Switching Brokers...

droiderm

Hi,

I am currently going through a very painful DIP process for a Nationwide NewBuy mortgage.

The advisor promises this, that and other in terms of calling me, giving me updates and never does. I appreciate she is busy, but she is the one that says she will do X, Y and Z.

She doesn't answer my calls , she hasn't for some time and has resorted to emailing me. She has even give up answering my emails. It's not that I am calling her, or emailing her every day.

I am going through a builders recommended mortgage provider, as I can't go direct to NW, and I thought it would be simpler.

The deal is I pay £250, or nothing if I buy their insurance products.

If I wanted to switch would I have to pay anything? I haven't signed anything. If I could switch it is possible (assuming I get a yes from the DIP)?

Do brokers get commision from a NW NewBuy product?

Thanks

Crashandburn

I would ring the Builder and tell them. The broker working on behalf of the builder will be paid by the NW for sending them the business. The builder tends not to have a cut of this as they just like having some control over the process.

Needless to say the sales director at the builder will be quite hacked off knowing his chosen brokers arent doing the job, and that should prompt action or indeed the firm to replace the broker.

droiderm

Thanks for that.

in theory though, would it be possible to switch?
or contact NW myself for updates?

kingstreet

I've emailed a Newbuy DIP to them this morning. I'll let you know how long it takes to get a response.

droiderm

It's not necessarily how long it's taking, it has been over 2 weeks now. Mine isn't straighforward. I have had to send documents and letter explaining my bankruptcy etc.

It's her promises saying she will ring me tomorrow, send an update then etc that's annoying. I would understand far more if she said, I will ring you next week as it will probably take that long, as long as she did actually ring.

kingstreet

Most of us, if we have any sense, under-promise and over-deliver. If it will take two days, tell the client it may take three, then they are pleasantly surprised if it happens earlier.

It's very difficult to predict what a lender may do, or how long it may take to get a response. Suggesting something will be done quickly, when you have no idea of the process or workload of the team involved, is a bit risky.

Let_Us_See

Personally, I would leave your adviser alone to get on with her job and not keep bothering her. As the lender is still requesting additional information there is little an adviser can do, or tell you, until a decision has been reached. There is absolutely no advantage to the adviser for delaying the process and constant phone calls only lead to friction. Best to agree that the adviser will contact you only if a decision has been reached or further additional information has been requested.

Despite the broker "working" on behalf of the builder (why, she should be working on your behalf?) there is no reason why you couldn't have applied direct to a lender. However, if you obtain a DIP best to hang on in there.

droiderm

Maybe you should read some of the above posts ?
My point is her saying she will do stuff and not doing it .
Read the post from 3.48 yesterday above.

No matter what kind of business your in , you shouldn't promise things that you won't do
maybe it's acceptable to you , but it's not to me .

You can't apply direct to nationwide for a new buy mortgage.

Let_Us_See

Her "stuff" at this stage would simply be forwarding additionally requested documents to the lender and there is little she can do until a decision has been made.

If there is NOTHING to update then what is the point of the adviser phoning you to report nothing?

droiderm

What's the point of her making promises she can't keep ?
Part of her job is managing clients expectations .

Let_Us_See

Me thinks the lady does expect too much..........

Sorry, advisers work in reality and far too often client's expectations are.....................just that.

Don't want to ruin your Easter week-end but a Newbuy application with a bankruptcy in background is not the best of positions.