Becoming increasingly irritated... Broker advice.

cat1984

Our full application was submitted on 8th April to Natwest. Our loan amount was lowered due to husbands income (self employed) over last couple of years but luckily the shortfall wasn't huge so we are able to cover it.

To cut a long story short, my broker misunderstood my "I'm paying off my debts" and on th full app stated I had paid off ALL my debt.

I didn't find this out till 2 weeks ago and after paying off the money have been frantically trying to pull together zero balance evidence since.

I have finally received 3 out of the 4, but the last one I have is in the form of this months statement, a bank statement showing the money going out and a screenshot of my online credit card account showing zero.

I have already had my evidence declined already as they wouldn't accept just bank statements showing the money leaving my account and although I have asked my broker (in an email) to find it whether Natwest will accept this documentation before submitting it, she avoided my question and has just submitted the info.

I have sent her a further email asking her to confirm Natwest will take this form of evidence, but I have receive no response. We now have to wait 3 days for Natwest to say yay or nay to documents.

I am becoming increasingly frustrated plus I'm worried when is too long for the seller to wait (I'm a first time buyer).

Can ANYONE advise whether this documentation should be enough to please Natwest or is there an alternate method of providing this information that I have not yet tried?

Right or wrong I updated the estate agents last week to advise the paper work was taking a little longer than expected, but I don't know if that is enough.

Any advice would be greatly appreciated.

ACG

Did you apply direct or through an actual broker?

Normally if you tick to say it will be cleared by completion, they leave it to the solicitor to check.

amnblog

The usual process when paying off debt is a condition of the mortgage is simply to evidence availability of the funds to do so.

It seems very unusual to pay off debt now before completion.

Has the broker explained matters very well? Where did you find her?

cat1984

ACG wrote: »

Did you apply direct or through an actual broker?

Normally if you tick to say it will be cleared by completion, they leave it to the solicitor to check.

Through a broker who was recommended to me and although the API part was great, I'm not so happy about this part. They have already been paid as well.

If anything, I would have assumed he would have done that, but the MA I am dealing with (the broker has been on hols) just advised the application form stated I was debt free. Should I question this do you think?

She has told me they will instruct valuation once they have received this zero balance evidence, which makes the whole thing even more irritating!

Amnblog - we were recommended them by a work colleague.

Basically the broke we initially dealt with went off on hols leaving us in the "capable hands" of his MA. I'm starting to wonder.

I really don't know what to do

cat1984

Sorry to pester... but should I question the above points about the 'tick box' and ask for further detail as to why this is being asked of us right now before they can progress the application?

amnblog

If the only barrier to progress is evidencing the clearance of this debt, have the broker ask the Lender to condition the repayment of the debt on the offer.

This means that the notes on the offer says debt to XYZ to be repaid before completion.

You then simply provide your solicitor with evidence that the debt is repaid once the evidence is available.

cat1984

amnblog wrote: »

If the only barrier to progress is evidencing the clearance of this debt, have the broker ask the Lender to condition the repayment of the debt on the offer.

This means that the notes on the offer says debt to XYZ to be repaid before completion.

You then simply provide your solicitor with evidence that the debt is repaid once the evidence is available.

Thank you! I will contact her today. It is all paid no issue, but the Vicente providing is obviously tricky and I might not receive everything they require for at least another week or so.

One last question, is a month a long time for a seller to be waiting on a buyer to confirm a mortgage?

I really appreciate your help.

amnblog

A seller may think a month is a long time. Industry professionals will tell you it is about average.

cat1984

Your help is much appreciated.