Help!!!!!!

Doc0375

Hi,
We have recently gone through a broker who arranged out mortgage with nationwide, the mortgage was agreed in principal but has now been declined. The mortgage was in a joint name of my wife and myself. My wife has poor credit rating but mine is good. We think it was her that it got it declined!!
We have now put through a second application to the Halifax in my name alone. It has passed the first stage and a survey was booked it has now been put on hold as they are now doing an audit. Our broker says she doesn't have a good feeling.
My credit reports are good and she can see nothing on them that should get turned down.
We are FTB and have a deposit of £58k to house value of £155k.
This is all new to us so we are very confused by it all and in all honesty we don't have a good feeling!!!!!

_Andy_

No point in anyone speculating - wait for the outcome.

ACG

Nice confident broker you have there!

Fair enough an application gets declined - it happens. But your broker should be discussing the case with the lender before making any further applications. You are now (if you were not already) financially associated with your wife. So her credit history needs to be discussed with lenders prior to submitting an application.

You dont say what the issues are but at that loan to value i would be confident in getting a Mortgage.

Find out what research your broker has done before submitting the second application. Is the broker estate agent based?

Doc0375

Yes the broker is based within an estate agent, she said that nationwide wouldn't say why it was declined. I had to check experience etc but nothing showed up!! So all I could think of was my wife who has poor credit, she has Next and a couple of other bits that she over pays each month and 2 credit cards which are both over paid each month but she had issues a few years ago which has affected her rating! She never wanted to be put on to the mortgage as she doesn't work!!!

ACG

I would personally say avoid estate agent based brokers.

Senior_Paper_Monitor

Withdrawn as I misread first post - apologies

Doc0375

We are thinking that now!!!

Doc0375

We have already paid our broker fees, I can hear you all shouting at me!!!

ACG

You should have received an IDD. In there it says what the fee is and when it becomes and chargeable and what the refund policy is.

Mine for example says i charge on application but refund it if the lender declines the application.

Check that, as you may be able to get it back. I would also be kicking up a fuss in the office as you have paid for a mortgage.

Charging a fee and being incompetent - nice work if you can get it.

Doc0375

Our broker has told us that our fee is non refundable due to the work they have already done and the fact they cannot foresee the outcome!!

I feel very disillusioned by it all now.

ACG

Thats true, but they should still be doing the research to ensure it will fit.

Ask them what research they did before submitting 2 applications. Your entitled to see any and all research.

To be honest, you have nothing to lose - throw a complaint in. I say that with some reluctance because im in the industry and i have had my own nightmare clients.

But a broker is being paid as a professional and if they are doing nothing other than search and apply for the cheapest where there is adverse credit involved theyre not providing an advice service theyre providing a price comparison service.