The Broker Blues Thread

asberk123

I have completed CeMAP, Advanced CeMAP and CeFA ( all self study) but with no experience. I really need advice on how I can gain the relevant industry experience to get a foot in the financial services industry. And also whether to be self-employed or employed.

amnblog

Get a job at a bank whilst you learn if this industry is for you.

There is much more to this than having CeMap.

stephenni1971

So client needs an AIP produced asap on proposed purchase. Coventry system asks for status of applicants yet the only option they give is Home Owner - no FTB. Why? Can do nothing now until Monday and v annoyed...

Ninnins

OK, I've finally come to the right place!

Could anybody help me a mortgage query?

I applied for a mortgage via a broker in January. After much to-ing and fro-ing (documentation wasn't explanatory enough and further statements needed) the mortgage was declined on affordability in March. This was just on the cusp of the new guidelines and regulations regarding the "stress tests".

The new mortgage would've been affordable had my intentions to consolidate debt been factored-in but it appears they were not prepared to do that. The mortgage request was to Nationwide.

I am now stuck with a mortgage of £220,000 at a 4% interest rate against a house value of £400,000 and a flexible one-account style mortgage that has not budged since I took it out 6 years ago.

I have £27,000 of unsecured debt and through some shifting and switching around I've managed to transfer £15,000 worth onto 24 months' interest-free, which gives me some breathing space to work on the debt reduction. I have an annual income of £60,000. Only £54,000 would be considered for mortgage purposes.

My question:

What are my chances if I re-apply of getting a mortgage on a better deal?
Would the debt re-shuffle make a difference, as my monthly outgoings are now considerably less due to the change in payments?
I am loathe to consolidate - what are the chances of a mortgage company "allowing for" the unsecured debt without expecting the new loan to contain the unsecured debt?

Any advice would be gratefully received as I don't want to hinder my future applications by applying for another mortgage so soon after I was refused.

Many thanks.

Yorkie1

Suggest you start a new thread, Ninnins, otherwise your post is likely to get lost among the main focus of this thread, which is mortgage brokers highlighting some of the issues they encounter from their perspective.

Ninnins

Thanks Yorkie, will do.

toothhurty

Hi Guys,

i've just signed up to this forum, which i have been recently referring to and it has helped me and my wife a great deal as well as easing some of our fears.

i'm hoping i can ask you all a quick question..

My wife and i have been dealing with a mortgage advisor from the MAB and when we first met him we were told that his fee is £395. £195 on application of the mortgage and £200 on completion. Fine, that is all reasonable i guess, the only reason we decided to use a broker is because i have just become self employed, after being salaried for the last 4 years (only just, 2 weeks ago). We found that pretty much every mortgage lender who would have lended to us a few weeks ago, no longer will.

the problem is, the mortgage advisor is now essentially telling us, that we either pay £395 and take out mortgage protection with him, or we pay up to 1% of the mortgage fee (which would be around £2000),

now the issue here is that he only ever mentioned £395, and now after paying a hefty mortgage application fee with Scottish widows (£1499) i'm being told take out a !!!!!! mortgage protection policy, or cough up 1%.

surely that's not fair? what if i don't want a mortgage protection polciy, and one offered by him? we really feel that we were mislead and are bitterly disappointed.

we're not sure what to do and we'd really appreciate your advice. thank you in advance

Yorkie1

Toothurty, I suggest you start your own thread, otherwise your post is likely to get lost among the main focus of this thread, which is mortgage brokers highlighting some of the issues they encounter from their perspective.

stephenni1971

OMG - Nationwide....

Dip referral in over two weeks, multiple requests for the same docs, as soon as one query is answered they come back with another - looks like this could be 4 weeks from DIP app to decision..

They say my scans look like photos - wont accept - even though their system only allos 2Mb uploads and I have to squeeze down all my files to fit..
Not a happy bunny at all...y

ACG

Nationwide have a different team who "specialise" in that particular thing. Eg a payslips team, a bank statements team.

Its ridiculous getting 3-4 emails on the same case.