Desperate for your mortgage help - Please!!

feduptwo

Hi Dave,

I thought what you said also.. tbh I am confused with broker...


I think the mortgage is ok but this pension stub issue is playing up but as said above they have had loads of info around it, dont no what else can be done and its been esculated to a manager at santander.

Thanks Dave for your time, you seem to knwo alot and its nice to have some help on this, so much appriciate your time.

Sorry if the figure work is not making scene I will have to sit down and type it up properly it all gets to much and is upseting me alot at the moment. I do feel a broker should be able to sorce me a mortgage with ease though as its there professsion and she can see my file and status.

Thank you

Nicboys

hi

I can offer no advice what so ever im afraid, but can sympathize completely !!

We are currently using a broker from an estate agent and unfortunately i have also lost a little faith in their ability and knowledge. I found a mortgage to fit our circumstances that he didnt, his interpretation contradicts that of the specialist broker i found it from, just crossing my fingers it dosent get tricky !

My dad has also recently applied for a mortgage,hes 68 retired with a pension,and has paid his mortgage of many years ago. He was looking to invest and submitted all relevant pension paperwork and proof of assets. The Mortgage Works (Nationwide) took his application as they take an older lender as long as the loan is paid by the time your 90 !
However that was over 6 weeks ago and hes still waiting. Think he might give up !

Sorry no help,they say moving is stressful - what an understatement !!

Good luck x

Dave_Ham

Ok I get it, thanks for clarifying.

To help you with the numbers, what deposit did you put down 5.5 years ago?

As I said you will have options, but you will either have a higher rate on the short term or run it over a longer term.

You need decent advice, probably face to face given what is at stake. You may have to pay for this.

Its not unfair to say that Estate Agent brokers are less experienced and as they see people day in day out, they tend not to work hard at looking for tougher or more complex solutions.

feduptwo

Hi guys,

thank you for the posts, so appriciate it.

Dave we have paid already 495 to the broker but she has not cashed it yet paid on debit card.

If this does not go through I will ask her to go t a bank/lender that she knows will take us on...thats all I can do? it i hope this situation with santander gets resolved, its so much stress we are sat here another weekend not knowing what our future will be when i feel it in my heart there is a lender out there waitign for us. As you said it may be we need to go to a independent broker then and see what he/she says as we need somthing this week or we could be doomed and lose our buyer of which took 1 year to get and 42 viewings. It has been hell.

Can you ring a lender up and enquire and get a decision? are there lenders that caterfor older ppl and pension incomes where it would be easier to be accepted.

NICBOYS - thanks for your kind post!!!!

Simon_gloster

Nicboys wrote: »

hi

I can offer no advice what so ever im afraid, but can sympathize completely !!

My dad has also recently applied for a mortgage,hes 68 retired with a pension,and has paid his mortgage of many years ago. He was looking to invest and submitted all relevant pension paperwork and proof of assets. The Mortgage Works (Nationwide) took his application as they take an older lender as long as the loan is paid by the time your 90 !
However that was over 6 weeks ago and hes still waiting. Think he might give up !

That'll be a buy to let then. Irrelevant considering this is a residential application.

feduptwo

I tried looking on here for any old posts re private pensions and not beng able to provide the pay stub, nothing on here

Do not know what the pension company can provide or if there is anythign that can be done to make them accept it. WE have provided so much, a mortgage a life can come down to a bit of paper, thats not right!!!

GMS

Do you not receive anything monthly showing what has been paid to you? I have a case now with a client who gets a payslip monthly for their pension.

The £495 you have paid to the broker. What were the terms? On application, at offer, on completion? Check the IDD you should have been issued.

Frankly if you paid me £495 either I get the mortgage or don't get paid.

Based on what you have said your broker has not tried hard enough to find a solution. Your pension income is solid so the issue will be age and term allowed. Obviously some kind of income proof will be needed but this is something to be discussed with a lender BDM (Business Development Manager) prior to submission.

First thing Monday get on to the broker and tell them it is getting late in the day and your buyer will be pulling out. Ask them to find a solution on Monday or you will go elsewhere, preferably with no charge.

It is impossible to get an answer on the forum and if you did you should take it with a pinch of salt. Without a full fact find it would be pointless and more importantly unfair to start throwing lender names about.

Your post is a bit confusing in that you are looking at total repaid over the term as amount owing. Only that amount if it went full term.

Get a redemption figure from current lender and work from there.

What is the expected sale price?

feduptwo

Hi GMS,

To be honest the paper work is not with me at present but a family member.

I was told in the meeting with the broker that we have £43k in our pockets if we walk away and sell our house. So with all that etc our mortgage will be £152 to pay and it stated santander would lend us up to £160k.

Our broker told us santander was good for us as they cater fo our age and go up to 11 years,but tbh I want to finish the mortgage faster than that and can pay near £2000 a month say 1800 maybe more.

The pension compmay only print a year statement they told us, the man at the pension company is nice and wrote a letter and said please call for more info to santander and provided an excel spread sheet with up to date payments, but this appears not to be enough. I dont no why they dont do this payslip or stub that santander use, WHAT can we do here?? I just want to know is there anything we can do more on this???? it seems a bit unfair as is not our fault and we have given so much support to the pension pay out.

It has gone back and forth now all week this, then they come back and say can we have bank statements, so we provide them, then i hear nothing more from broker on Friday other than its been refered to a manager at santander instructed by our broker, but again we are left in limbo not knowing what exactly is going on, no call today, nothing

I am so sorry I can not be great at explaining things and providing information to you guys. Hope this helps.

GSM Thank you very much for your input if anyhting it makes me feel there is hope and gives me ideas to try on Monday.

Thank you....Out of al my 64 years I have never been so fed up and confused.:(

current house sold £200k
Brought current house for £210
£146k left on current mortgage
house to buy £206k
£152 we were told our mortgage will be with santander and then there mortgage loan interest on top.

feduptwo

Will update the post tomorrow on how it goes, not sure what to do still lol. Oh dear!!!

Thanks for everyones advice, I am going to chase the broker tomorow early and see what she says, but I do find it hard to take we are not able to get a mortgage anwhere out there and lose the house we want.

feduptwo

Hi all, Just an update. Spoke to the broker today and she said she has spoken to the manger alot today re paper work and all the little holes they picking in it and of course the pension payslips that we can not offer but can offer in another format and lots of supporting evidence around it.

She said the manager said it looks ok to him and they put it back to the underwitter again and we should have an answer in 24hours.

Our broker did say to me that the mortgage is ok, dont worry, the bank are just picking lots of holes in paper work, the same has happend with four other people this week and they were all ok. Seems like its all ok as they would have said no if anyhting else was not right as its been with the underwritter before and looked over by our broker and manager at the bank and gone back again. Our broker saying the mortgage is ok makes me think things are not so bad and maybe they have had paper work issues they need to nail down, did not know they had to have so much paper work evidence, you live and learn.....

I will update tomorrow. Seems odd after all this and talks with the manager there re paperwork its gone back and they refuse, seems as the mortgage is ok in the words of the broker. I dont know all this stress its just to much now!!!!

Thank you again.