Newbuild LTV

Sheep

The weird thing is Kingstreet is that there isnt even a search showing despite them calling me yesterday to say the DIP has all gone through.

When I ask who the lender is they just keep saying we cannot tell you but they are competitive and offer good rates. Hope that means its a high street lender that iv actually heard of!

It does seem to be done a bit backward.

Let us know how you get on Charlamine

Mortgage_Mark_2

kingstreet wrote: »

The process should be like this;-

terms of business provided

facts gathered

illustrations produced and provided to client

client approves agreement in principle.

You should not be required to approve an agreement in principle without knowing the costs involved.

What if they get an agreement in principle then you tell them it's too expensive? A credit search may have been undertaken unnecessarily.

We're newbuild specialists and we would not operate this way.

For balance, there are exceptions whereby you could DIP first and then look at products...

betmunch

Sheep wrote: »

When I ask who the lender is they just keep saying we cannot tell you but they are competitive and offer good rates. Hope that means its a high street lender that iv actually heard of!

But why cant they tell you that, why are they being so secretive?


I would refuse to go any further until I have my KFI if I was you.

Verix

Well I would imagine the reason they aren't telling you the lender is for the same reason people never say lenders on this forum. When using a broker the main thing you are buying is knowledge and if you know the lender there isn't anything stopping you going direct. I can't remember if you said they were charging you but if they haven't then I think this makes sense for them not to tell you until you are committed to using them.

For balance the company I work for would do a similar thing - we wouldn't say who we'd DIP'd with until we have the accept decision back and would DIP before producing a KFI. We are also new build specialists been working in the industry for 15 years.

betmunch

The reason we don't name lenders on here is that we haven't done a fact find on the client.


This must have been done to do an AIP on the OP so that's not it.


My belief is that you should know the product, including lender, before doing the DIP. Not arguing right or wrong, just saying that's how I do it

[Deleted User]

Isnt it New Homes Advice? similar name? They told me there ws only one or two 90% NB LTV lenders too

charlamine

Finally have our AIP!

Experian shows the search was through Barclays so assume Woolwich? Full search marker, cant really find enough on Barclays/Woolwich to know if there AIP convert rate to full offer is good or if the AIP is not worth the paper is written on,

Did u manage to establish where yours was from sweep?

JPD86

charlamine wrote: »

Finally have our AIP!

Experian shows the search was through Barclays so assume Woolwich? Full search marker, cant really find enough on Barclays/Woolwich to know if there AIP convert rate to full offer is good or if the AIP is not worth the paper is written on,

Did u manage to establish where yours was from sweep?

Good news for you.

From your earlier post I gather you have an AIP for a 90% mortgage on a new build from Barclays/Woolwich? Is that correct?

kingstreet

Max LTV on newbuild is 85% with Woolwich.

chanz4

warning don't use barratts brokers, very poor I would never again