Could there be a problem?

jls85

Hi all,

I'm hoping a broker can give me some advice here please. I have had an AIP from Leeds Building Society to buy a new build house via Help to Buy. The house will be ready between April - June next year according to their most recent estimates.

In order to process my full mortgage application, my broker (who I was told I had to use by the developer) asked me for 3 x bank statements, a P60, 3 x payslips, two forms of photo ID, a signed gifted deposit form and a signed direct debit mandate. I sent all of this to her two weeks ago and she confirmed that she received it the day after.

She told me she would call me back last Friday once she'd gone over everything, but as yet I've still not heard anything from her. I'm starting to worry that there is an issue that she is looking to try to fix before she gets back to me. Is this standard practice, or would you normally tell clients up front if there was an issue?

I answered all questions as honestly as I could (given that I hadn't had time to prepare and she told me that 'estimates would be fine at this stage' - I double checked everything afterwards and it was all about right though), but as a newbie I'm scared there is something I've not thought of that could be holding this up.

As it stands, I've chased her twice with no reply

I'm probably panicking for nothing (I often do) but all opinions welcome!

amnblog

Leeds BS can be very slow, but the most likely answer is that your broker provides poor communication.

Get hold of her and tell her what you expect from her.

jls85

Thank you amnblog. I'll try to chase her again but it's hard when she won't ever pick up the phone! And as far as I know she's not submitted the application yet - she told me she was going to call to make sure I'm 100% happy with the product before she puts the application in, then disappeared. Perhaps it's because she knows I have to use her company so it's not like I can drop her for poor service?

kingstreet

We have cases stalled awaiting submission because we aren't within the window for the coincidence of mortgage offer and build completion.

For example, we submitted a Nationwide application on Wednesday and it was valued offered on Thursday. The offer expires on 5 May and you only get a maximum two week extention.

If the build is not finished by 19 May, we would have to re-apply. Fortunately, our property will be finished well within that timescale.

If your broker is delaying for this reason;-

they should let you know
they should let the builder know as you may not exchange contracts as quickly as they require.

jls85

Thanks kingstreet. Hopefully that is it. I'd asked her previously if we could stall for that reason, but she said no because the builder wanted to progress immediately. Perhaps she's doing it unofficially, although she did say reapplying would be very straightforward and nothing to worry about it.

lonestarfan

My broker and I tend to do most of our communication by text. Does she (your broker) only have a landline then? What about an email address?

jls85

She does have an email address but rarely replies. No text number that I know of. Her communication has been poor throughout to be honest, but I thought we were moving forward when she asked for all my docs. Maybe I'm expecting too much but 2 weeks with them seems quite a long time with nothing being done. What type of things is she looking for when she checks over them?

kingstreet

Nothing that takes more than an hour.

jls85

Me again! I finally managed to get hold of the broker late on Friday afternoon, and she promised to call me today between 11am and 3pm to discuss everything before she submits my application. But surprise surprise - I heard nothing. I guess my question is, do I 100% have to use the firm recommended by the developer? Or can I find someone else who isn't going to leave me chained to my desk for 4 hours waiting for a call that never arrives? I'm now outwith the hold period on my contract with the developer, and although they've told me not to worry, I don't know how long I can wait before I lose my plot (and the plot maybe! )

kingstreet

Tell the builder what is going on and explain that you no longer have confidence in their chosen broker.

amnblog

You do not have to use the developers brokers.

If your current broker has already put an application in with LBS you do not want another broker working on the case at the same time. You should resolve the situation with 'broker one' first.