Mortgage Advice

fiz98

Hi,

Hope to get some advice from you experienced people here.

I am a FTB. I had an offer accepted on a property 10 days ago after it being on the table for 5 weeks. Immediately, The next day I met my Mortgage Advisor and got a Decision in Principle from Nationwide. Yesterday my solicitors have received the Memorandum of Sale.

Today I contacted my Mortgage advisor(MA) with a view to put in a mortgage application, only to be told that he is on leave for 2 weeks from today.

I am stressed now because we are renting at the moment and our contract ends on 30th October. We had planned for exchange of contracts around 2nd week of October and moving in during the last week of October.

What do you suggest?
1) See a different mortgage advisor and Restart the whole process. I have already paid the MA £300, non refundable.
2) Wait for the MA to be back from holiday, as he had mentioned that it should take just 2-3 weeks for it to be approved.
3) Go in person to Nationwide branch with the DIP and apply for mortgage myself.
4) Any other ideas?

Thank you in Advance.

harvey115

Nationwide is having a lot of problems lately with possibly an increased demand. So my suggestion would be to apply for a mortgage as soon as possible.

Seems like you have gone to a fees driven advisor which is completely fine and the fee is also not bad. I would suggest that you contact another advisor from the same firm if the advisor was part of a team. Otherwise, you might want to go to another mortgage advisor and you might be able to use your already paid fee on your next mortgage application in the future.

Keeping in mind that some lenders are slow such as HSBC (they deal direct to customers) and Nationwide

Dave_Ham

Every advisor at every company would almost have someone else who can do this application..

Start where you have paid a fee and go from there.

Get in quick as Harvey says..

Good luck

find

There must be someone who can take this case on for you within the same firm or under his recommendation - good luck

fiz98

Thank you for your suggestions.

Apparently he is the only one who is authorised to deal with the mortgages in the firm.

Any particular lender, people here have experience with ,that is not as slow as HSBC or Nationwide?

DannyboyMidlands

What was so good about the Nationwide deal?

I went direct to 1st Direct. It was quick, easy and I didn't !!!!!! off on holiday halfway through the application.

Dave_Ham

You have also done this completely the wrong way round, not your fault just a rubbish advisor..

Get a good recommended broker and let them take the stress for you. Timing is crucial by the sounds of things, although take your steer from your solicitor and not your Estate Agent as everything has to be done yesterday with them

fiz98

DannyboyMidlands wrote: »

What was so good about the Nationwide deal?

I went direct to 1st Direct. It was quick, easy and I didn't !!!!!! off on holiday halfway through the application.

I went for the fixed rate of 3.79% on a LTV 65% with Nationwide which was the 2nd best at the time I got the AIP. I didn't want to with HSBC because of all the horror stories.

How long did the whole process with Firstdirect take from application to approval? Was it straightforward?

I am tempted to go direct with 1st direct tracker deal after reading some good reviews here and also on google.

fiz98

Dave_Ham wrote: »

You have also done this completely the wrong way round, not your fault just a rubbish advisor..

Get a good recommended broker and let them take the stress for you. Timing is crucial by the sounds of things, although take your steer from your solicitor and not your Estate Agent as everything has to be done yesterday with them

Yes, I realise it now. He never mentioned about his holiday when I met him 10days ago during the DIP process and I paid his fees thinking everything is going smoothly.
Its only today I got to know that he is off on holiday to France.

Will have to put down the fees paid as part of experience gained.

Lilla

Hi there,
Just read the thread and noticed that no one mentioned one thing: every lender is different in terms of how much they would lend you and whether you meet their criteria.

Rates are a funny thing, as they are there to catch your eye and persuade you to contact the lender hoping to get the cheap rate. However, in most cases either the conditions of the rate are not suitable for the applicant or the applicant is not suitable for the lender. Hence a broker's role is to find an appropriate match and make a recommendation accordingly.

First Direct, HSBC, C&G and some other lenders decided to cut out brokers and for those who successfully apply, it often seems strange why others would use a broker. What they don't know (don't care about?) is that most direct applications are declined as there is no prior vetting to check whether the applicant is suitable for the lender...

Without knowing your circumstances, it's hard to advise whether First Direct is a good option or not, but you may want to check with the estate agent you buy through, if they had a mortgage advisor, as that person will likely do their best to get your mortgage sorted asap.