Doubting my mortgage broker...

samaudio

Hello,

We're in the process of buying our first house, with no chain either side. We are still waiting for the mortgage offer, everything else is in place and ready for exchange of contracts.
Our mortgage broker seemed good before we had had an offer accepted, but since the application has been being processed they seem extremely slow and inattentive. They tell me that they are chasing the lender daily but I just don't believe them. The broker keeps requesting documents that the lender needs, but they are documents that I gave them weeks ago. They don't seem on the ball at all.
It's been six weeks since we submitted the application, the vendor is getting anxious, and I'm getting sick of going through the broker, when I really want to be talking to the lender myself and getting down to business. I feel that brokers are busy with too many cases and frequently don't bother, or forget to chase the lender.
So, I'd like to know - is it a good idea for me to contact the lender myself and try and get a picture of what is going on and what I can do to speed up the process? Or will this annoy/confuse the lender and possibly throw a spanner in the works?

Any suggestions or comments would be really appreciated.

haras_nosirrah

which lender is it?

some lenders are snowed under (santander immediately springs to mind) and will not escalate cases at all

I had one this week - agreed with a max loan amount. We have confirmed that the client will go with the max loan and it has had to go back into the queue for 7 days for the underwriter to instruct the valuation

frustrating beyond belief

samaudio

It's with Halifax.

Dave_Ham

This is not usually the case with Halifax, so I suspect the case is being looked at by a business assessor (potentially if self employed) or the credit decisioning team (almost like an audit)
or if the mortgage is interest only (the interest only team)


These teams have 3-4 working day queue's and may make random requests and then to the back of the queue.


Otherwise, Halifax will request normal ID/Income proof at application and all of which your broker should have especially post MMR world.


What have you been asked for?

Ky-An

My application went to Halifax 9/5 and I received my offer yesterday. It took total of 3 weeks. My broker asked for 2 additional proofs that I already submitted, but submitted them again.

samaudio

Yes I'm self employed and have supplied them with:
SA302s, proofs of ID, proofs of address, bank statements for my current account (I don't have a business account), proof of our deposit and CV.

Do you think it's worth contacting Halifax directly to see what's going on?

Dave_Ham

No, it is never a good idea to contact the bank directly and you will never get through to a business assessor (where your case is)


Will take a punt that you have under 3 years trading history?


In any case, these are standard business assessor requests for the self employed. Whilst we have had them approved, a business that trades through a current or a n other account does not give a feeling of stability and longetivity of the business.


This queue is 3-4 working days just to be at the front of the queue, so this accounts for the delays.


Good luck

samaudio

I've been self employed for 5 years.

Many thanks for the advice, I won't contact the bank.

Sorry, it might sound stupid, but could you just explain what you mean by getting to the front of the queue? My broker said something about each time they ask for another document, it takes another 5 working days...

GMS

Have the profits declined in any of the last 3 years?

Front of the queue as in your case will be looked at in order. To be perfectly honest your broker should provide all they will require to avoid being back and to.

samaudio

No, the profit has steadily risen by a small amount each year.

Yes - I feel disappointed that my mortgage advisor keeps asking for documents that I supplied them with 6 weeks ago!

Does the fact that it is taking longer mean that we are more likely to be refused? We had a decision in principle from them, and have asked for the same amount.

We are really worried that a. the vendor pulls out of the sale as it is taking too long, or b. the mortgage is turned down.

Dave_Ham

Impossible to predict an outcome, but the DIP etc. is almost irrelevant as they are verifying the self employed income component.


Good luck