Confused With Remortgage

2hapennys

Hi everyone

I will try to keep this as short as I can.

I am recently divorced and part of the consent order was to transfer the mortgage into my sole name. My current lender The mortgage works are no longer funding so that was a non starter. I decided to pay a visit to a broker in an Estate Agent, I realise now that this was a bad move he was useless and dishonest but thats another story.

I gave him copies if my credit reports, because there was some adverse (no ccjs)all over 3 years. He applied to the Wololwich and told me I had been accepted, and no survey was required. He called me about 10 days later and said it was now declined, so he applied to a further two companies, one declined another would not fund me enough. After a lot of chasing (he admitted he had forgotten about me!) he told me to try again in December when he had more time to look at my case. I havent heard from him for about 3 weeks.

I decided to leave it until the next year because I have a default(£67) which falls off in October so I thought it might improve my chances of acceptance.

Yesterday I recieved a letter from a solicitor regarding my remortgage with Barclays,(which from reading looks like they have instructed them) with a log on to access and update my details. On there it shows the ammount required, the land registry number, and my contact information.

I am reluctant to call the broker, to ask about this, he has already had his fees paid, and I dont think he deserves anymore.

Is the letter just a generic one which gets sent out regardless? Or is my remortgage going through? I have heard nothing from the Woolwich/Barclays myself.

Thank you all for reading, and any advise or information you can give will be appreciated. x

kingstreet

More than likely Barclays instructed the solicitor and the legal work has continued with the solicitor unaware the mortgage application has been cancelled.

Dave_Ham

Unfortunately this is almost certainly the case as Kings said, quite often the communication between Woolwich and their free solicitors is poor.

Which lender accepted you, but would not lend enough?

What is the mortgage required and proposed purchase price?

Estate Agents brokers are usually just kids cutting their teeth and working with Estate Agents day in day out does not help.

Get your credit reports to a sensible broker and they will tell you for free what is and is not possible.

Best of luck

2hapennys

kingstreet wrote: »

More than likely Barclays instructed the solicitor and the legal work has continued with the solicitor unaware the mortgage application has been cancelled.

Thank you. I wondered that, but the original application acceptance was the early August. I didnt think it would take that long.

2hapennys

Which lender accepted you, but would not lend enough?

Aldemore Bank, I was £10k short.

What is the mortgage required and proposed purchase price?

I am looking to borrow £77K, the house is worth £105K.

Thank you x

Dave_Ham

Aldermore are not necessarily the most generous.

I would still say you have a decent chance, depending upon the detail of your income (can use other income with some lenders such as benefits/maintenance) and the detail of your credit file.

I would get a 2nd opinion..

All the best

2hapennys

Should I ring the solicitors up and explain? I dont want to end up with any costs.

Dave could you please advise me where to look for a decent mortgage broker, I googled the last time, and wasnt very successful with the selection. :mad:

Thank you x

Dave_Ham

Hi,

They would be free so do not worry about that, although best to call them and tell them or they will keep chasing you.

Ask friends and family, you cannot beat a recommendation for any trade or service (in my opinion) and mortgage brokers are the same.

Clarify costs up front, as you should not pay for someone to tell you that you cannot get a mortgage. A decent broker should be able to tell you quickly if you will achieve the finance required, especially as you already have all of your credit reports.