mithering broker

kingstreet

FWIW we keep our clients updated as much as we can. I'm not sure it's as much as they like and is certainly less than many of the "micro-managers" who populate the internet seem to expect.

Roughly we update when;-

application submitted and documents sent to lender

valuation instructed and inspection date

valuation back and acceptable

mortgage offer issued.

TBH most of our cases go from application to offer in under two weeks, so often clients don't have much chance to get frustrated. If anything untoward happens, we'll contact them again to explain.

Nine times out of ten, cases are just queued waiting for things to be done. A quiet time doesn't mean there's a problem.

Here's our most recent Nottingham BS case;-

30 May - application submitted

3 June - special delivery of docs received

17 June - case assessed, valuer instructed

26 June - valuation done

30 June - valuation back

4 July - case offered.

Sometimes this has felt like purgatory. Despite warning the client about how long it would take, they have constantly queried it and asked if we could do anything to speed it up.

We told them at the outset they should not choose this lender if they want a quick offer. In the end, clients put money over time and hope for the best.

pukkamum

Broker text back, thank goodness and even though the didn't tell me much more than I already knew, it was good to know he is happy to communicate.
Having said that I felt slightly shut down when he wrote a firm 'I will contact you when I hear something' AKA stop bloody mithering woman!
Really going to send myself doolally before this is over!

ethank

You are understandbly wanting things to speed a long, as you just want a decision. If you are going to buy a new home, You need to prepare yourself for lots of waiting! It all starts here!

amnblog

Mithering is a tricky one.

Applicants are understandably tense throughout the process and want to be re-assured.

The problem for brokers is that experience tells us anything can happen up to (and sometimes after) formal mortgage offer. We are therefore reluctant to say ' everything will be OK'.

As to delays in updates it is about managing expectation. Your broker does you no favours but not telling you when you will receive an update.

We try to avoid our clients chasing us but giving them updates regularly and telling them when to expect the next one - even if there is no news.

For example we have two cases in with a Lender for final checks and offer currently and the lender has told us this will take up to 12 working days. We clearly cannot leave our clients waiting two weeks for news so we have told the situation rather than trying to sweep it under the carpet.

ACG

Thats the whole issue with this post.

The broker not giving updates. How long is a piece of string is not an answer.

Finding out a lenders turn around times is not difficult, you speak to your BDM/call centre/underwriter or check the website and pass that over to the client.

There is absolutely no reason for the client to be told how long is a piece of string. If a lender said that to me, I would not use them again and would possibly even pull the application there and then.

The advisor saying 2, 3, 5, 7, 16 days (16 days for platform) is all it would take. The client would then know how long to leave it before asking for an update. This saves the client from mithering, the broker from having to answer texts/calls/emails and everyone is in the loop.

Its the not knowing that causes stress. It could have all been avoided by the broker giving some timescales.

Thrugelmir

ACG wrote: »

The broker not giving updates. How long is a piece of string is not an answer.

So to avoid creating an expectation what should someone say. Dunno?

I've often used the expression over the years. As constant interruptions result in lower productivity and huge amounts of wasted time.

ACG

Thrugelmir wrote: »

So to avoid creating an expectation what should someone say. Dunno?

No, the broker is supposed to do their job and find out.

If I can go on to the abbey website and get the information (in seconds) why cant the OPs broker not do the same? Or better still call up and ask (just to ensure the website is up to date).

pukkamum

I think my issues c8me from not having definitive answers, which of course the broker simply cannot give.
In an ideal world the broker would be able to say yes you will definitely get the mortgage it take x amount of time.
Of course the broker can't do that, at least mine hasn't, so you are left in a limbo of uncertainty and thats when the fear strikes.
I think this why this forum is so helpful, we can ask the daft, obvious questions that we would feel embarrassed to ask our brokers.
I know I also found the whole going through finances, debts outgoings etc extremely stressful and upsetting, I was brought up to think that talking about money is vulgar and shouldn't be done.
I wonder if many brokers understand how awful this process is for some people as they deal with it day in and out.
Many of you make the point that the questions asked on here should be asked of the broker but as I made the point earlier, many of us hate to feel we are 'mithering'' so we mither you lot instead!

GMS

We know people are often uncomfortable talking about debts and outgoings.


It is a nightmare for us when one of a couple hasn't told the other half of their debts for instance. Getting a call after the interview to say 'I have a 5k credit card bill, please don't tell my husband' is an occurrence too often.


All questions we ask are required for our advice, compliance and for the lender.


As brokers we try to take the stress on behalf of our clients. The back and to with the lenders and frustration we go through isn't seen by our clients. That's one of the reasons to use us. If you saw the work we often do you would feel much better about brokers. My hairline is proof of it!!

ACG

But I am a broker. I dont mind my clients asking me questions, if your asking them its because you have a concern I have not crossed off with you.

Its a massive big purchase, your going to have concerns and its my job as the broker to answer those - I can guarantee I have had questions that would make you laugh, but it doesnt mean they are not valid questions.

We cant give definitive timescales on when you will get a mortgage, we CAN give you an idea (within a day or 2 at most) of when you will next get an update. This avoids the need for mithering (as you put it).