Declined after AIP and no CCJ (20k available credit) - help

lonestarfan

My broker placed me with Nationwide and they commented on how much available credit I have. I have loads and its just my age has meant over the years its just been given credit limit increases. I don't use any of it I just haven't got round to closing them all.
I use one Card and it just for food shopping and petrol.
Anyway my point being that a Broker knows who to place the mortgage with as he/she knows their foibles and quirks and likes and dislikes etc.
My broker knew all about it as I'd got all the CRA files so he didn't have any trouble knowing all my circumstances and deciding who to place with.
I must get round to closing credit card accounts down though but always hesitate as never certain by how much to reduce by.
Anyway good luck with it and hope you can find a good broker.

splreece

just called to say halifax have emailed to say they accept with a 35% deposit............. wow (first time buy so have no existing equity to tap into).

Thrugelmir

splreece wrote: »

just called to say halifax have emailed to say they accept with a 35% deposit............. wow (first time buy so have no existing equity to tap into).

Which again suggests that your credit profile is the issue as far as they are concerned.

splreece

apologies if this question offends anyone...

If Halifax come back on Monday and confirm they will accept with 35% deposit, does this mean the broker and the bank have the rights to say "we have made an offer, so we will keep all fees". I have paid the 280 for halifax mort app and agreed to the 399 for life of mort fee from the broker.

However there is no way i can accept the mort at 35% as a first time buyer.

Is it likely the broker/bank will keep payment as it was my choice not to accept the offer?

(At the 1st meeting stage with broker I was specific in wanting 65k with a 10% deposit max but I agreed to push to 15%).

The house needs a lot of work so money is there... but not as a deposit, so I can't accept the offer?

Any thoughts?

Thrugelmir

splreece wrote: »

does this mean the broker and the bank have the rights to say "we have made an offer, so we will keep all fees".

They are not charities. Costs have to be covered.

splreece

wow thats the quickest 700 i have ever spent... i might as well just have done it myself....

so i take it that misinformation or poor practise is rife as i am not qualified but from the little i have seen on here, i now know I should have been told a lot of things I wasn't...

ACG

It depends, when do the fees become chargeable?
I charge my fees on offer of a mortgage (not agreement in principle, but actual offer), if the lender came back and offer 25% less than the client requested and it didnt suit I would waive the fee. 65% mortgage is worthless when you want 85%.

If the fees are chargeable on application then that is different.