The Broker Blues Thread

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  • kingstreet
    kingstreet Posts: 38,788 Forumite
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    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.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • kingstreet
    kingstreet Posts: 38,788 Forumite
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    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.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Tigsteroonie
    Tigsteroonie Posts: 24,954 Forumite
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    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:
    :heartpuls Mrs Marleyboy :heartpuls

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  • ACG
    ACG Posts: 23,766 Forumite
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    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!
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • catieeb06
    catieeb06 Posts: 576 Forumite
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    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.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ACG
    ACG Posts: 23,766 Forumite
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    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.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Senior_Paper_Monitor
    Senior_Paper_Monitor Posts: 2,918 Forumite
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    edited 14 August 2014 at 5:47PM
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    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
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • catieeb06
    catieeb06 Posts: 576 Forumite
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    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!
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • kingstreet
    kingstreet Posts: 38,788 Forumite
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    System error on a Skipton application I was trying to submit at 4.53. No resolution until tuesday. :o
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • ACG
    ACG Posts: 23,766 Forumite
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    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.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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