Need mortgage agreement in principle by close of business on monday!!!

MortgageMamma

OK, fair comment herbs. But take the example of the Lloyds TSB scotland fixed rate product three weeks ago. Clearly the best fixed on the market at the time, yet lloyds TSB were taking 4 days to process an AIP

Would you have used them, or perhaps sacrificed that market rate in these clients circumstances? The most competitive product is not always the best for everyone. Peoples circumstances are not always straightforward and sometimes the computer does not always say yes, for example, when I client has two jobs, or if they have had quite a few addresses etc etc. I'm sure you know having been in the industry for a while that an online system cannot always account for every circumstance and sometimes cases have to be referred to underwriters. Northern Rock and Halifax are quite typical of this.

Glad to see you havent had any refers for a bit. That doesnt necessarily make you a better adviser than anybody else on here nor your comments more valid than anyone elses.

MM

Mr_helpful

herbiesjp wrote: »

NOt really about being in a rush MM

Once all the information has been recived from the applicant, and mortgage researched, most of the lenders who have on-line systems do give an answer. - I've not had any refers for a long time now

Some do get referrred (usually due to the address format in my cases), but the choice of lender with which to do the AIP is dictated by which mortgage is best for the client, and not the speed of the AIP.

HTH

So do they get referred or not. One line you say they dont the next you say they do. Sounds like bull to me from someone saying the right things to impress a potential client and push another broker out the way at the same time.
Of course speed is important at times. Especially at auctions but quite often in other circumstances as well. Some lenders are known for slow AIP and others are not. Its better to have a mortgage rate slightly higher than the best than to lose the purchase in the first place.

toonfish

I usually do an AIP with Halifax or Birmingham Midshires in these type of cases as they only do a soft credit search which does not impact on the credit score. No point doing loads of product research until the sale is agreed in my opinion.

herbiesjp

MortgageMamma wrote: »

OK, fair comment herbs. But take the example of the Lloyds TSB scotland fixed rate product three weeks ago. Clearly the best fixed on the market at the time, yet lloyds TSB were taking 4 days to process an AIP

Would you have used them, or perhaps sacrificed that market rate in these clients circumstances? The most competitive product is not always the best for everyone. Peoples circumstances are not always straightforward and sometimes the computer does not always say yes, for example, when I client has two jobs, or if they have had quite a few addresses etc etc. I'm sure you know having been in the industry for a while that an online system cannot always account for every circumstance and sometimes cases have to be referred to underwriters. Northern Rock and Halifax are quite typical of this.

Glad to see you havent had any refers for a bit. That doesnt necessarily make you a better adviser than anybody else on here nor your comments more valid than anyone elses.

MM

HI MM

You put the options in front of the client and explain the situation

The the client can decide which option they want to go with

I only said an AIP can take 10 minutes - and it can

If Abbey, or Halifax or Nationwide come up, it takes about 10 minutes to complete (again depends on how quickly you type) and gives you an answer in about a minute

Some take longer, all down to choice and what is best for the client MM

I was not trying to detract from anything you said - simply answering the OPs question of how quickly an AIP can be done

HTH

herbiesjp

Mr_helpful wrote: »

So do they get referred or not. One line you say they dont the next you say they do. Sounds like bull to me from someone saying the right things to impress a potential client and push another broker out the way at the same time.
Of course speed is important at times. Especially at auctions but quite often in other circumstances as well. Some lenders are known for slow AIP and others are not. Its better to have a mortgage rate slightly higher than the best than to lose the purchase in the first place.

Oh please!

I've said most lenders give an immediate decision and I have not had any refers for a long time. Fact.

Refers do happen, and the ones I have had are due to the lender systems not recognsing flat names and numbers. Fact

Again as said to MM, all deals are researched on the back of a clients needs, and then places on the basis of clients needs.

I am not trying to impress anyone or push anyone out the way

Are we not all on here to help the posters?

Dead_Eye_Jones

herbiesjp wrote: »

Are we not all on here to help the posters?

yep, except the trolls!

herbiesjp

Dead_Eye_Jones wrote: »

yep, except the trolls!

Well said :T

absolutebounder

So with the amount of help you have given I guess you think the OP is a troll. Nice to think of people this way when they ask for help and advice. Kind of mortgage adviser to be avoided if you ask me

herbiesjp

I don't think anyone on here has said the OP was a troll

I believe Dead_Jones_Jones was making a generic reference to trolls that have been on these boards beofre and have subsequently been banned by the mods.

If the mods ban someone, they must belive them to be trolls, otherwise they would not do it

Not really sure where you get the idea I called the OP a troll

HTH

absolutebounder

But if the trolls have been banned how could you give advice to them anyway? You thanked dead jones for his comment so you must agree with it. Obviously as its posted in this thread and you have thanked the poster who brought it up you must believe someone in this thread is a troll. As the op started the thread and is the only person asking advice and as you agree you shouldnt advise trolls you must by defaulkt believe the OP is a troll.