The Broker Blues Thread

kingstreet

Spoke to a potential new client the other day.

"I can borrow £240,000 so I can buy on HTB - Equity Loan no problem, my advisor says so."

I'm sorry, as half your income is commission, the HCA Calculator won't approve an equity loan of £60,000 in your case."

"But my advisor says I can borrow £240,000, so why can't I have this?"

"Because on HTB - Equity Loan cases, we have to adhere to two calculators, one the lender's the other the Government's and the Government one only allows upto 4.5x income and a debt to income ratio of 45%. The lender calculator is fine."

"Oh, ok. I'll let the builder know I can't proceed"

So today, I get the site on the phone. The bloke's advisor spouting off that he can get a mortgage of £240,000 so what's the problem?

So, I call the advisor. What does the HCA Calculator say? What HCA Calculator? So, I emailed him a copy, rather than keep the poor bloke in suspense...

So, after all that the advisor has to explain to his client that I was right after all; that this isn't affordable and by the way, the builder wasn't going to sell you a house for £300k it was marketing at £360k.

kingstreet

Nationwide - no. Previous home owner

Halifax- no. Previous homeowner and more than £150k.

Only lender left offering HTB - EL with incentives, Abbey.

Abbey - no. Failed credit score.

My week is not getting any better.

Tigsteroonie

You think you're having a bad week? ACG has probably just had the day from hell :rotfl: Poor guy, I bet he rues the day I messaged him :rotfl:

ACG

Its up there with the best of them. It could have been far worse though.

Ive purposely left this week quiet and it has been anything but!

catieeb06

Annoyed is not the word today!
Clients can't seem to send in the right documentation. Lenders can't seem to offer applications despite the fact that the valuation was done more than 2 weeks ago! Clients not disclosing credit commitments. A vendor not letting a valuer into the property as she's decided to sell to someone else.

ACG

Always always always get a copy of the credit report - thats my golden rule. Last time I broke it was last month and guess what, something not disclosed.

So now I will NEVER make an application without at least 1 of the credit reports.

Senior_Paper_Monitor

New admin lasted 4 days (3 and 2 halves) and left. One on holiday. Bedlam (looks like I will be scanning till midnight !!)


We always strongly recommended credit reports (insisted if anything suspected) and changed it to 100% compulsory on all cases (even the guy in Ferrari and the repeat customers where we haven't had on in the last six months) in April - no exeptions

catieeb06

I have the credit reports and disclosed everything to the lender but for the 6th time in a row they've come back and told me there is something outstanding. In the end I resorted to sending the credit files to them this afternoon. Ready for round 7 tomorrow!

kingstreet

System error on a Skipton application I was trying to submit at 4.53. No resolution until tuesday.

ACG

I think they are open tomorrow if you were really passionate about your job.

Is it anything your BDM can resolve? Mine is pretty good there, he will usually email be back at 6-7pm at night.