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How long for a mortgage broker to get back with a decision in principle?

edited 30 November -1 at 1:00AM in Mortgages & Endowments
6 replies 1.1K views
bassbassbassbassbassbass Forumite
19 Posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
Hi there,
we are new to mortgae practices so would appreciate any advice anybody has.
We went through a call with a mortgage broker at the beginning of the month and then sent him copies of our passports and credit reports and he said he would get back to us with a figure in terms of how much we would be able to borrow e.t.c.
I chased a few times in the days following and he said he was still waiting for an answer from the lender.I last had a message 2 weeks ago saying that our case was with a lender for them to look at so I have stopped chasing. just wondered if anybody else had experiences of this stage taking a while. As I said we are new to this so this could be common and in all fairness he did not give us a timescale but said he would get back to us as soon as he had heard something.
we haven't paid any fee so I'm not that worried but would be interested to see if anyone has any advice.
We are looking at a mortgage with a some credit problems so I wonder if this is why it is taking a while.
just don't want to keep chasing the poor chap if this is all normal.

Replies

  • gazfocusgazfocus Forumite
    1.9K Posts
    I personally would find another broker.

    We went through an Independant Mortgage Advisor and she had a computer system that told us there and then what we would be likely to get. Within about 10 minutes she gave us a proposed lender. We gave her copies of credit reports, bank statements, pay slips, driving license, etc, etc, and then she submitted an AIP. That was deferred because of previous credit problems, got an answer within 24 hours (AIP accepted) and then a week later put the full application in.
  • kingstreetkingstreet Forumite
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    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
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    If I'm keying it myself, I'd expect to give you an answer immediately. If it has to be faxed to the lender, I'd expect to be back to you within 24 hours.

    Either way, I wouldn't go 48 hours without contacting you if you were awaiting a decision of some kind.
    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.
  • betmunchbetmunch Forumite
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    +1 for Kingstreet.

    Waiting a month for a figure, not even an AIP is rediculous!

    I suspect he cant place your case due to the adverse credit so is doing other work instead
    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.
  • GMSGMS Forumite
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    If the broker cant place the case then fine but to not contact you is unprofessional and down right rude.

    What are the credit issues you have and from when? How much were you looking to borrow and what is the property valuation?

    Have you been provided with any paperwork from the broker? Any idea on which lender(s) they have approached?
    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.
  • hi there,
    I have a ccj on my file 2 years ago and my wifes record is excellent.we went through the report over the phone with him and he said that even with the ccj on there, he knew of a lender who would accept that.
    we have around £20,000 deposit and are looking at properties around £100,000 but were waiting for him to confirm what he felt we could look at borrowing.
    We have not had any paperwork at all though from them, and he gave no indication of which lenders he was going to approach.
    not sure what to do next!
  • Dave_HamDave_Ham Forumite
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    As pointed out above, they probably got lost on where to go for adverse or may have been tied to selected lenders.

    Nothing like professionalism and manners mind you..

    Are the CCJ's settled and how much were they for..?
    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.
This discussion has been closed.