i dont think she has much experience with adverse lenders and we have already had one decline so maybe this is why she went through with a packager.
i will just have to wait and see now.
i should know my wednesday if it ever gets here.

_Andy_

What kind of adverse credit have you had?

smnb08

hi andy
i have got 1 ccj and a few defaults which im not worried about as the product weve applied for allows these.
the problem is and the reason for the decline last time was a missed mortgage payment in december 07 and a few late payments since.
however the broker did speak to one of the underwriters at beacon who said the product allows for one missed mortgage payment and doesnt class the late ones as missed as long as they are paid before the next payment is due.
affordability has been looked at and is fine and the valuation is fine.
so im very hopefull.
can you think of any other reason for a decline??

minimike2

The unfortunate thing is that there are a large number of lenders that you can ONLY use through a packager. I use packagers as little as possible, they are a pain in the backside and do slow things down, but to say that you never use a packager is verging on the lines of anti- "TCF" as there are so many adverse schemes that as a broker you simply cannot access direct.

smnb08

are beacon one of the lenders that you can only use through a packager??

minimike2

Yes they are

smnb08

in your experience of using a packager have you had many declines when using them??

minimike2

Ive never had a decline through any lender through a packager (after its got the the lender i mean) - the idea is that they score it, get the case prepared and send it all off.....as long as everything is within the lenders guidelines there should be no reason it gets declined after that stage. The only real reason would be if the information provided at the outset was incorrect, or if the valuation was not satisfactory, but that would carried out before the case was passed to the lender.

smnb08

thank you i feel a bit more confident now.
when you get a decline first time round it really knocks you.
this is doing my head in to the point if i knew right now it was a decline i would feel a whole lot better just to know!!