What to expect from my mortgage broker?

MissBizzita

Thanks. I've come clean with the broker... I put the blame on the EA/ vendor as to be fair they've called me about 5 times since Friday to find out the outcome of the valuation.

Apparently they won't draft the memorandum of sale or instruct solicitors until the valuation is agreed. I explained to the EA that I was awaiting my mortgage offer and he seemed shocked that it hadn't already been sorted. Surely he knows these things take time? I've explained that I passed the credit checks, have an agreement in principle and that the docs are with the underwriters!

We only agreed the offer on the property last Wednesday, so less than a week ago! I sincerely hope he's not going to pull out if things start taking longer than he expects...

I need a glass of wine, a large one. And this is only the bloomin' start...

betmunch

They wont draft the memo of sale until you have your full offer?


That's ridiculous! I had a case recently that the lender wouldn't offer the mortgage until I had supplied the memo of sale.


Your not buying through Connells and refusing to use their in house guy are you?

MissBizzita

They won't draft the memo of sale until a valuation has been agreed...

In the same way they wouldn't cease viewings or change status to "under offer", despite agreeing our asking price offer, until a valuation was booked in.

It's not the ones you mentioned! It's a small, independent outfit who clearly don't know what they're doing!

betmunch

I think thats well out of order, no wonder youre tearing you hair out!

MissBizzita

Yep, it's far from ideal!

We were close to walking away when he started imposing stupid restrictions on acceptance of the offer, but seeing as we managed to get the application in and the valuation booked and done so quickly we've decided to go with it. The house is everything we wanted so I'm just hoping all goes to plan now... Although it won't stop be panicking. I just hope that Leeds approve the mortgage, my bank statements aren't particularly conventional over the past 3 months with my overdraft being reduced and credits to my account to pay things off so I imagine they'll have some questions. But I'm hoping they will take a common sense approach!

I have a feeling he thanks that because the valuation has taken place it means the lender has approved the mortgage. He really doesn't seem to have a clue, yet supposedly he's been an EA for years!

I've been meaning to ask. Can anyone tell me if lending criteria changes based on ltv ratio? Ie. For a 60% LTV are Leeds still likely to be picky/ strict or does the lower risk mean they might ask less questions?

pickles13

Is there a way to find out which company you are talking about? I am using a fee free broker and just wanted to check it isn't the same one?!

betmunch

Talking about L&C pickles

MissBizzita

Well, doesn't appear that they care about me approaching the lender directly. No reply to email or voicemail yet again...

I've now asked for a corrected version of the mortgage application that is currently littered with mistakes on 4 separate occasions but they just ignore my requests as well as neglecting to answer a number of other questions I've asked...

My (virtually non existent) patience is really being tested...

betmunch

what are the mistakes on the application? Is anything material to the lender? Ie incorrect address, salary, dependents, that sort of thing.

Lodge a complaint if youre not happy. The complaints team will soon kick their !!! into gear!

MissBizzita

They've put the address for my current mortgage as the address of the property I want to buy..
The number of credit cards and balances are wrong...
They've said the balances won't be repaid on completion when they will...

Pretty important stuff I'd say.
I'm giving them until the end of today to reply if not I will complain.