First Time Buyer - what checks after decision in principle?

sparks11

Well full application is in. I'm reluctant to say who with in case I hear sharp intakes of breath from all over the country, but suffice to say it isn't with Halifax, and we got a DiP with *insert potential new lender here* first that this forum assures me was a 'hard' search.

So now we wait and see. If it's a no ultimately then we will carry on saving and try again in a few months. And breathe....

sparks11

An update for anyone who is interested:


Full application was submitted to Nationwide on 18/03
Valuation/homebuyers report was done 23/03
Bit of miscommunication meant that husband's SA302s didn't get uploaded until 26/03
Lack of communication means our broker has only told me this morning they have queried a salary exchange on my payslips (pension payment, I declared this at the mortgage appointment!)
So, apparently we are getting the decision tomorrow


Our broker only told us after we'd submitted the application that she charges fees. Paying is not a problem, we all need to make a living somehow, however, we feel we should have been told this upfront.


It has been an incredibly frustrating couple of weeks, we don't feel like we made the best decision in choice of broker, but you live and learn. I'd definitely use a broker again, just maybe do a bit more research next time before making the decision who to go for. It hasn't felt much like they've acted on our behalf. But if the biggest problem we face is having to wait a bit longer for the decision, ultimately I'll be happy.


Fingers crossed it is good news tomorrow as this has already cost us £600!

ACG

sparks11 wrote: »

Our broker only told us after we'd submitted the application that she charges fees. Paying is not a problem, we all need to make a living somehow, however, we feel we should have been told this upfront.

They cant bring up fees after the event. Its a regulatory requirement to discuss fees at the first possible opportunity (usually done at time of doing the factfind).

Your broker wouldnt have a leg to stand on if you complained about it as they have broke 1 of the first rules of broker club.

sparks11

ACG wrote: »

Tell them to do one.

Before even seeing a client I run through their basic details and give them an idea of any charges I would need to charge (it could change dependent on the factfind but if they have been honest it will not change). Last thing I want to do is turn up and waste both their time and mine if fees are an issue.

You cant bring up fees after the event. Its a regulatory requirement to discuss fees at the first possible opportunity (usually done at time of doing the factfind).

Your broker wouldnt have a leg to stand on if you complained about it as they have broke 1 of the first rules of broker club.

To be honest, at the time we were just pleased to have the application over and done with. The fact there have been mistakes (theirs) since then has made us a bit less patient with them. They got a bit shirty with us this morning for querying why it had taken so long to upload the SA302s and why I hadn't been asked previously about the deduction on my payslips (we'd already been told last they only need to look at SA302s, everything else has been assessed). The answer they gave me was 'you need to realise these things take time.' Husband phoned back and complained, that's when they said we should have a decision by tomorrow.


We are tempted to lodge a complaint about the fees after the whole thing has gone through. At the minute we're worried about rocking the boat! Paying fees definitely wasn't the issue, we would have paid them either way. It's the fact we weren't told now coupled with the fact they don't seem keen on keeping things moving at a reasonable pace.


I think it's the fact it has cost us so much before we even get a decision that is the most frustrating. If it is ultimately a no then we will get over it, but morally, to take someone's money before knowing the outcome we find a bit hard to swallow!

kingstreet

You should be provided with a terms of business letter at the outset which confirms how the advisor is remunerated.

If there is a fee involved, it should be shown, together with when payable and under what circumstances it can be refunded.

Then any key facts illustrations supplied to you for consideration should show the fee along with all other fees in section eight. Especially the KFI on which you have decided to proceed with a particular lender/product.

It should also be disclosed to the lender and be visible on your mortgage offer when it arrives.

Get all your evidence of non-compliance with the above in hand then hit them with the complaint when you have your offer in your hand.

amnblog

Please tell us the Estate Agent - we are dying to name and shame these clowns.


(How much were these after the event fees anyway)

sparks11

kingstreet wrote: »

Get all your evidence of non-compliance with the above in hand then hit them with the complaint when you have your offer in your hand.

I know this isn't the point of your post, but I am liking the use of the word 'when' here rather than 'if' haha.


Thanks all, you've confirmed what I thought about them being upfront about the fees. I don't want to name and shame at this point, but when we are in the new house you can have their name if you like!


As I say, the frustrating part - other than the time it is taking - is the fact this has already cost us so much money and they may well still say no. We passed the DIP stage with them no problem, search has appeared on Experian. It's a bit concerning they're only now querying my pension, I do hope that's just a formality and they don't now think we can't afford the repayments! It was mentioned from the start to the broker, can't understand why Nationwide didn't know about it.


The fees were £295.

sparks11

We've now been told it'll be the middle of next week due to how busy they are and the bank holiday. No indication whatsoever why it is taking so long. Well, I'm pretty sure it's taking so long because our mortgage broker isn't doing her job particularly well. There has been no communication from her whatsoever and whenever we ask for an update or ask them to do something on our behalf, we get made to feel like we're hassling them. I really don't know if now is the right time to do this, or if I should wait, but a letter of complaint will be going in. They've sat on queries and not passed them on to us, they didn't declare my pension, they didn't upload husband's SA302s...

Rant over. I'm off to get drunk

csgohan4

sparks11 wrote: »

We've now been told it'll be the middle of next week due to how busy they are and the bank holiday. No indication whatsoever why it is taking so long. Well, I'm pretty sure it's taking so long because our mortgage broker isn't doing her job particularly well. There has been no communication from her whatsoever and whenever we ask for an update or ask them to do something on our behalf, we get made to feel like we're hassling them. I really don't know if now is the right time to do this, or if I should wait, but a letter of complaint will be going in. They've sat on queries and not passed them on to us, they didn't declare my pension, they didn't upload husband's SA302s...

Rant over. I'm off to get drunk

The lesson here is not to use anything the estate agent recommends. They get commission and you get questionable services which are usually hard to rate.

betmunch

Bit late to the party on the fees issue, but this is well out of order!


I'm with Kingstreet, get the offer, then make a formal complaint.