What to expect from my mortgage broker?

MissBizzita

Hi there,

New to forums although I've been reading through pages and pages of threads as I'm currently in the process of applying for a mortgage and stressing about it considerably.

I am using a large, fee free broker as recommended on this site (not sure if I can say name!) and I'm beginning to worry I've made the wrong decision.

My situation isn't the most complex but there are a few things that concern me. Up until about 3 months ago I was always in my (interest free) overdraft (as a result of changing career and going back to uni - been in FT employment for a year and a half) but this is now paid back in full and I have money left over each month and have done for nearly 2 months, although the 3 months bank statements will show overdraft use at the start. The bank statements also cover the period I was on holiday in the USA so spending is quite high. I have also paid off all store cards etc with the exception of one credit card 0% interest totalling £5000 which I intend to repay with proceeds of sale of my current flat. I have never defaulted and my credit reports have no issues on them at all that I can see.

My mortgage advisor said that all of the above would not be a problem and I now have an AIP and have submitted the full application along with supporting docs.

The valuation took place on Friday.

Probably worth mentioning I have over £90k equity in current property so mortgage I've applied for is low ltv of 60%.

Up until the AIP stage the brokers were great but now that the application has been submitted they are very slow to reply to emails and don't return calls. I know I'm probably a nightmare as I worry and panic a lot over everything!

Essentially, my question is what are reasonable timescales to reply to queries? I sent 2 emails today - 1 a question about repaying credit with proceeds of sale and querying outcome of valuation/ asking if I will be sent the report and the other pointing out a few mistakes on the application. (They had ticked the "No" box when asked whether credit will be cleared by completion, when I clearly told them it would be and secondly they had put the proposed purchase property address as the address that my current mortgage relates to!). I didn't receive any response to either of my emails and voicemail is also unreturned.

I'm concerned about the delay in responding to me as well as the mistakes! But I don't want to be that pain in the backside client who is expecting too much...

Any advice? Am I being unreasonable?

I would switch brokers if I hadn't already paid the valuation fee of over £300! So looks like I'm stuck with it now. I should have realised that you don't get much for a free service! And sadly I think I'm one of those worriers who needs their hand held...

Thanks in advance!

amnblog

With respect you do sound like a worrier, but that is OK. If it means you need more reassurance during your application, in my view it is up to your broker to provide it.


Perhaps the service you seek is not to be expected from a large operation who work on volume so that they can afford to advertise a fee free service.


It is too late to 'change horses' now - you should stick with it.


Next time you may have a clearer view of the kind of service that suits you.

MissBizzita

Thanks for replying.

Next time?! One things for sure, I'm staying put once/if this all goes through! It's been so stressful and it's only just beginning!

I know I'm a worrier... I'm a nightmare. I have apologised for panicking to the broker... But nonetheless, still no reply to yesterday's emails or voicemails.

I know I'm stuck with it, but do I put up with what is (in my view) substandard service? Or do I keep pestering them until I get a reply?

amnblog

The squeaky wheel gets the oil

andyfromotley

Is there an element of you get what you pay for here?

A fee free broker it seems obvious to me will provide less of a service than a paid broker, (just as a cheaper broker will offer less of a service than a really expensive one?)

MissBizzita

I realise that now. The recommendation on this site swung it for me... And the service up to getting the AIP was brilliant, always calling when they said they would, swift replies to emails. It's like now they have the business, they don't care!

Looks like I'm stuck with it, sadly. Not good for my nerves!

andyfromotley

You'll be fine Miss B!!

The one advantage of using this type of broker is that if the deal goes bent they don't get paid, so they'll be all over it should they have any real concerns.

Good luck, fingers crossed.

ACG

When did the application go in with supporting documents?
Who is the lender?

d70cw6

bring lube

MissBizzita

The lender is Leeds, who I've also read horror stories about!

I raised my concerns with the broker prior to submitting full application and questioned whether Leeds was the correct lender given the issues raised in my first post but was assured that "people only like to write bad reviews" and that he didn't anticipate any issues. I'm not convinced...

The application was submitted on Friday.

One good thing. The vendor would only take the property off the market once the survey was booked so the broker pulled some strings to get the survey booked in at the same time as application. Usually, apparently, Leeds wait until the underwriting process has finished to value but our valuation took place on Friday.

Any idea when I'm likely to find out the results of the valuation? I've already paid for it. That was one of my questions that I've not had a reply to...

ACG

http://www.leedsbuildingsociety.co.uk/intermediaries/service-status/

You should hear by the end of today by the looks of it.