Urgh. Broker Carried out Checks without Permission

Abbymoo

OK, yesterday we were talking to our mortgage broker and she said she'd work out some figures and get back to us. Today I go to check the credit reports and we've dropped into the Poor category on Experian as she carried out 2 searches with Nationwide and Santander.

Surely since she knew the credit score was only in the Fair category that going to high street lenders wouldn't work?

I have no idea if I'm even right to be angry. She was only supposed to be working sums out and getting back to us.

Argh! Assuming Nationwide and Santander have refused us, we're now screwed, right?

Dave_Ham

Not necessarily, but this is really poor from the broker. I am assuming you have failed also, although you need to tell your broker to stop and then think about how you go forward.

Will take a guess on this being our friendly Estate Agent mortgage broker?

Get your Experian, Equifax and Call Credit reports and then get to the bottom of why failing.

Forget what they rate you at, get the reports to someone who knows what they are doing.

Abbymoo

Dave_Ham wrote: »

Not necessarily, but this is really poor from the broker. I am assuming you have failed also, although you need to tell your broker to stop and then think about how you go forward.

Will take a guess on this being our friendly Estate Agent mortgage broker?

Get your Experian, Equifax and Call Credit reports and then get to the bottom of why failing.

Forget what they rate you at, get the reports to someone who knows what they are doing.

I'm fuming. Even I know unless you have a top rating you don't go to Nationwide and Santander, let alone with only a fair score AND without permission! It's a broker from Meridian, they were recommended by the house builder. We know why the scores are low, applied for a mortgage with Nationwide with a score of 990 and got rejected, applied again through a broker and got accepted with Skiptons, but then had to pull out as our work moved and we needed a different area etc, it's due to bounce back up due to CC's etc being cleared, but that doesn't help right now.

Now I'll have to try and find someone who knows what they're doing and I don't know how to go about it!

I could murder them I really could.

Thanks for the reply.

Dave_Ham

Is this a Newbuy at 95% Loan to value also?

The scores are irrelevant so do not worry about them too much, although there will be an underlying reason for the decline and it is unlikely to be the amount of credit searches.

You are correct on your Nationwide and Santander assumptions, they are a couple of the stricter lenders although typically will only decline with a tangible reason...

Abbymoo

Dave_Ham wrote: »

Is this a Newbuy at 95% Loan to value also?

The scores are irrelevant so do not worry about them too much, although there will be an underlying reason for the decline and it is unlikely to be the amount of credit searches.

You are correct on your Nationwide and Santander assumptions, they are a couple of the stricter lenders although typically will only decline with a tangible reason...

It is a new build but at 20% deposit (15% from us, the rest from Barratts) so 143k mortgage on a 38k salary. OK. I've just had an email to say we got through with Nationwide...who rejected us for 106k on a 32k salary and with a higher credit score, alo with a 15% deposit...now beyond baffled as to what's going on...and suspicious as to whether or not it can be correct...given what happened with them before it seems so unlikely. It's a DIP after credit score and checks, now they just want the paperwork. Utterly confused!

ILW

Lenders do not use the credit scores from the credit agencies.

Dave_Ham

Tell your broker honestly how you are feeling. Unfortunately there is an expectation on new builds that you use their team of broker and solicitor.

All this does is give them control as they wield huge power over both and push you for quick exchange and commitment, especially if you are inexperienced.

For me personally, aside from unknown future value; one of the biggest flaws in buying a new build is typically the absence of any truly neutral/independent advice.

Tell them how you feel and see how they respond and then take a call..

All the best

Abbymoo

Dave_Ham wrote: »

Tell your broker honestly how you are feeling. Unfortunately there is an expectation on new builds that you use their team of broker and solicitor.

All this does is give them control as they wield huge power over both and push you for quick exchange and commitment, especially if you are inexperienced.

For me personally, aside from unknown future value; one of the biggest flaws in buying a new build is typically the absence of any truly neutral/independent advice.

Tell them how you feel and see how they respond and then take a call..

All the best

Thanks I'm feeling a bit calmer now. I must admit I never wanted a new build at all, not one by the big builders at least, but OH fell in love with the place and it's a 20 minute commute as opposed to an hour. I just don't think they're good investments, I fell for a gorgeous detached 3 bedroom place a few miles further out, it would have been so much more for the money. It's a constant fight trying to get him to negotiate and wrangle a few free bits like paving the garden but I'm determined we won't get ripped off, it's just so stressfull all round!

Still, never mind, we're very lucky we can afford a place so close to his work so I musn't complain. I'm no use at this house buying lark, I panic too easily!

alan_partridge

Abbymoo wrote: »

I'm fuming.

i'm not surprised; i had exactly the same problem yesterday!

i'm out of the country at the moment, so i can't even check the result of my unauthorised search (the broker hasn't responded to my email), but given that my credit score was lower than yours (971, now 960 thanks to this search) i'm assuming the worst

ILW

alan_partridge wrote: »

i'm not surprised; i had exactly the same problem yesterday!

i'm out of the country at the moment, so i can't even check the result of my unauthorised search (the broker hasn't responded to my email), but given that my credit score was lower than yours (971, now 960 thanks to this search) i'm assuming the worst

And again...

Lenders do not use the credit scores provide by CRAs. They are just a way of getting a few quid out of gullible people.

droiderm

My experience with these "new build" brokers is appauling.
They put an application a while back with my wifes married name (which she hadn't got around to changing yet) and we told them not to - use her married name that is. They didn't ask questions which I knew would be Key to the particular lender which they put us forward for.

Hence we won't be using them.

Does anyone have any experience of NOT using a builders recommended broker/solicitor. I don't want to use either.