What to expect from my mortgage broker?

MissBizzita

Thanks, that's what I was hoping... I've been checking that service status in a somewhat neurotic manner ever since the application was submitted! Sadly, patience isn't my strong point which doesn't seem to sit well with this house buying malarkey.

Although I guess that means the broker will hear today, so it all depends when they relay the information to me!

Sigh.

ACG

Just assume you wont hear anything until lunch time tomorrow.

If they come back to the broker at 5pm, he/she may not pick it up until the morning and they could have an appointment first thing.

You chasing them every 5 minutes isnt going to help your blood pressure and is not going to alter the end result in anyway.

Also its not uncommon for lenders to fall outside of their own service standard by a little.

Personally I take on a limited number of clients at any one time so I can keep on top and update people as soon as I hear anything, but you have gone to a fee free national company - realistically I dont think you can expect the same level of service from someone who is just doing a job effectively.

MissBizzita

Thanks ACG. I'm seriously kicking myself now... I'm normally quite good at researching things like this but was under serious pressure from EA (who also happens to be vendor - what are the chances?!?) to get survey booked so they would take house off the market and got a bit carried away with the whole thing! Never again!

Appreciate your swift replies, thanks!

ACG

Ha!
Just last week I had a client who put an offer in on a house and the estate agent was pestering after 24 hours why it hadnt been booked in - client then chasing me.

I jumped on the phone, told the estate agent they are being pathetic and to give us a week to allow for an application and underwriting to take place. Had to speak to the manager in the end who agreed the agent was being a little "proactive".

kingstreet

We just tell agents we aren't doing anything until the chain forms; so don't expect to see valuations booked while your vendor is still out looking for somewhere.

MissBizzita

I am the middle link in the chain.

Our buyer is a FTB. The vendor of the house we're buying is moving into rented. When we first put in the offer he said he was looking at a 4-6 week timescale for completion! No chance!

ACG

Thats not a bad idea.

I find it funny that estate agents are really nice until an offer has been accepted then they can become complete w*****s to the person buying the house and applying unnecessary pressure. Where as if we get on the phone and reassure them everything is ok they are fine (9 times out of 10).

livesdial

OP I started out with the Broker company to whom I assume you're referring. At first I emailed one of their brokers direct after a recommendation from a colleague - no answer. At all. So I arranged a callback via the front end of their website - Callback received quicksmart from a new broker, AIP received, cushty. I then viewed a property and had an offer accepted in surprisingly short order, so I called/emailed the broker who had processed my AIP, and heard nothing for a week. So I again contacted their front end services, and received a call back straight away, explained the situation, and they said they'd get her to contact me. Nothing. 0/2 so far where it mattered, and time was now of the essence, so I applied direct to the lender. For the record I never heard back from her!

I suppose it's fair enough people saying you get what you pay for etc with no-fee brokerages, but they're recommended by this site!

And before I get in trouble, I'm sure plenty of people have had great experiences with them, so YMMV etc.

PS I also applied through LBS and they did the valuation before underwriting was complete.

Best of luck with everything, I imagine this is not a nice process for the worry-prone!

MissBizzita

Thanks livesdial. It's not a nice process at all!

I attached a lot of weight to the recommendation on this site, but now I can see that they need to recommend a large enough broker who can "cope" with the demand that comes with such a high profile recommendation.

I can appreciate that these things take time, as impatient as I am, I just can't stand being ignored. I used to be a solicitor and dealt with some awful clients and opponents, but no matter what I would always dignify them with a response to queries.

Flat out ignoring someone you are purporting to provide a service to is just not on in my books. Even if the response is merely an acknowledgment or a "sorry I'm swamped right now but will respond asap"...

I really don't think that is too much to expect, fee or no fee.

livesdial

It may be worth getting in touch with LBS direct if you haven't already - I've found them very helpful.