Cancelling A Mortgage Application Help?

Malibu_Girl

Hi

I am hoping someone can help me please

I am having problems with Santander (who I believe are notoriously bad at mortgage applications). We applied for a mortgage nearly 5 weeks ago (through a broker who appears to be equally bad) and have achieved virtually nothing (apart from a mortgage in principle only) No valuation has been approved, no survey requested and we have received absolutely nothing in writing (no key facts illustration). I have to keep chasing our broker who each times keeps telling us that Santander require another piece of information. They have now had all our statements, wage slips, proof of our overdraft etc. and have carried out credit checks so do not know what else they require! We also do not understand why the broker hasn't provided us with the key facts illustration which we believe we should have received when we agreed on the mortgage over 4 weeks ago! We have requested these, but again have been fobbed off and told to stop worrying!

Our Solicitor says this is appalling as what has been achieved so far (pretty much zilch) could have been achieved in a week and has said she can help us out with a new Broker if we want to cancel the application and start again? We are tempted to do this, however, we need to know if we cancel the mortgage application, will this affect our credit rating (i.e. will this appear as a declined application on our credit rating). We know that if we started from scratch again then another credit check will show up on our rating, but just wondered if we could be penalised for cancelling the current mortgage application with Santander?

Any help would be greatly appreciated.

Thank you

Okydoky25

Contact your broker and insist on your KFI also request your case number so that you can follow the progress of your application on line. This is updated by Santander every time there is a change/request/progress etc.

Insist on this. When I did after our application dragging I found out we were actually 2 weeks behind where we thought as the broker had not submitted our application!

egoode

Wow that's really bad especially not having been given a KFI. I would ditch the broker asap and go with the one the solicitor recommended. I doubt having one search on your credit file will raise any issues so I wouldn't worry about that and to be honest they may not have even done more than the soft search for the AIP by the sounds of it.

Malibu_Girl

Thanks both. I have chased our broker this morning, but have had no response which is a bit worrying (I think he is getting a bit fed up with my impatience!).

How do I find my mortgage status online if I get my case number? I can't see anything online about checking application for mortgage with Santander, only credit cards, loans etc.

I am very tempted to ditch them both, but its not so much the credit check with a new lender I am worried about, more the outcome of cancelling an already existing mortgage application, what that will do to my credit rating i.e. will this show up as a declined application or will it not show up at all?

Thanks for your help both

egoode

Malibu_Girl wrote: »

I am very tempted to ditch them both, but its not so much the credit check with a new lender I am worried about, more the outcome of cancelling an already existing mortgage application, what that will do to my credit rating i.e. will this show up as a declined application or will it not show up at all?

To the best of my knowledge your credit file does not show any declined applications. Besides withdrawing an application would not be considered a decline in any case.

nidO

Cancelling your application will do nothing to your credit file, and won't show on your file in any way shape or form (other than the redundant search, if one has even been done).

If you have still had essentially nothing from either your current broker or Santander, you can simply go talk to a new broker of your choice and file anything else you do receive in the future from your old broker in the appropriate place, which is a shredder/bin.

You might run into complications if your new broker ends up also placing you with Santander, but that should then just be a conversation between the new broker and Santander explaining that the old application has been abandoned due to a non-responsive broker - Sorting out niggles like this on your behalf is half the purpose of going through a broker.

Malibu_Girl

Thank you both so much. :beer:

I think I will see if I get a response from the Broker tomorrow, if not then I will ditch him and go with another one. I am a bit annoyed as he was recommended by good friends of ours who used him and said he was great, but then they were just "porting" a mortgage with Santander to a different property, not actually starting a whole new application process.

One other thing, the Broker did take our credit card details as he was going to take £300 to pay for the valuation survey, although I don't think anything has been taken as yet as we haven't got that far. I am hoping that he doesn't decide to take money if we do go with someone else. (I know a bit far fetched, but you do hear some horror stories!). :cool:

amnblog

Hold on here.

All this talk about ditch this broker and ditch this application and start again elsewhere is dangerous.

There are a number of ways for 'Malibu' to trip up if she does this.

1. Who has all the supporting documentation
2. Have you a copy of the application? If you submit an application elsewhere that differs in details from the Santander one, that can cause an issue
3. Why are you not getting a KFI?
4. Who is the current broker regulated by? Do they have a manager you can ask to speak to?
5. The best thing to do firstly is to find out exactly what has gone on here and why the case is not progressing. Is the broker doing nothing, possible - but unlikely, is the lender doing nothing, possible - but unlikely. Is there a problem with the case and the broker does not want to tell you (my guess).
6. Insist you are informed exactly what is going on. Request a copy of your KFI and application.

Malibu_Girl

Hi

Thank you for posting .

We have received our initial supporting documentation back (utility bills and wage slips) but have not received bank statements back which we sent nearly two weeks ago!
We do not have a copy of the application in writing, we have nothing in writing at all, not even the key facts illustration.
I have asked our Broker this and had no response
as yet.
The advisor we are dealing with is the principle of the company, so I am guessing is in charge? We are trying to find out his company details. He is currently based in an estate agent office and works alongside them. I would assume his company is regulated by the FSA?
He is very pleasant but each time I ask him for an update, I am basically told to stop worrying and that te application is going along at break neck speed!! and progressing well??

Malibu_Girl

Well still no response from Broker after emailing him at 7.30am yesterday demanding the KFI! I am beginning to smell a rat and think that we are being messed around big time!

Wh05apk

As Ann says, caution is needed here, at the moment, lenders are at the point of collapse, starting again elsewhere will put you at the bottom of the pile, it may be your case is about to be agreed with Abbey, but without contacting your broker you will not know.


Do they work from an office? are they a one man band? do they work through a network? somehow you need to establish contact and find where your application is/what are the delays, as Ann says, I suspect there is an issue here, and either your broker is too scared or busy to deal with it, but at the end of the day, lack of communication is appalling.