Unhelpful Broker!

Aella

Thanks first to those brokers and people here who have posted which I found useful but couldn't find what I was looking for. Please, any advice. This is what I told my mortgage broker:

First time buyer
30k salary (1900 net pm)
student loan
3 credit cards (closed this last week after 3 years - only £500 limit - never used the card!)
2 other active cards hardly used, used here and there 3k and 3.5k limit both 3y old.
1 late payment in 2013 - small amount
3 bank accounts
1 where salary goes in and haven't withdrawn since Sept 2015
2 others where money goes out. (put a few thousand in Sept 2015)
Those 2 accounts: everyone uses at home! Direct Debits etc buying misc.
600pm outgoings total
However, wasn't asked for these so didn't mention and only showed account where salary was going in and no outgoings.
I only have 1 DD and around 500 monthly outgoing of my own
Stopping all DD that are not mine and any petrol money that family withdraw so they can use their own money from next week.
No rent, bills, loans etc - Living with parents
House location is about 1hr 30 mins away and broker said too far, how will I get to work? I said living with parents in weekday and weekend staying at house. I will relocate once I find a job there.. He said he has to write that in the application so lenders can see this because people rent places etc. Huh? I can't buy a house in another city?!

Anyway, 140k Mortgage in Principle and can get that in writing after a credit check.
Went to Halifax calculator and with £600pm outgoings I can get a £100k mortgage! I asked the broker this and response was 'I don't know, I can't say'. Couldn't tell me how my bank accounts and credit cards and that 1 late payment will effect anything. Said 'down to lenders'

My question is, (apart from should I change my broker) is there any point in getting a mortgage after paying fees and surveyor and they turn around and say 100k only, instead of the FULL 140k which I desperately need?
Also, will any of my accounts/history above effect anything?

I have an appointment with Halifax in a few weeks anyway

Thanks, any advice is appreciated.

ACG

I dont think there is anything that states you have to be within x minutes of your job location. Obviously there is to be a cut off point somewhere but im not aware of any lenders who give a specific number. 90 minutes travelling time probably isnt unheard of. It used to take me about an hour and I only lived 6 miles away from the city centre.

A mortgage offer can be pulled at any point up until completion. In all honesty however, I have only ever had it happen once that I can think of in 3 years and that was because there was a part exchange involved that the lender only became aware of just prior to exchange of contracts.

The affordability calculators are as reliable as the information entered. They all differ and they all want different things entered. So one lender may lend you £100k, another may lend you £140k.

If your not happy with the broker before you have even started, then its probably not wise to stick with them. You wont trust them, you wont relax and you will probably just begin to grate on eachother when things get stressful.

AnotherJoe

He said he has to write that in the application so lenders can see this because people rent places etc. Huh? I can't buy a house in another city?!

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Not if they suspect you'd be doing it for an off the books buy to let, which is a very reasonable suspicion if you are working so far away. So that's a perfectly reasonable suggestion to make.
And whose to say your new job would pay well enough to afford the mortgage they gave you ? So that's a bigger chance they are taking and a reason they might lend you less.

You write as if a mortgage is a right, but it's not. Your broker might perhaps be a bit more certain about what the credit cards, old default etc might mean, but end of the day he can't force the Halifax to lend to you.

dunstonh

House location is about 1hr 30 mins away and broker said too far, how will I get to work? I said living with parents in weekday and weekend staying at house. I will relocate once I find a job there.. He said he has to write that in the application so lenders can see this because people rent places etc. Huh? I can't buy a house in another city?!

Some lenders dont like lending to people that are not within a reasonable commute. We have had mortgages turned down like that in the past. So, the broker is correct to raise it now.

amnblog

Your broker has correctly pointed out that Lenders generally do not like 'homes' 90 minutes from work.

Frequently, these 'homes' are bought then let out.

Suggesting you will relocate when you have a new job does not improve the situation either. Why would a Lender take on a client who is planning to change their employment situation to some, as yet unknown, new situation.

Don't be surprised if this application gets bumpy.

Mummyto4kids

Halifax queried my employment because I split my time between home in the midlands and London - my employer had to confirm I've done this for a few years now it's part of my job and they pay my travel so it seems a fairly standard thing to query if you live some distance from your work place

Aella

Thanks for all those who posted.
I explained to the broker yesterday that I will buy the house but plan to live there in the future. Half a year to a year down the line after buying the house. Just arranged living and commuting with parents. Weekdays I will stay at parents and weekends will be at my place. I have friends who can look on in the house now and then in the weekday. He said he wasn't sure if lenders are ok with this. I told him I think I will speak to another company as you don't know much. He got kind of upset

ACG

If I was the broker, I would probably drop the case. It sounds like you are changing your story to on that suits in order to buy it.

Some lenders will have conerns that the property is empty 5 days a week every week. They will also have concerns about what will change in the future to then allow you to move in.

You cant just lie on a mortgage application to get what you want. Its Fraud.

csgohan4

Aella wrote: »

Thanks for all those who posted.
I explained to the broker yesterday that I will buy the house but plan to live there in the future. Half a year to a year down the line after buying the house. Just arranged living and commuting with parents. Weekdays I will stay at parents and weekends will be at my place. I have friends who can look on in the house now and then in the weekday. He said he wasn't sure if lenders are ok with this. I told him I think I will speak to another company as you don't know much. He got kind of upset

I wonder why he got upset???


You are looking for a BTL mortgage not a residential mortgage. You are not using it for your main home at time of application. Doesn't matter what will happen in 6 months time, the lender only does now not when.

Thrugelmir

Aella wrote: »

I told him I think I will speak to another company as you don't know much. He got kind of upset

The broker is only doing their job. Change broker and find one you are happy dealing with.

David_White

Aella wrote: »

I told him I think I will speak to another company as you don't know much. He got kind of upset

Sounds like a lucky escape... for the broker.