can smbd explain how mortgage process works?

Tykva

kingstreet wrote: »

Absolutely no idea.

It's unlikely a broker would know much about another broker's service/system unless he/she worked for the other broker at some point.

TBH once you've waited a month or two for a mortgage offer, I'd be surprised if anyone thought it was a good idea to chase a new product, presumably with a new lender...

Thank you. I see.


Basically, TCF and other FCA rules seem to be just a beautiful wording.

kingstreet

So you want to risk your existing application by submitting a new one because the rate for a new lender's product might be 0.1% or 0.2% better?

You might end up with no mortgage by doing this.

That's why standard advice is never to make any new applications for credit between applying for an agreement in principle and completion.

Still, thanks for putting me right on my TCF obligations. I'd forgotten all about those in my rush to make sure my client actually gets what they want, their new home.

kingstreet

FWIW two recent emails;-

Hi,

Nationwide has today launched a new product range and as a result, your rate has improved from 2.14% (tracking the BoE base rate + 1.64%) to 1.84% (tracking the BoE Base rate by 1.34%). All other details remain the same. Your monthly payments have therefore fallen by £23 per month to £789.88.

Your application has been submitted, so an alteration has been requested to amend the rate. Supporting documentation has uploaded. We await confirmation of the valuation appointment and will update you as the case progresses.

A copy of the key facts illustration, reflecting the product change, is attached.

Thanks,

Ian

and

Hi,

Nationwide has today launched a new product range and as a result, your rate has improved from 3.54% fixed for three years, to 3.29% fixed for three years. All other details remain the same. Your monthly payments have therefore fallen by £32 per month to £1,199.11.

Your application has now been submitted on the new rate and supporting documentation uploaded. We await confirmation of the valuation appointment and will update you as the case progresses.

A copy of the key facts illustration, reflecting the product change, is attached.

Thanks,

Ian

Just in case anyone was worrying about commitment to clients, TCF etc.

Tykva

This explains everything, lucky your clients!

However, not every broker out there is the same, unfortunately. Im sure you know it even better than us. Only thanks to your work here things are getting clarified.

Do you have any social account, I would like to follow you, I'm learning towards my CeMAP