Kensington Mortgages - Unhappy with broker

Mezza1979

We paid the finacial advisor to advice us. he suggested those lenders based on having seen our full credit file from all 2 credit agencies. I can only tell you what he advised us.

Theres no other adverse credit than the default from 2008.

We are not bucking the trend at all. We would be happy to move quickly if we were satisfied with the solictors findings on our purchase and that has clearly been stated to all parties involved sicne the beginning. Currently we are not satisfied. Our buyer is not ready to exchange. We have certainly been pushing the EA managing our sale to press forward asap but as of today... no one is ready to exchange.

Unjustified pressure from the finacial advisor is just adding to the stress and his pushy nature is raising alarm bells (especially given his relationship with our sellers)

Mezza1979

Maybe buying a £180k house is a decision some would make hastily.

For me and my partner we are all set to move as soon as we're happy that the house is a good buy. right now there are unanswered questions that everyone knows needs to be answered. Until they are... the sellers are the ones holding up the process. Not us!

Crashandburn

One thing no one has picked up is the fact that the valuation would seem to be all okay but as yet, you haven't confirmed if the mortgage offer has been issued. Therefore I would be asking the adviser to get the mortgage offer issued ASAP if he's that keen.

To be honest, once the mortgage offer has been issued, then there is no real need for any other major discussions with the broker if indeed you do not trust him and are unhappy with his general comments regarding the vendors.

dunstonh

We are not trying to slow things up at all. Not sure where you read that given i have not said that at any point. What i was trying to explain is that we should not feel rushed to exchange when neither us nor our buyer is ready. We need to feel comfortable with our purchase as does our buyer.

4 weeks is a very common timescale with no chain or fluid chain. It gets longer with a sticky chain You are at 3.5 weeks. So, you are not being rushed. You seem to think it was. Hence why I interpreted that you wanted it slower. As mentioned by another, you tend to find people chase the broker. Not the other way around.

I'm sure it has a great deal to do with the Finacial advisor not getting his referal fee from the lender till we complete on the mortgage application but the fact still remains to call us in a less than polite tone chasing us to exchange 3.5weeks in is not on.

You say its an IFA. Most IFAs dont do mortgages any more. Those that do tend to only have it as a small part of their business. The typical commission on a mortgage is not something that is likely to see an IFA go around chasing. A mortgage broker may as the "typical" mortgage broker earns less than an IFA but as mortgage brokers specialise, they tend to do have more mortgages on the go to allow a decent cashflow.

but the fact still remains to call us in a less than polite tone chasing us to exchange 3.5weeks in is not on.

Ok, that makes you unusual but if you tell him that you want to slow it up then it should be fine. Unless he knows what you want, he cannot adapt to that.

Conrad

Mezza1979 wrote: »

Ye

We do not trust him. he has made some very unprofessional personal comments about his opinion of our sellers and its another matter that has made us really concerned about him.

I strongly suspect he wants you to speed up due to his needing to meet some kind of target which as an example might be a trip or gift for a lender or insurer for completing a certain number of cases by a deadline date. It could even be he's working to a target laid down by his firm or the network to which he belongs.

I see this often and some brokers round here are this way inclined too. Most are desperate to sell you thier insurance which is a huge mistake. I attend broker meetings where you see this sort of competetion for a new i-pad or holiday and it's disgusting and completely at odds with client needs.

Unfortunately people fall for it as 'they seemed so nice', rather than recognising them as sales people.

Crashandburn

Conrad wrote: »

I strongly suspect he wants you to speed up due to his needing to meet some kind of target which as an example might be a trip or gift for a lender or insurer for completing a certain number of cases by a deadline date. It could even be he's working to a target laid down by his firm or the network to which he belongs.

I see this often and some brokers round here are this way inclined too. Most are desperate to sell you thier insurance which is a huge mistake. I attend broker meetings where you see this sort of competetion for a new i-pad or holiday and it's disgusting and completely at odds with client needs.

Unfortunately people fall for it as 'they seemed so nice', rather than recognising them as sales people.

Wow! And I thought I'd had a bad day:p

ACG

Im with a network, they run competitions for Ipads, holidays, meals etc - people in the main arnt really that interested. Im spurred on by having enough money to keep the wolves away and hopefully get referrals for doing the job right - if i do that, then i can buy my own ipad or go on my own holidays... an ipad isnt enough to make me pull my finger out anymore than it already is.

Im not saying all brokers are the same but i think what your saying is really the minority. There are about 50 under our firm and to be honest i dont know any who are even remotely interested in the competition - great if you win, its a brucey bonus but it wouldnt affect the decisions i make in the slightest.

Dave_Ham

Crashandburn wrote: »

Wow! And I thought I'd had a bad day:p

I think it is a bad few years, rather than a bad day. Posts wont get much better than this and it gets a bit boring for the brokers out there that are doing a decent job day in day out.

But still, everyone entitled to their opinion.

Mezza1979

Thanks all. It was a Independant finacial advisor who co-owns his own company woth a colleague. He is not a specialist mortgage advisor only.

We spoke to him last night and he informs us that was chasing us beacsue he himself was being chased by kensington because it very close to their year end.