The Broker Blues Thread

kingstreet

This is the current calculator;-

http://www.halifax-intermediaries.co.uk/tools_and_calculators/mortgage_affordability_calculator/default.aspx

drina

kingstreet wrote: »

The affordability calculator is being extended to include maintenance, childcare, school fees, student loans etc.

I'm very curious how they will go about including these. Let's say for a mortgage term of 25 years, all these costs (childcare, school fees, etc) are usually in place for less than 25 years... it all depends on the age(s) of the child(ren).

If lenders are going to add childcare and school fees costs in these calculators for X number of years, they should also fully consider extra income for the the same X number of years (child maintenance, tax credits, child benefit - some lenders aren't including this extra income or they are including only 50% of it).

drina

kingstreet wrote: »

Halifax has hiked all its rates today, presumably to slow down business flow as we approach 14/4, its M Day.

You mean new customer rates, for existing customers they look the same.

kingstreet

Yes, as a broker I would mention new business rates only, as those are the ones which apply to us.

If you have an issue with the way affordability is going to be done post-MMR, please address your comments to your MP or to the Financial Conduct Authority directly as this is not a lender decision.

ACG

"We have run out of money to lend today"

Wellllll thats just bloody fantastic isnt it, a bank with no money to lend.

Im not going to say the name as some people will take it literally that the bank has no money but im sure the brokers on here know who it is.

Mortgage_Mark_2

You need to get in there bang on 10am ACG

ACG

Yea they said that, i cba. Im not DIPing a case and then potentially not get the funds. I hate their systems at the best of times.

Ive given the clients the option, thankfully they are happy to pay slightly more to a company who does have money to lend and does not take 9 days to look at paperwork.

Mortgage_Mark_2

They used to release funds at midnight - that was a lot worse as colleagues would sit on their website at home hitting submit just to book the funds!

Thrugelmir

ACG wrote: »

"We have run out of money to lend today"

Wellllll thats just bloody fantastic isnt it, a bank with no money to lend.

.

The issues of the past are far from resolved. Contraction of credit by some lenders is inevitable. Mutual lenders will continue to grow while the big banks contract. More of 2013 in other words.

Senior_Paper_Monitor

I thought they'd stopped the booking funds thing (shows how long since we had to use them) !