I need help. Advice and a rant. FTB feeling let down.

antispam246

Where to begin, let's keep it simple and as short as possible,

First time buyers, comparatively good financial situation for myself and partner who is expecting. We've had offer accepted on dream property (home for life basically). We finally closed the chain, as vendors found a property after losing out initially.

We've been with a mortgage broker recommended from here and to be quite honest, it hasn't been the greatest of experiences, won't be naming names. But I'm at the point now where it feels like I've literally been doing all the work and feel we haven't received any initial help and let down at the point just before beginning a mortgage application.

We had a MIP which exceeded our needs, I've pre-prepared all financial documents and supporting evidence, and in the light of MMR ran several budgets fully detailing how we can support all possible outgoings against the lowest form of our income, even if rates went to 7%.

Everything seemed to be going so well but it was always in the back of mind that I was doing everything at this point and not receiving answers to my numerous questions, which, with everyone have had to research and literally educate myself on, myself.

So, where we are at, the offer is accepted, MIP in place, I spent along time trying to understand the order of process when it comes to applying for a mortgage, getting a survey and instructing a solicitor. I'm still confused on this,

Generally I understand as such
1) Solicitor/Conveyancer, just instruct once offer is accepted, aslong as it's no sale no fee.
2) Choose a mortgage type and begin application via broker
3) Survey is done through the lender.

My problems have been, various mortgages offer various incentives which cover both legal fees and types of surveys. So there is confusion as to precisely go about doing one before the other. I believe I can merely instruct a conveyor but ask them to hold until mortgage is secured? Or should I just go ahead and instruct them to go ahead?

I've had alot of trouble choosing a conveyancer, it's a god damn awful minefield out there and as a first time buyer buying our dream property I hope you understand that I'm very edgy and choosy. I want what everyone else wants, idealistically, fast process, low cost, secure and dependable. It's irritated the hell out of me how the fees differentiate from one solicitor to another and the numerous ways they are portrayed as to confuse you.

I've researched this thoroughly, I understand what fees you should be paying versus the bogus overhead fees. I think I'm there though. I'd like local versus online as I'd feel confident that the person dealing with my purchase is round the corner and knows the area.

My biggest issue now is with what mortgage to choose, I have chopped and changed my mind so many times. I narrowed it to a 2 or 5 year fix and as I type, I'm certain I want a 2 year fix, I've considered everything from our current financial status, to outlook on interest rates, property price changes, our LTV after 2 years based on above, the decreased running sum after 2 years versus the above and versus the potential historic mortgage offers at similar rates. Incase you hadn't noticed, I'm probably to anal for my own good but under the circumstances, this is the biggest financial commitment we'll make in our lives, so why not.

The issue came to light recently when informing our broker of the mortgage type we wanted, as well as numerous other queries we had, only a few to be fair. The reply, after months of having hardly anything answered and finding it increasingly difficult to contact the broker was very disheartening.

In the instruction I noted ONE, one mortgage I had come across myself, (as I've run continous comparisons on mortgages), and specifically stated it as an example of the type of mortgage we we're looking at. As it stands now, this mortgage still exists and there are numerous other mortgages we can choose from at the same or similar rates, based on our finances and LTV.

The reply came back that the mortgage I'd noted was a direct deal and not on their cards (they are whole of the market and supposedly special offers) and further to that they wouldn't be able to offer anything better, not a problem i thought, until i read the rest of it, that we could try for that mortgage and if it failed to come back to them and they could offer an alternative that would be "more expensive".

To me, this just cut deep. After months preparing and believing we had chosen the best path, via broker, and not just that but recommended in numerous places and believing they would cover more than most would, we were pretty much cut off. That's what it felt like, I know it's not entirely the case. The bottom line is as I've been doing everything till this point, and feeling I've received little to no help and to be told they can't offer us a mortgage at a rate that is offered in numerous places still, but only a more expensive one, that did it for me.

Why should I go with a broker when I feel like I'm doing all the leg work, only to take a more expensive offer? Don't get me wrong, I understand a brokers part would come more into play once the application was in process, but with everything else behind this, I just keep telling myself I'd be better off going alone, I know I could do it as I've been doing it from the get go. It just grates on me that if I had gone it alone from the beginning I know damn well I'd be significantly further forward than where I am now, hindsight is a blessing eh?

A final nail (almost..) in the coffin was a reminder of being let down, when I was supposedly to get a call the following day to talk over it, which, after my e-mail, didn't ever happen. I never blew out on them, I merely referred to a deal we liked, one of many, and the reply seemed like like a, "well, just take that then, and come back when it doesn't work out".

I'm awaiting an e-mail reply, our personal circumstances, make it very challenging, to be available at "normal" times but I have gone well out of my way, including severe sleep deprivation to keep things going, yet seemingly for nothing.

I'm really at loggerheads now, not sure what to do, where to go. I've been almost entirely discouraged from attempting direct contact with our broker again. I continuously gave them the benefit of the doubt, even considering MMR and potential other clients but I'm still not seeing anything positive. I work in a background where common sense dictates you should consider all probable, possible and potential customer circumstances that could dictate the next move you make, I have alot of patience and usually time for people but it just seems the support isn't coming back our way when time is literally of the essence.

Bottom line is, we could lose our dream property if things don't get started and we're almost back at stage 1. I've actually refrained from wasting my time writing a forum post on this and I'm actually multi-tasking this post with in-depth mortgage research as well as conveyancers. I finished work 4 hours ago and will be back in this evening, this wouldn't be an issue if I didn't always feel I was waiting on everyone else, side rant but it's valid. I'm going out my way to work to other peoples times but I can never get hold of anyone, they never get back to me and then I'm literally hanging to the point of collapse.

Thanks for listening if you made it this far. Yes, this was the short version.

Summary.
1) Offer accepted, Chain closed. Ready for next steps.
2) MIP in place via broker, no actual mortgage application yet
3) Mortgage type decided, no decision on who with.
4) Unsure if to drop broker and go to direct deal
5) No actual mortgage suggestions despite several requests, awaiting a final time on what we would be offered in comparison despite broker pointing out the difference in expense.
6) Aware deals are being pulled, although confident to see numerous deals we like still available.
7) FTB still finding each step daunting, specifically having made it through the "Finding a property" and "Getting an offer accepted" stages. Potentially worried bout the next step the most, especially if going direct, still confident, probably more annoyed.
8) Still trying to choose a reputable and fair solicitor/conveyancer.
This I'm more ready to settle, having a couple of highly likely's. Just awaiting a few more quotes from more local ones (again, waiting... despite phone calls and e-mails (probably not a good sign..))

So that's the summary.

On a personal addition, maybe just to make my somewhat delirious ranting more understandable, fianc!e is 2.5 weeks from due date. I guess I'm a sucker for a challenge.

Any help, advice, pointers appreciated, especially those within the next hour I think that'll be my limit on waiting on replies, no to this post, just from other companies.

Let_Us_See

antispam246 wrote: »

let's keep it simple and as short as possible

I am relieved you did not give the complicated long version!:o

antispam246

Let_Us_See wrote: »

I am relieved you did not give the complicated long version!:o

Me wrote:

Thanks for listening if you made it this far. Yes, this was the short version.

Indeed

message is too short!

Let_Us_See

Short answer, if you no longer have faith in their ability..........change your broker. Or, is your prevarication making their job impossible? If so, back off and let them do their job. A good broker with deal with all the issues you have raised.

MonsieurFrugal

It took my broker 10 minutes to pull all applicable deals from his computer while I was sat with him, why is yours taking so long to find a decent one?

zarf2007

antispam246 wrote: »

Where to begin, let's keep it simple and as short as possible,

First time buyers, comparatively good financial situation for myself and partner who is expecting. We've had offer accepted on dream property (home for life basically). We finally closed the chain, as vendors found a property after losing out initially.

We've been with a mortgage broker recommended from here and to be quite honest, it hasn't been the greatest of experiences, won't be naming names. But I'm at the point now where it feels like I've literally been doing all the work and feel we haven't received any initial help and let down at the point just before beginning a mortgage application.

We had a MIP which exceeded our needs, I've pre-prepared all financial documents and supporting evidence, and in the light of MMR ran several budgets fully detailing how we can support all possible outgoings against the lowest form of our income, even if rates went to 7%.

Everything seemed to be going so well but it was always in the back of mind that I was doing everything at this point and not receiving answers to my numerous questions, which, with everyone have had to research and literally educate myself on, myself.

So, where we are at, the offer is accepted, MIP in place, I spent along time trying to understand the order of process when it comes to applying for a mortgage, getting a survey and instructing a solicitor. I'm still confused on this,

Generally I understand as such
1) Solicitor/Conveyancer, just instruct once offer is accepted, aslong as it's no sale no fee.
2) Choose a mortgage type and begin application via broker
3) Survey is done through the lender.

My problems have been, various mortgages offer various incentives which cover both legal fees and types of surveys. So there is confusion as to precisely go about doing one before the other. I believe I can merely instruct a conveyor but ask them to hold until mortgage is secured? Or should I just go ahead and instruct them to go ahead?

I've had alot of trouble choosing a conveyancer, it's a god damn awful minefield out there and as a first time buyer buying our dream property I hope you understand that I'm very edgy and choosy. I want what everyone else wants, idealistically, fast process, low cost, secure and dependable. It's irritated the hell out of me how the fees differentiate from one solicitor to another and the numerous ways they are portrayed as to confuse you.

I've researched this thoroughly, I understand what fees you should be paying versus the bogus overhead fees. I think I'm there though. I'd like local versus online as I'd feel confident that the person dealing with my purchase is round the corner and knows the area.

My biggest issue now is with what mortgage to choose, I have chopped and changed my mind so many times. I narrowed it to a 2 or 5 year fix and as I type, I'm certain I want a 2 year fix, I've considered everything from our current financial status, to outlook on interest rates, property price changes, our LTV after 2 years based on above, the decreased running sum after 2 years versus the above and versus the potential historic mortgage offers at similar rates. Incase you hadn't noticed, I'm probably to anal for my own good but under the circumstances, this is the biggest financial commitment we'll make in our lives, so why not.

The issue came to light recently when informing our broker of the mortgage type we wanted, as well as numerous other queries we had, only a few to be fair. The reply, after months of having hardly anything answered and finding it increasingly difficult to contact the broker was very disheartening.

In the instruction I noted ONE, one mortgage I had come across myself, (as I've run continous comparisons on mortgages), and specifically stated it as an example of the type of mortgage we we're looking at. As it stands now, this mortgage still exists and there are numerous other mortgages we can choose from at the same or similar rates, based on our finances and LTV.

The reply came back that the mortgage I'd noted was a direct deal and not on their cards (they are whole of the market and supposedly special offers) and further to that they wouldn't be able to offer anything better, not a problem i thought, until i read the rest of it, that we could try for that mortgage and if it failed to come back to them and they could offer an alternative that would be "more expensive".

To me, this just cut deep. After months preparing and believing we had chosen the best path, via broker, and not just that but recommended in numerous places and believing they would cover more than most would, we were pretty much cut off. That's what it felt like, I know it's not entirely the case. The bottom line is as I've been doing everything till this point, and feeling I've received little to no help and to be told they can't offer us a mortgage at a rate that is offered in numerous places still, but only a more expensive one, that did it for me.

Why should I go with a broker when I feel like I'm doing all the leg work, only to take a more expensive offer? Don't get me wrong, I understand a brokers part would come more into play once the application was in process, but with everything else behind this, I just keep telling myself I'd be better off going alone, I know I could do it as I've been doing it from the get go. It just grates on me that if I had gone it alone from the beginning I know damn well I'd be significantly further forward than where I am now, hindsight is a blessing eh?

A final nail (almost..) in the coffin was a reminder of being let down, when I was supposedly to get a call the following day to talk over it, which, after my e-mail, didn't ever happen. I never blew out on them, I merely referred to a deal we liked, one of many, and the reply seemed like like a, "well, just take that then, and come back when it doesn't work out".

I'm awaiting an e-mail reply, our personal circumstances, make it very challenging, to be available at "normal" times but I have gone well out of my way, including severe sleep deprivation to keep things going, yet seemingly for nothing.

I'm really at loggerheads now, not sure what to do, where to go. I've been almost entirely discouraged from attempting direct contact with our broker again. I continuously gave them the benefit of the doubt, even considering MMR and potential other clients but I'm still not seeing anything positive. I work in a background where common sense dictates you should consider all probable, possible and potential customer circumstances that could dictate the next move you make, I have alot of patience and usually time for people but it just seems the support isn't coming back our way when time is literally of the essence.

Bottom line is, we could lose our dream property if things don't get started and we're almost back at stage 1. I've actually refrained from wasting my time writing a forum post on this and I'm actually multi-tasking this post with in-depth mortgage research as well as conveyancers. I finished work 4 hours ago and will be back in this evening, this wouldn't be an issue if I didn't always feel I was waiting on everyone else, side rant but it's valid. I'm going out my way to work to other peoples times but I can never get hold of anyone, they never get back to me and then I'm literally hanging to the point of collapse.

Thanks for listening if you made it this far. Yes, this was the short version.

Summary.
1) Offer accepted, Chain closed. Ready for next steps.
2) MIP in place via broker, no actual mortgage application yet
3) Mortgage type decided, no decision on who with.
4) Unsure if to drop broker and go to direct deal
5) No actual mortgage suggestions despite several requests, awaiting a final time on what we would be offered in comparison despite broker pointing out the difference in expense.
6) Aware deals are being pulled, although confident to see numerous deals we like still available.
7) FTB still finding each step daunting, specifically having made it through the "Finding a property" and "Getting an offer accepted" stages. Potentially worried bout the next step the most, especially if going direct, still confident, probably more annoyed.
8) Still trying to choose a reputable and fair solicitor/conveyancer.
This I'm more ready to settle, having a couple of highly likely's. Just awaiting a few more quotes from more local ones (again, waiting... despite phone calls and e-mails (probably not a good sign..))

So that's the summary.

On a personal addition, maybe just to make my somewhat delirious ranting more understandable, fianc!e is 2.5 weeks from due date. I guess I'm a sucker for a challenge.

Any help, advice, pointers appreciated, especially those within the next hour I think that'll be my limit on waiting on replies, no to this post, just from other companies.

whatever you do you need to make a decision soon or will pee off everyone and lose the house. Just stop thinking about it, personally I would go with the broker as if there are any problems and you go direct you are pretty much at the mercy of the lender.

The broker has probably lost the will to live if you are anything like this post.

you sound like a typical FTB, stop worrying about the gravy in life and just make a damn decision.

ACG

I read about half of this and then had to give up - sorry.

Brokers do not get access to every deal/lender. There are some we do not have access to, likewise there are some you can only access through a broker.

You should not feel like you have to chase your broker, if you do feel like that say something. They may think they are doing a good job if they dont get the feedback from you. It might be that your standards are very high (nothing wrong with that) and he/she is just not living up to them.

As for the solicitor, im having the same issue. The solicitor i use is retiring so i have tried to get in touch with 6 companies via phone and email and only 1 has replied - considering im telling them I will be sending them x amount of mortgages a month, you would think someone would call me back, but no!

If you want the help of a broker, it may mean you do not have access to the deal you want, that in turn may mean a more expensive deal. If you just want the cheapest deal then you may have to go without the support of a broker... sometimes you have to weigh up the pros and cons of whichever decision you go with.

GMS

L&C by any chance?

OP you need to get the ball rolling here whether via a broker or direct.

Have you checked criteria and affordability for your selected direct lender? Not all about the rate, the product needs to be available to you.

Your fiance is about to have a baby. This will impact on your affordability.

If this is down to London and Country then you are one of many. Fee free can mean less interest in your case especially if it is time consuming like yours sounds.

Decide what you want and then get it applied for.

Good luck

antispam246

Let_Us_See wrote: »

Short answer, if you no longer have faith in their ability..........change your broker. Or, is your prevarication making their job impossible? If so, back off and let them do their job. A good broker with deal with all the issues you have raised.

Not sure if it's a question of faith, I guess I expected more at this point, hard to gage properly from a first time buyer's perspective, hence the post for outsider opinions.

I know it was mentioned again in another reply but as hard as it maybe to believe, based on my initial post, it's not the case. You can only back of for so long before something needs to be said or potentially changed, again, hence the post.

MonsieurFrugal wrote:

It took my broker 10 minutes to pull all applicable deals from his computer while I was sat with him, why is yours taking so long to find a decent one?

Good question. As I stated initially, totally understand the concept of everyone being different and acting differently, I've given plenty of lee-way in regards to time to get things done but you have to draw a line somewhere. Again, I'm still waiting on what can actually be offered, I've asked numerous times.

zarf2007 wrote:

whatever you do you need to make a decision soon or will pee off everyone and lose the house. Just stop thinking about it, personally I would go with the broker as if there are any problems and you go direct you are pretty much at the mercy of the lender.

The broker has probably lost the will to live if you are anything like this post.

you sound like a typical FTB, stop worrying about the gravy in life and just make a damn decision.

Criticism is fine and appreciated but I honestly find no help in what you've replied with. It would be like me, taking your few short paragraphs and stating, if that was your approach to anything important in life you'll find you're going to trip up in many ways down the road. Gambler comes to mind. I'm not stating that about you because it's not relevant nor do I care to presume.

The way I articulate or draw out my posts shouldn't really reflect anything I'm actually asking, so rather than assume I'll just tell you, I haven't been remotely like this in regards to my approach to the broker, call me old fashioned, I just like to ensure every point is made clear, especially when querying a fairly life changing process or gravy as you call it. The summary is there for those who would rather skim, simple.

To address the relevant point, totally agree, decision needs to be made, not just on my part however. What problems could there potentially be leaving me at lenders mercy going direct versus taking broker that I wouldn't be able to resolve in the manner a broker does?

One of the primary things that drew me to a broker in the first place was the supposed ease and speed of things, I haven't seen either.

ACG wrote:

I read about half of this and then had to give up - sorry.

Brokers do not get access to every deal/lender. There are some we do not have access to, likewise there are some you can only access through a broker.

You should not feel like you have to chase your broker, if you do feel like that say something. They may think they are doing a good job if they dont get the feedback from you. It might be that your standards are very high (nothing wrong with that) and he/she is just not living up to them.

As for the solicitor, im having the same issue. The solicitor i use is retiring so i have tried to get in touch with 6 companies via phone and email and only 1 has replied - considering im telling them I will be sending them x amount of mortgages a month, you would think someone would call me back, but no!

If you want the help of a broker, it may mean you do not have access to the deal you want, that in turn may mean a more expensive deal. If you just want the cheapest deal then you may have to go without the support of a broker... sometimes you have to weigh up the pros and cons of whichever decision you go with.

Np, summary was there for key points.

I understand that whole of the market isn't literal, I was surprised at the comment of not being able to offer something similar but only more expensive, again, understand that that can be taken in many ways, still waiting to find out. Mostly in light of there being numerous deals within a range I would deem no where near "expensive" which I would have been 99% sure a significant amount of them weren't direct deals. Perhaps myself and broker are getting wires crossed, this is why things I make things detailed and on normal occasions, to the point.

Maybe my standards are too high, again, being new to this, I can only go off what I can see/read/hear. When your calls don't get returned and your messages left unanswered after a couple of weeks, alarm bells tend to ring.

Yeh, I had a reply back regarding a solicitor and they stated they actually had too much work on to even give me a quote. I think when my minds at ease with the mortgage the solicitor won't be so much of a worry, again was the whole "in which order" thing.

I'm making a few calls to the deals I'm looking at, as most tend to do an initial pre-credit check, so I can atleast see where I stand. If I get the green light with one, then I think i'll do it alone. If not, then i'll have to be more persistent with the broker as far as getting an offer on the table.

Let_Us_See

antispam246 you are prevaricating again and getting nowhere. If you have doubts concerning the ability of your broker then change broker. Otherwise these doubts will only increase and lead to additional stress. As I have already stated your requests are straightforward and any experienced broker can address them and save you a lot of time and stress, plus there will be no need to post on this forum.

Alphamare

With all the leg work you do (and your very controlling nature ) I suggest you just get on and chose a mortgage and apply. BEFORE you cause the sale to fall through. Seriously.