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Declined mortgage. We will have lost the MA fee won't we?

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MissyS
MissyS Posts: 24 Forumite
Part of the Furniture Combo Breaker
edited 30 April 2014 at 10:09PM in Mortgages & endowments
Message deleted as worried about level if info.
Consumer debt £18,897 left / £33,729
LBM December 2019
Hoping to be debt free by May 2022! 

Comments

  • ACG
    ACG Posts: 24,565 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Did you sign an agreement with them? What did it say?
    Did they research and check the lenders affordability? Can you see what evidence they have to check it passes affordability to make sure it wasnt just a punt?

    Personally i charge a fee based on mortgage offer so if the mortgage gets refused i refund the fee. So you may be able to get it back.
    I am a Mortgage Adviser
    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.
  • MissyS
    MissyS Posts: 24 Forumite
    Part of the Furniture Combo Breaker
    edited 30 April 2014 at 10:09PM
    Thank you for your reply.
    Consumer debt £18,897 left / £33,729
    LBM December 2019
    Hoping to be debt free by May 2022! 
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    MissyS wrote: »
    We've sold out house so I guess we're off to rented.

    At least you'll be able to settle your debts. Was the intention to consolidate your unsecured debts into the new mortgage.
  • ACG
    ACG Posts: 24,565 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Ask them to find a new lender?

    Its not just affordability it needed to pass, your broker should have been on the phone to their account manager at natwest to ask at xx% LTV with £xxxx debt would they underwriters look on it favourably or not.

    Thats my opinion.

    If you have paid them a fee i would get them to find a new lender for you. If natwest were going to say yes then i reckon there will be other lenders.
    I am a Mortgage Adviser
    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.
  • Yorkie1
    Yorkie1 Posts: 12,029 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Sorry to hear this. Next time, don't use the EA brokers ...
This discussion has been closed.
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