need some help regarding getting new mortgage

bacardi.

Hi

I need a bit of advise, i am in the process of buying a new home. I always though i we would need to self certify, however after speaking to a ifa we were told we could do a full status application. We applied for a mortage with a main stream lender during this process, however a few weeks later i told him i had seen a longer term fix that i wanted. So informed him to start applying for that mortgage. Now i do not belive that that ifa has been chasing these people up (even though he claims to have). After informing me to provide satements to which i did we got turned down for our first application after nine weeks, he said it did not matter as the second application was fine. Now after the builders have closed for christmas i find that everything is still not sorted with our mortgage (even though they have done a survey and taken the payment), and the ifa now has come asking for business statements which we gave him, and still no decission.

I am now wondering what options we have left can i still apply for a self cert or will the two mortgage searches have hurt our chances. If so who is the best for a self cert mortgage i have around a 28% deposit, and one more problem is i need to exchange just after the new year.


cheers

feisty1

I wouldn't be jumping to conlusions and blaming the IFA. The service at the moment from some lenders is appalling, this is made worse by lenders coming back and requesting further documentation than was initially requested. As the IFA is the middle man, the poor service reflects badly on him as he is the only one you have contact with. Some cases sail thru, other they want everything except yr DNA!

If you are full status why do you want to consider self cert?

Who is the lender you have applied to?

bacardi.

Firstly thanks for taking the time to reply, the first lender was abbey. I was told (near to the end of the application) all we needed to do was supply a bank statement to show that we had enough money to clear the cc (interest fre card). I told him that the cc had already been paid and gave him the satement, i also gave him a bank statement to show that there was enough money to pay it as well. Enough though we kept asking what was happening with them, it took another 4 weeks for him to come back to us and say that we did not get it. when questioned why it had taken so long to get a relpy he said they were waiting for for him to contact them, and that this had not been his priority (even though i had asked him to chase it) and that he been working on the other case. The other case is with the c & g and has been going on for around 7 weeks although i think he applied and they did not ask for a application fee for a week or two (which i could not understand), i have found out they sent a form to our accountant, 5 days later he rang me up and said that the accountant did not have the form, and that they would have to send it again. I lost count of the times he has said he would update me later that day or before the weekend only to be let down by him not calling or answering. Now if he can not be bothered to call me how do i know that he has been calling the mortgage companys?

With regard to self cert our company has only been running four and half years, and we have been re-investing the money back into the company. This means that we do not show a huge profit. I have another income that is not through the company hence the original reason for wanting to self cert.

cheers

feisty1

By yr account of what has gone on this has been very poor service (is he charging you a fee)
Abbey service shocking (one of my colleagues waited 9 wks for a case to go to offer, then they withdrew it next day based on a commercial decision!!)
Be frank with the advisor tell him yr not happy with the level of service he is rolling out to you, remind him of the fone calls not returned etc. (he cant cxl yr mortgage, so dont worry about that) Tell him yr prepared to give him another chance but if he fails to keep you updated etc you will be making a complaint (this is yr right) & no adviser wants this..........Is it possible for you to email him all enquiires, requests etc and put a receipt on yr emails as u will then have an audit trail, rather than his/her word against yours
Yr 2nd income altho it's not yr main source can be taken into account with a mainstream mortgage

bacardi.

I told him end of last week, i was not happy. It is rather more difficult to prove the second income. I wondered what effect the two previous applications would have on applying again this time for a self cert. Next thing would be where do i start looking for a self cert.


cheers

feisty1

a fresh app would not be good!
i have just checked the c&g intermediary site and they have system known as caseflow which means yr advisor can check yr case 24/7 (or should be able to, i avoid c&g if poss as service levels historically very poor)

this is the intermediary no who shoud be processing yr case if yr really getting nowhere with the advisor call this no 2moro, they should be able to do data protection with you and then discuss yr case. (01452 373 975 or yr local branch)

bacardi.

I thought that other applications, would not look good. It is a bit late to give c&g a miss seeing as the app is in. I spoke with the c&g last week and they said they were waiting for some details from the accountants and until they had them they could not send the surveryor. Later that day i found out they had the accountant stuff and they had sent the surveyor had a appointment for that day. Obviously i will have to wait for the c&g, but i think i need to start looking at what alternatives we have in case we don't get this offer through.

feisty1

bacardi...my impression reading this is you are rcvg bad service from C&G..I can call a lender 3 times in the one day with the same question, speak to 3 different people and rcv 3 different answers! It is v v frustrating, these call centre/processing unit workers are all paid around mimimum wage, they're on the fones taking all the irate calls, & so many of them themselves are facing an unknown future with the threat of redundancies etc..It's a terrible situation and not getting any better. If they have gone for a accountant's reference, when this comes back it will go to the underwriter, once ok,d the survey will be appointed, so why don't u chase them 2moro to ensure survey has been appointed. He who shouts loudest etc!!! Oh & remind them of yr exchange dates

bacardi.

Many thanks for your time, i am getting more confused as to why we have not got the offer. If the surveyor goes out after the underwriters give the ok and then the survey is done.

When i spoke with our ifa he called and said that the c&g need the survery fee to which we paid as was now holding things up, and all was ok with the underwriters. I know that the survey fee has been taken and that the survery has been done as of last tuesday (the builders comfirmed),and the c&g to my ifa. However instead of getting a mortgage offer later that week, i get a call saying it has fell out underwriter1 remit and now needs to goto underwriter2. I then get a call asked to produce company bank statements which is not a problem. I would of thought that if it had got survey stage it should of all been sorted. I will have to ring them in the morning. I don't think that the bad service is just from the c&g, but add all of them together and it feels like i am banging my head against a wall. I have just cheered myself up a bit though by doing a experian credit check and found my score to be 999

cheers

feisty1

Bacardi..........Yr case is so typical of lenders at the moment, in "days gone bye", i would have known where a case was going to fit and what hiccups would be faced if any Now, well!!!!


Re Credit Score... Every lender uses a slightly different calculation and some have different calculations for different mortgages. So you could have a different credit rating for every application.
Application searches leave a record, known as a footprint, (they can be hard or soft) which will be seen by a lender when you apply. They can cause major problems and affect your credit score - the lender may think you have been rejected repeatedly, believe you're desperate for money or even suspect a fraud.

All credit reference agencies (CRAs) are capable of logging several different types of search "footprint". It is a Data Protection requirement that when a consumer’s credit file is accessed an audit trail is created. Large numbers of credit application searches, within a short period of time, generally indicate that the data subject is "credit hungry" and/or having difficulty in getting access to credit, making repeated applications because they are being declined