Broker - too good to be true?

junglejame911

FTB going through a broker who we found following a Google search of brokers in our local area. We had previously been declined an AIP from Nationwide after them taking 3months to process the online application.

Really amazed at the service and just wondering if it’s a case of “if it seems to good to be true”?

All done over the phone/email, he called us back within 5minutes of our initial enquiry and took our details and details of the property etc. Asked me to email through bank statements, payslips etc. The next day he returned an AIP from Halifax, asked for a few additional documents, which he offered to call round to our house for (although we elected to email them!).


He then said all that was required was payment of the valuation fee for Halifax to advance the application, which he could take over the phone. Due to my slight paranoia by this stage and before giving out credit card details I looked him up and he is on the financial services register!

I’m just looking for others experience and if this is typical? I guess I was just struck by the informal nature of it and how quick the process was (I realise Halifax AIP is less rigorous than other lenders).

EDIT - And forgot to mention - there is no brokers fee!

benjus

It sounds a little too quick tbh... has the broker just jumped straight to Halifax without really considering your needs, or has he gone through options with you? But in general it sounds like the service we got from our broker last year.

Thrugelmir

I prefer to do business face to face. Not suggesting there's anything untoward with the person you've contacted. Just a personal choice.

betmunch

Sounds absolutely standard to me.

Think Nationwides poor service has lowered the bar somewhat

junglejame911

Thanks all.

benjus wrote: »

It sounds a little too quick tbh... has the broker just jumped straight to Halifax without really considering your needs, or has he gone through options with you? But in general it sounds like the service we got from our broker last year.

Yes, the OP was slightly abbreviated version of events - there were quite a few phone calls with different options with different providers so we're happy with Halifax.

As Thrugelmir suggested, I think it is just the lack of face-to-face contact that I found a little disconcerting and the completely opposite experience to that which I had dealing "directly" with Nationwide.

Malmo

Has the broker provided you with an Initial Disclosure Document?

Do you have any adverse credit history at previous addresses beyond the last 3 years?

junglejame911

Malmo wrote: »

Has the broker provided you with an Initial Disclosure Document?

Do you have any adverse credit history at previous addresses beyond the last 3 years?

Yes we received Initial Disclosure Document.

No adverse credit history and really no idea why Nationwide declined us. Phoned them but no one was able to tell me.

Thrugelmir

junglejame911 wrote: »

No adverse credit history and really no idea why Nationwide declined us. Phoned them but no one was able to tell me.

Lenders won't. You simply don't meet their criteria for the product being applied for.

junglejame911

Thrugelmir wrote: »

Lenders won't. You simply don't meet their criteria for the product being applied for.

I appreciate that but what is the reason for the lack of transparency? Surely it's in everyone's best interests if customers are aware of the details of a particular lenders criteria?

The mortgage market is sluggish as it is with plenty of inherent delays- perhaps people might apply to a more appropriate lender in the first instance if the criteria were clearer?

amnblog

You can easily pass credit score with one lender when you fail with another.

Hopefully this broker has checked your credit file before submitting your case to Halifax?

In terms of efficientcy of service I am not surprised as we work in a similar way although we prefer clients to use our secure upload facility rather than unsecure email to provide background information.

Loopy28

My broker came to my house but to be honest was a 1 hr meeting, he went through all the financial stuff he needed to go through to be compliant, KFI etc. Once we chose the product, we gave our ID and payslips and within two days had the mortgage offer subject to survey. Was all really quick so I wouldn't be worried.