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Broker vs Direct - Lift Scheme Help!
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Kazorina
Posts: 10 Forumite
Hi!
This might be long winded will try keep it basic. We applied for LIFT scheme (Scotland) went to First Mortgage (Free impartial advisors) to get DIP for the application, we got a DIP for £146,000 ish a nice amount since were restricted on purchase price anyway. Everything went well from there, we got accepted for LIFT scheme, viewed properties, put an offer in for one which was very much affordable.
Decided to go to Halifax direct for full mortgage application, was advised they would need to go through DIP stage again as they couldn't access the DIP from First Mortgage but was told this wouldn't be an issue. Gave them all the same details, took the same folder with all the same documents in it and they came back and said they could only lend us £71,000 at DIP stage. Not even enough to own 60% of the property we offered on, minimum we'd need for LIFT.
What went wrong? I've went crawling back to my advisor today but I don't understand the massive difference in figures from going direct. Halifax implied our advisor fiddled the numbers but I don't see how she could have. I am now worried this might not happen at all
This might be long winded will try keep it basic. We applied for LIFT scheme (Scotland) went to First Mortgage (Free impartial advisors) to get DIP for the application, we got a DIP for £146,000 ish a nice amount since were restricted on purchase price anyway. Everything went well from there, we got accepted for LIFT scheme, viewed properties, put an offer in for one which was very much affordable.
Decided to go to Halifax direct for full mortgage application, was advised they would need to go through DIP stage again as they couldn't access the DIP from First Mortgage but was told this wouldn't be an issue. Gave them all the same details, took the same folder with all the same documents in it and they came back and said they could only lend us £71,000 at DIP stage. Not even enough to own 60% of the property we offered on, minimum we'd need for LIFT.
What went wrong? I've went crawling back to my advisor today but I don't understand the massive difference in figures from going direct. Halifax implied our advisor fiddled the numbers but I don't see how she could have. I am now worried this might not happen at all
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Comments
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No way we can tell you what happened, sorry.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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You need your adviser why it went wrong when you tried to cut him out of the loop.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks.
I realise I need my advisor now which is why I went running back but was also 'advised' by others who have went through Lift scheme it might be more straight forward and quicker doing it myself, obviously that backfired.
I guess my main question is, is it quite common to see such a financial difference between doing it yourself and an advisor doing it? Is this one of the main reasons for using an advisor? I always thought it was about choosing the best deal not acquiring maximum funds.0 -
You live and learn.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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