Power of a Broker?

Too_Hairy_Husky

Hello - here in desperation!

We're currently trying to re-mortgage to move house. We were told by our current company (C&G) that we could port the existing mortgage and borrow the additional £15,000 needed - so we accepted an offer on ours and then rang C&G...

My Husband is self employed and 50 next year - both things they were already aware of!!! They couldn't lend us the additional £15,000 and wanted to reduce the current term from 24 to 15 years due to his age.

So we went to London & Country. They found us a mortgage with Santandere - but based on Husband's 2010-11 accounts, which they said at the time were fine. Then they wanted his 2011-12 books, which we had done by the accountant and the mortgage was then declined as being unaffordable.

They have now found us one with the Woolwich that takes in to account my over time and bonuses - which balances out Husband's decrease in income last year. But I'm now in an abject panic that this too will be declined.

L&C did all the paperwork and it came back as affordable. The lovely lady said that she couldn't see there being a problem as they had ALL the paperwork they could possibly need - and that it should go through quite quickly.

Am I panicking for no reason... or for pretty good reasons?

Can anyone help me get a good night's sleep tonight? I've lost a stone in 5 weeks and feel like death warmed up!!! Anyone...?

Thank you

Dave_Ham

Ok, Woolwich are pretty flexible to deal with - much more so than C&G and Santander so there is some good news.

They tend not to change their mind mid process, unless you give them reason to - which is usually advisor error.

In terms of the power of the broker (title of thread) L&C have decent links to the lenders, although it is a bit pot luck who picks up the phone and how experienced they are - but they are fee free and heavily promoted by this site..

Santander and the self employed hardly ever rub along..

Try and get some sleep - what will be will be