The Broker Blues Thread

Dave_Ham

Makes absolute sense to do all of this in the first real trading week post Christmas. Feels like the technical side of MMR all over again

kingstreet

Aye. We've had about fifteen new enquiries in the last couple of days. I can't stand stuff getting backed-up either. :mad:

kingstreet

Last Thursday, I called "Everything Is Sh*t And Nothing Works" or Barclays for short.

I asked them how we go about getting an offer extended, as it was due to expire and the build wasn't finished.

I was told to provide upto date evidence of income, new product code, confirmation they could charge £90 to the card on file and confirmation they could score the case again.

I did all this on 15th and we've heard nothing since.

I called today and was told they emailed us on 19th (they didn't) to ask for October's payslip in addition to November, December and January I'd sent. They also want a copy of the passport (sent when the application was submitted) and December bank statement (or three months if internet prints).

This is to get a BTL offer extended for heaven's sake!

I told them we might as well do a whole new application and if we did, we might as well do it with another lender.

Secured email hasn't worked for months, which Broker Support has been unable to resolve and every time we get an email we have to guess which case it's about and ring up.

Scan & Attach says the pdfs I've created are virus-ridden and nothing can be uploaded, so we're still faxing.

It's all beyond pathetic.

Dave_Ham

Woolwich are still a necessary evil at times, although I completely sympathise.


Every step of the process is hard work, although it usually gives the office a laugh when we chase cases with the "underwriter"

amnblog

kingstreet wrote: »

Scan & Attach says the pdfs I've created are virus-ridden and nothing can be uploaded, so we're still faxing.
.

I have heard this is caused by a particular brand of pdf creation software.

kingstreet

Yep. Until recently we had no real choice of lender for a 75% BTL on a newbuild flat.

Now BMS are in the mix, it should mean we do less with EISANW.

AMN - you're probably right. We use Scan2PDF Pro. Reported this issue to BDM who said he'd look into it. Three months later... nothing.

amnblog

Is this expansion of 4.5X LTI limit by Barclays a sign of things to come this year?


Do we expect to see income to lending levels capped across the board?

Let_Us_See

amnblog wrote: »

Is this expansion of 4.5X LTI limit by Barclays a sign of things to come this year?

Do we expect to see income to lending levels capped across the board?

With the FCA now influencing lenders' income multiples, I think this will be the next issue addressed by lenders.

Yesterday I had my first ever decline (NatWest) due to client's overall income to mortgage debt ratio, even although most of the debt were BTLs under 50% LTV and clearly self-financing. Placed this morning without a problem with another lender.

amnblog

As ever, the moment we start to make some progress the regulator makes the lenders nervous and it kicks the market back down again.

Thrugelmir

Let_Us_See wrote: »

With the FCA now influencing lenders' income multiples, I think this will be the next issue addressed by lenders.

The BOE has legal powers to force lenders to raise the deposits that new borrowers must put down and impose new limits on the amount people can borrow to buy a home. This enables the BOE to protect the economy against another credit lending bubble. Previously the Financial Policy Committee only had power of recommendation.

Lenders can only advance 15% of total new lending on lending multiples above 4.5. Highly probable therefore that some lenders reduced their appetite for such lending as a matter of business policy.