mortgage Incompetence??????

dash68

my wife and i recently enquired about being able to get a mortgage and we were told by an independent mortgage advisor that we could have a mortgage up to the value of £110,000.
We then went ahead and found a house we liked and put in an offer of 88,000 which was accepted. Through the same mortgage advisor we then applied and were told that everything was ok. We paid the fee for the valuation, which took place approximately 6 weeks later and then received a copy of the report, which was fine. The mortgage advisor informed us that we could now proceed with the solicitors and it was purely a waiting game until completion. Then about 2 weeks after the valuation report came through our mortgage adviser asked us for a copy of my wifes spouse visa but nothing to worry about.
Now things have turned into a nightmare as a progress report coming from the solicitor mentioned that they had received nothing from the lender. I immediately contacted the advisor who was totally unaware there was any problem but he would try and sort it out.

I decided to call the lender myself and they informed me the have a policy that they do not do mortgages to anyone without either an UK passport or indefinite leave to remain (ILTR) in their current passport. I explained that wife /spouse visa is converted to ILTR on or before just its expiry or even a full UK passport. They absolute will not move on this as its there policy. I asked them why they had gone ahead with the valuation and taken the fee when they already knew they where not going to give us this mortgage. And also why the they didn’t thing it would be a good idea to notify us of any of this much earlier (remember we found out by accident not by direct contact)
Also the valuation fee is apparently non-refundable and if we don’t get another mortgage soon the solicitor’s fees will also be wasted.

Surely somebody here has been incompetent?!!!! And if so who is responsible to reinbuse us? Also are there any lenders out there that can give us a mortgage in our current situation so we don’t loose the house. time is not on our side as 2 months have now passed

homer_j_3

hi and welcome to the forums.

I am sorry that you have had to experience this but as far as I can understand from the information that you have given me, it will be your broker at fault here.

Anyway I look at it, it boils down to the fact that the broker needs to establish the residency status of their clients and where their clients are not a UK passport holder, I would expect the broker to establish with the lender that they accepted applications from non UK passport holders.

I would ask your broker why they submitted the application to that lender without checking. You should then ask for them to either get a refund back from the lender or pay it out of their own pockets. If they refuse, ask for a copy of their internal complaints procedure. Incompetence is no excuse or lazyness.

If you have been told incorrect info by incompetent call centre staff at the lender then you may be worrying over nothing but you need to give your broker a chance to resolve. Who is the lender by the way?

dunstonh

The question needs to be asked on the money laundering verification form as well as Residence and nationality are two boxes the adviser has to complete.

I'm not bothering the poll as the option you have to take is go through the adviser to see if he can rectify it and if unsatisfied with outcome, you put in a complaint and it goes through his firm's complaints proceedure. If you dont like that outcome of that, then it goes to the FOS. You cannot circumvent the proceedure.

MortgageMamma

find a new advisor

It does at this stage sound like the adviser is at fault, the guys above have said everything that I have said, but what concerns me is that your ADVISER has not checked on the status of the application and has been telling you everything is ok. Sounds like one of those wide boys who put the mortgage application in then they just forget you exist if you don't give them the protection business. I would want to know why its taken so long to conclude this? The first thing a lender would do is check your residency etc.

Who is the lender by the way? that might shed a bit of light on this situ.

JoeK_3

I find it strange that it has taken you eight weeks to make enquiries about no progress.

How long ago was the valuation done?

JoeK

dawsonio

Mmmm im in a similar position regarding the spouse visa issue. We were going though an application with Nationwide and today found out that They wont lend unless my wife has either a 3 year (left on) visa or ILTR.

Earlier in the year we did get an offer from Halifax so you could try them, but their rates are uncompetitive.

If anyone else knows lenders that will accept that have better rayes than the Halifax id be eager to know please. I have a £500 paid deposit on a new build that i will loose if i cant find a new mortgage and exchange by end of August.

luckyfool

Dawsonio,

Halifax have a great tracker product to 90% at 0.36% below base, whether it works for you depends on your mortgage size as the arrangement fee is £1,499.

For other lenders it will tend to depend on how long your wife has been in the UK for, and how long is left on the visa.

dawsonio

luckyfool wrote: »

Dawsonio,

Halifax have a great tracker product to 90% at 0.36% below base, whether it works for you depends on your mortgage size as the arrangement fee is £1,499.

For other lenders it will tend to depend on how long your wife has been in the UK for, and how long is left on the visa.

Thanks, ill look into that, hadnt really looked at trackers. The loan would be for £96300 (90% of valuation), the only thing is the Fee

dawsonio

luckyfool wrote: »

Dawsonio,

Halifax have a great tracker product to 90% at 0.36% below base, whether it works for you depends on your mortgage size as the arrangement fee is £1,499.

For other lenders it will tend to depend on how long your wife has been in the UK for, and how long is left on the visa.

I cant seem to see taht on the site is this a special Broker deal?

luckyfool

It is an intermediary exclusive product. Based on their direct deals they do have a 5.59% tracker with a £499 fee available to direct customers.

The one with the £1,499 fee just doesnt make sense on a smaller mortgage.

KTF

Yes its through Intermediaries only and is for Home Movers, First Time Buyers or Remortage.

Page 3 and 8 of the current product guide. http://www.halifax-intermediaries.co.uk/pdf/halifax_mortgage_guide.pdf