Mortgages / Brokers Are A Nightmare

19briang79

Hi All,

Have been working as a contractor for nearly a year now operating as a limited company. Thought I would look at getting a mortgage for moving home, wish I had never started its a nightmare.
I contact a broker who tells me that they can get me a deal only for them to make a mess of things.
1. I check my credit file prior to speaking to broker score 805, all payments satisfactory etc...

2. Contact broker tell him my situation contractor, approx £120000 per year, credit score fine require approx £195000 mortgage I have 15% deposit.

3. He gets me DIP from Nationwide willing to lend upto £400000+.

4. Then asks for copy of contract from client pass this through he comes back saying sorry they will only allow 65% LTV!!!!!!

5. Why say you can do something no problem then make a mess off it and my credit score at the same time score now 754!!!!

6. Can you brokers not talk direct to these lenders prior to messing with peoples credit files if not then I would be better of phoning round myself asking what there criteria is and save the hassle of a broker.

sorry rant over!!!!

Thrugelmir

6. You'll get the same result whether the brokers applies or you do.

Mishomeister

19briang79 wrote: »

Hi All,

6. Can you brokers not talk direct to these lenders prior to messing with peoples credit files if not then I would be better of phoning round myself asking what there criteria is and save the hassle of a broker.

sorry rant over!!!!

The answer is no one can 100% GUARANTEE a mortgage until a full application and assessment are done by the BANK

Crashandburn

Sorry about the issues but by putting the contract through the Limited Company then you are in effect self employed and most would want to see 2 years books. If you start using the tax benefits of a Ltd Co then you've fallen into the grey area of feeling you are employed but lenders see you as self employed.

The broker should have really bottomed this out before applying.

Are you in IT?

Dave_Ham

Childish rant, based upon 1 broker and just your situation.

Had you said my broker had done x,y and z, you may have received some help.

Incidentally the scores you get on your credit files are completely irrelevant, so do not worry about these.

Tomorrow is a new day