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Is my broker going slow?
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Posts: 314 Forumite
Hi,
I am in the process of buying a property to let out.
My broker is getting the rates etc. but it seems to be taking a long time. Can anyone give me time scales I could expect from a avg. broker? I don’t know if this is normal or if he is being slow, It’s been almost 2 weeks and i still have not got the rates yet.
Thanks in advance.
I am in the process of buying a property to let out.
My broker is getting the rates etc. but it seems to be taking a long time. Can anyone give me time scales I could expect from a avg. broker? I don’t know if this is normal or if he is being slow, It’s been almost 2 weeks and i still have not got the rates yet.
Thanks in advance.
Age: 24 / London/Ireland / Salary €49,000 / 1 London BTL (8% yield) / Total savings pot £12k+
Lloyds Club CA £5,000 @4% / FD Regular Saver £3,600 @6% (12 of 12) / TSB Classic CA £2,000 @5%
Clydesdale Direct CA £1,000 @2% / Santander ISA £700 @0.5% / Premium Bonds - £100
Halifax Reward CA (£5 per month) / Santander 1|2|3 CC (cashback)
Lloyds Club CA £5,000 @4% / FD Regular Saver £3,600 @6% (12 of 12) / TSB Classic CA £2,000 @5%
Clydesdale Direct CA £1,000 @2% / Santander ISA £700 @0.5% / Premium Bonds - £100
Halifax Reward CA (£5 per month) / Santander 1|2|3 CC (cashback)
0
Comments
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You did the factfind 2 weeks ago?
Have you found a property and had an offer accepted?
If so, then i would say 2 weeks is a long time. If you have not found a property or had an offer accepted, then its pointless in him coming back to you with rates as they may have changed between now and then. He could give you a ball park but thats all it would be.I am a Mortgage AdviserYou 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.0 -
I had an offer accepted. What should I do if he is being slow I don't want to change as I don't want the owner of the property hearing this and pulling the sale.
I'm not in a chain and the seller is a developer.Age: 24 / London/Ireland / Salary €49,000 / 1 London BTL (8% yield) / Total savings pot £12k+
Lloyds Club CA £5,000 @4% / FD Regular Saver £3,600 @6% (12 of 12) / TSB Classic CA £2,000 @5%
Clydesdale Direct CA £1,000 @2% / Santander ISA £700 @0.5% / Premium Bonds - £100
Halifax Reward CA (£5 per month) / Santander 1|2|3 CC (cashback)0 -
If he hasnt done anything in 2 weeks, you could find a new broker put an application in and then tell the EA you changed broker as he was useless and did nothing in 2 weeks?
Surely if anything that shows you are on the case and are doing your best to progress it.
Otherwise, go and see your broker and give him a kick up the backside and tell him to pull his finger out.I am a Mortgage AdviserYou 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.0 -
If he hasnt done anything in 2 weeks, you could find a new broker put an application in and then tell the EA you changed broker as he was useless and did nothing in 2 weeks?
Surely if anything that shows you are on the case and are doing your best to progress it.
Otherwise, go and see your broker and give him a kick up the backside and tell him to pull his finger out.
I would argue that if after 2 weeks you need to chase him for anything then it's time to look elsewhere.
If I had a client with offer accepted and factfind done I would be looking at getting figures out within 2/3 days max.I am a Financial Adviser specialising in Mortgages, Protection, Health and Medical Insurance. I also write wills. All information posted on this site is for discussion only, and should not be taken as advice.0 -
Newbuild, buy to let?
Is it a flat?
I bet the broker is finding it difficult to find a lender willing to lend what you want.
What's the loan to value and estimated rental income?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.0 -
I agree stephenni, 2 weeks to get the ball rolling doesnt bode well for when the lenders is requesting paperwork. But the OP said they would rather not change broker....
Personally i would find a new broker.I am a Mortgage AdviserYou 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.0
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