Another rejected mortgage and pulling hair out!!

Conrad

rgsoton wrote: »

I simply would have liked to be told of the risks by someone who understands this process much more than I do. This is why we pay experts (or at least others) isn't it? Am I missing something?

You need to recognise Human psychology comes into this. Some Doctors for example will try to be very positive whereas others can be much more cutting and brutal and people in other walks of life bare similar traites. It would appear you found 2 brokers that tend to want to give a positive message - perhaps you subbtly influenced this - you may say you didn't but I find people give off subbtle hints as to 'the messages they want to hear' - for example they say 'the mortgage won't be a problem will it?'

I've been in the business a long time and I can tell you the honest brutaly truth brokers tend not to do very well as people are not attracted by thier messages.

Also it's never black and white and never possible to be certain about anything in mortgages.

Cannon_Fodder

rgsoton wrote: »

I don't really get why it's important whether... what's different about what's in the last post of mine to this one other than we got rejected a second time.

If you make seemingly minor changes to the details that you are telling to the brokers then you may well fall foul of credit reference agencies who try to spot fraud. Not to say you are in anyway committing fraud, but that patterns of behaviour are used to try and spot it. Innocent actions can look like it and get recorded.

Although in your instance, I think the brokers were being overly-optimistic and should not have misled you into believing the income multiple was either achievable or desirable.

VIGILANT22

Conrad wrote: »

You need to recognise Human psychology comes into this. Some Doctors for example will try to be very positive whereas others can be much more cutting and brutal and people in other walks of life bare similar traites. It would appear you found 2 brokers that tend to want to give a positive message - perhaps you subbtly influenced this - you may say you didn't but I find people give off subbtle hints as to 'the messages they want to hear' - for example they say 'the mortgage won't be a problem will it?'

I've been in the business a long time and I can tell you the honest brutaly truth brokers tend not to do very well as people are not attracted by thier messages.

Also it's never black and white and never possible to be certain about anything in mortgages.

I cannot believe this post!..So the responsibility lies on the client for influencing!!....:)

As for the "honest brutal truth" broker not being succesful???...Well if neither of these guys was that type and they told the client what she wanted to hear, they're not succesful either....as this has resulted in declines. I would also imagine they haven't a hope in hell of the OP referring them to any one else in her circle....

I think the majority of people want the truth...and not to be promised and then let down......

getmore4less

rgsoton wrote: »

Thanks for your replies

I was rounding up the income...it's £23k+£5k (oh's) benefits.

£2k 7% is a fair bit of rounding up

On 4* multiples another £8k

for your £125k loan changes from 4.17* to 4.46*

If coming up £15k short they want lending under 4* , 3.93* on £28k/£110k

£169k/£125k is £44k deposit which is 26% so that was roudned down so is OK.

Do you have money for the fees on top of this

Conrad

VIGILANT22 wrote: »

I think the majority of people want the truth...and not to be promised and then let down......

I agree.

However as a regional manager with a large national EA broker fro some years before I went self employed, I always found the more blunt and honest brokers struggles for business, whereas the politicians by wrapping thier messages in nice packaging tended on balnce and over time to fair better.

I guess that's why most politicians aren't able to be 100% blunt.

Have you seen that recent Ricky Gervaise film where he's 100% honest all the time - he gets into all sorts of scrpaes as a result.

Dan_1976

Conrad your right, you have to be positive, if you are not they will find somebody who is. Sales people, and lets face it brokers are to a point, are normally positive.

VIGILANT22

....you dont over promise and under deliver...

Dan_1976

You can be positive and not over commit. I always work on the understanding I do not promise anything I cannot deliver. As Conrad says spin can be added to make a negative situation not look so bad without stringing people on. Its about managing expectation.

Telling somebody its unlikely in a smiley way and your half way there. If you are completely negative the client will walk out with the hump and look elsewhere.

VIGILANT22

Spin is not body language....The word spin derives from: "make up a story; "spin a yarn" !

That is not managing customers expectations.........

rgsoton

getmore4less wrote: »

£2k 7% is a fair bit of rounding up

On 4* multiples another £8k

for your £125k loan changes from 4.17* to 4.46*

If coming up £15k short they want lending under 4* , 3.93* on £28k/£110k

£169k/£125k is £44k deposit which is 26% so that was roudned down so is OK.

Do you have money for the fees on top of this

We have made allowances for the fees