Mortgage packager

Blondiegb

Hello
My husband and I are 1st time buyers purchasing our dream home. Our broker has placed our application with a packager. We have submitted everything the packager has requested during the last 2 weeks and now the application has been placed with the lender.

I am just wondering if anyone else has used a packager and had success?

Do I have more chance in the lender excepting the application due to the packager going through everything making sure things are in order?

Thanks in advance

ACG

I use packagers on occasions.

Because they only deal with say 5-10 lenders, they have good relationships with them and know their processes inside out. They help to package the application and make sure everything goes through as quickly and as painless as possible (usually).

They are good in certain circumstances, I am assuming your application is in some way out of the ordinary. They sometimes get preferential rates/criteria - for example i have submitted a case through a packager which did not meet the lenders criteria however they managed to get it through.

Blondiegb

Thanks for your reply,

yeah my husband has adverse credit and I'm self employed

ACG

Always a good mix :-P

If a packager has taken it on its not going to be the cheapest but it will usually get the job done.

Blondiegb

Yeah we have had all the info regarding % and payments etc, it is high but at the end of the day we want to get on the ladder so were prepared for that

GMS

Which lender and packager?

Blondiegb

KRBS and Solent

Saturnsky

Hi we received an AIP in April through a broker and put in the full application about the 20th April. It's now been 8 weeks with a packager and we have just received a letter from the lender saying they have now received the full application with the documents and that they would issue an offer by post if we are successful. Does anyone know how long this will take? I know the valuation has been done and there have been 5 credits checks done too. What else do they do?

ACG

Who is the lender?
8 weeks before the application even gets to the lender is quite a long time.

Saturnsky

It's G E money.

ACG

That explains the 8 weeks!

Ive not used them for a while but last time I did, they wanted everything and the kitchen sink.