Mortgage Issue - broker vs bank

christm_2

Hi

We are looking at a house move and are trying to ensure we can get the mortgage we require.
I went to a Broker who got me an agreement in principle from the Halifax for a mortgage of up to £192k.

I had a pre-arranged meeting for something else with Bank of Scotland (Halifax) today anyway so went and while there they persuaded me to look at their mortgages. Upon putting in my financial details they said they could only give me an agreement in principle to £123k. This seems ridiculously low.

My broker is saying they have access to a different system which allows them to get higher approvals but it seems wildly different.

Any thoughts?

Thanks

Martin

ACG

Why are you getting more credit checks against your name?
Why have 2 people do the same work?

Those are my initial thoughts.

christm_2

Yes, I realise it may have been a mistake to do so however it's done now.
I'm now wondering why they're so wildly different and if I should trust the broker as I need more than the 123k to be able to move house (we have a bid on the table for ours and know the house (and cost of it) we would buy if we accept the bid)

christm_2

Any thoughts/advice appreciated

Martin

ACG

Think about it logically...

Why would a broker tell you you can borrow £192k if they did not think it was achievable?

You put an offer in for £192k and then it gets declined. Your unhappy, he has done work for nothing... there is no benefit. So presuming he is not new to the job and has some experience then I would trust what your broker says.

christm_2

That is the answer I was hoping to hear :-)

New to this so wasn't sure why the same bank the broker is recommending would be so drastically different when I see them in person.

The broker is independent, whole of market and is well established in my local area with a solid reputation.

Thanks

Martin

ACG

Its not uncommon for brokers to know lenders systems better than the "advisor" within a branch.

A lot of the time people (including advisors) answer the questions they think they are being asked, rather than the questions they are being asked this can have a big impact on any decision.

amnblog

Perhaps the 'answers' you gave the Bank adviser where not interpreted in the same way as they were by the Broker.

My money would be on the broker if he or she is experienced.

christm_2

Yeah possibly - I was just surprised by the size of difference between the 2. I am leaning to go with the broker as I was more impressed by them.
Obviously just trying to avoid solicitor fees should I then need to pull out of sale because mortgage application gets rejected,

Thanks

Martin

kingstreet

Has something changed inbetween? MMR?

Told the lender the property is leasehold and you'll have ground rent and service charges? Student loan? Childcare?

Decided to go for newbuild on HTB - Equity Loan?

There are any number of reasons why the two outputs are different, but we can't tell you, based on the information you have provided.

Leon_W

Perhaps try out the intermediary calculator for yourself ?


http://www.halifax-intermediaries.co.uk/tools_and_calculators/mortgage_affordability_calculator/default.aspx


Let us know if the result is any different please.