Urgent help please - declined

alice_kate_2

We are going through a broker (I won't go in to detail but I am less than happy with their service!)

Basically we applied with Woolwich who did a hard search at DIP and were told everything up front in relation to pay/credit history etc.

Broker told us it was a done deal pending valuation.

Woolwich have just declined based on a couple of late payments on credit card last year.

I'm thinking of applying direct to Aldermore - is this a good idea?

I just don't want to lose this house and have NO faith in my broker at all.

ACG

There is MASSIVE gap between Woolwich and Aldermore.

There is nowhere near enough information to say if it is a good idea or not.

kingstreet

Barclays automatically declines any visible payment problems in the last two years, so if your broker knew about them, he's a clown.

As ACG said, who knows if Aldermore is the right option? There may be other high street options between Barclays and Aldermore in rate/cost terms, but as none of us know the details of the case, you're going to have to decide on this broker, or a different one...

ACG

kingstreet wrote: »

Barclays automatically declines any visible payment problems in the last two years, so if your broker knew about them, he's a clown.

The same can happen with Aldermore. I think it is anything above 85% LTV and a 2 or more (or more than a 2, I always have to check that) in the last 2 years is an automatic decline.

alice_kate_2

Broker knew about them from day one.

Now they're not answering the phone to me! Literally don't know what to do

We currently have a mortgage and all other credit is squeaky clean - there's a couple of late payments (literally by 2 days!) on the my credit card in the last 12 months. Non consecutive. Just due to me getting the date wrong (they worked 4 weekly and I worked monthly - now I feel like a total idiot for not realising this sooner!)

Do you think it is possible to get a mortgage?!

ACG

It sounds like it would fit with Aldermore (I am just going on what you have said), but Aldermore could be overkill.

But as I said earlier, there is not enough information. You would have gone through a factfind with your broker and presumably they would have looked over your credit reports, thats the level of information that is needed to give you a good idea. Anything on here is probably an educated guess at best.

alice_kate_2

Do you think I should consider other brokers? Am I able to do so as this broker got the authority to proceed for us?

kingstreet

So this is an HTB Equity Loan case, so you have limited lender options to start with?

Has your broker seen all three versions of your credit files, to establish what is visible on each (no they are not all the same) and if there is an advantage to be gained by using a lender taking data from the best one only?

The ATP is nothing to do with the mortgage. Get someone who can resolve this quickly.

alice_kate_2

kingstreet wrote: »

So this is an HTB Equity Loan case, so you have limited lender options to start with?

Has your broker seen all three versions of your credit files, to establish what is visible on each (no they are not all the same) and if there is an advantage to be gained by using a lender taking data from the best one only?

The ATP is nothing to do with the mortgage. Get someone who can resolve this quickly.

Yeah - I'll ring another broker we know who is good.

The current broker is the builder recommended (silly I know) and they are literally the worst customer service in general I have ever experienced!

kingstreet

I'm very glad the advice on here about not using builder recommended brokers isn't always followed, otherwise we wouldn't get any business.

People are too quick to dismiss newbuild specialism as if we're not really specialists at all.

Crap is crap. Regardless of what disguise it wears. There are poor newbuild brokers and there are non-newbuild brokers who have no idea which lenders accept what cash incentives and which lenders have the LTV you need etc.

Getting a general broker for a newbuild case might end up worse than using the recommended broker you were warned off.

Thrugelmir

alice_kate wrote: »

Woolwich have just declined based on a couple of late payments on credit card last year.

Are you sure that this is the entire story. Who gave you this information.