A question for a broker or two :)

Tygermoth

Hello lovely Brokers,


DIP done the turn around was startlingly swift, broker submitted for full mortgage.... tumbleweed


Have you noticed a slow down to processing by the banks? I admit this would be both expected and unsurprising given everything that kicked off last week.


The submission was due back on or around the 20th, then I was advised 23rd (so day of the result) chased today and promised end of the week, beginning of next. I didn't get the chance to speak to my broker - and when I asked the gentleman that answered the call he just waffled.


I was just wondering with the financial uncertainty if the banks would slow down applications until the dust settles a bit?


I am not expecting any issues with my app as we went to a full mortgage for a house that fell through - we are even better placed this time round - its just everyone seems to have gone quiet


Very very quiet.

Tygermoth

Got my answer today. wow. A rate change from our original offer of 2.9 to 3.4. that adds £300 to the PCM amount.

This time there are mtg fees of £1000 and the valuation is £200 more.

Weirdly we are much better off than the first offer - all CC have been cleared we have a higher deposit but i suppose the current market is much more of an unknown quantity.

Much handwringing and pacing

kingstreet

Why has the broker submitted an application for a mortgage product for which you hadn't been informed or provided with a KFI or ESIS?

If the product changed before the application was submitted, I would expect you to have been told and given an opportunity to comment.

There are no processing delays at the moment, other than usual workload and products are steady with few rate increases, if any.

You should ask for a detailed explanation of what has taken place and why the product is significantly different to the one you were advised was the best for your circumstances.

Fosterdog

The only delay with mine was arranging the valuation as the current tenant worked awkward shift patterns. We were told we were approved subject to valuation the day the app was submitted then had to wait two and a half weeks for the valuation. We have been text since to say all was fine and we have the full amount asked for just waiting for the actual paperwork to arrive.

Apart from waiting for the paperwork to arrive and the delay that was out of their control everything has been quick and smooth. Just wish the solicitors were as quick

Tygermoth

Ack, after deciding that we would accept - the broker has emailed us to advise he made an error and this product doesn't accept a longer term (27 years)


As such there has been a further increaser PCM over and above yesterdays!


I tell you, this house buying lark is going to be the death of me.


Kingstreet - I should clarify, went to a full offer several weeks ago but sadly the sale fell through. At the time of that offer the rate was a more preferable 2.9.


We are re applying we were expecting similar (as the house is cheaper). So todays little upset at 3.59 is rather a shock.

lewishardwick

Sounds to me like you need a more competent broker.

Brexit or not, I'd be pretty !!!!ed with a £300 hike in my monthly payments. There's been no news from the banks that they're suddenly reviewing their offerings thus far.

Tygermoth

As I don't know how these products are offered - it maybe the 2.9 that we had last time was a 'limited time deal' with a nice rate.


Whereas now that deal is not available the 3.49 is now the lowest offer