The Broker Blues Thread

Senior_Paper_Monitor

Actually made me cry with laughter that one !!


As an ex-pilot (brought up in a flying family) I can 'speak' phonetics all day - but the moment 'Shirley on the desk' starts with "B for biscuit" my brain turns to mush.

kingstreet

See the impact of income capping in action.

Go here;-

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

Input basic salary £39,357.

Input annual reg/guaranteed commission £5,200

Monthly credit commitments £215

Monthly mortgage commitments £160

1 adult

0 kids

29 year term.

The output is £212,385?

Now, go back and remove the £215 per month credit commitment.

What is the output now?

It's either interesting or depressing, depending on your point of view. :eek:

Leon_W

Yay !


Set aside the rest of the afternoon for a ruck with a lender over a case which, to put it bluntly, I thought was a no hoper. It pushed criteria on almost every point, affordability, valuation, age, term, and the list was endless. Prepared to put in the effort though even though it was a long shot.


Just phoned them up to be told it was offered this morning, no quibble.


Aha. That tin of Thatchers in the fridge, the armchair and daytime TV beckon !

Keekles

kingstreet wrote: »

See the impact of income capping in action.

.......

The output is £212,385?

Now, go back and remove the £215 per month credit commitment.

What is the output now?

It's either interesting or depressing, depending on your point of view. :eek:

I'm confused. Either confused or completely missing the point. :think:

kingstreet

Removing the credit commitment has no impact on affordability because it's capped out.

One of the standard tools of the trade was to reduce deposit to repay credit to improve affordability.

Couldn't use it on that case and a number of others we've come across recently.

I'm also getting tired of doing six or seven affordability calculators for every case then having to do them over and over as things change. It would be nice if we could save and alter them...

Senior_Paper_Monitor

.... and half of the bloody things either won't print out, will only print out page by page when on screen and/or lose the entered figures (just showing the result) when you do - so you can't check if you did anything wrong.


Just running various affordability checks and turning them into some sort of records is taking 1/2 a person out of our office at the moment !!

kingstreet

I use Chrome and if you right click, print, then save, it converts it to a pdf.

It's alright for one pagers, like NatWest, Halifax and Woolwich but for Nationwide and VM you can't see your inputs.

Never thought I'd say it, but post-MMR Abbey's is actually the most useful.

I just wish you could save and edit though.

Senior_Paper_Monitor

and as for Santander - I am close to giving up.


They have plummeted from our top lender by volume/value over the last few months to near ziltch.


Just had one of the outstanding cases negotiate down the purchase price (results of full structural) by a sizeable (< £25K) amount) amount BUT if he reduces purchase price (and even if he reduces mortgage to maintain exact LTV, which by the way is under 60%) they will re-assess and reject because of criteria change in interim since application.


.... and as far as I can ascertain at the moment no one over 55 is ever going to get a mortgage again (not just Santander - but they are certainly included in that comment) !!!

Senior_Paper_Monitor

We use Adobe Acrobat Pro - which provides the convert to PDF function on Explorer (use it regularly) but doesn't stop the numbers disappearing from the entry boxes if the page is programmed this way.

Senior_Paper_Monitor

I have singularly failed to achieve anything today, cases falling around my ears left, right and centre, staff at each others throats, clients (understandably) going spare ...


The only answer lies in alcohol this evening - starting very soon !!