Broker has wrong info on my application..

td23

Another question regarding my mortgage application..

Just received my mortgage application via email from my broker/advisor. Having gone through it there are a few mistakes on it.

I had already submit this application for a 95%LTV via my broker and was refused. On affordability. However they did offer me a mortgage with a 90% LTV mortgage.

However a few of the mistakes, I would think are quiet important. IE. The addition of a Hp agreement on a van I have through my business. This cost is already accounted for and separate to the net figures I have given as my salary..

The monthly credit card payment is down as £100 per month. It's much much less than that.

Also, Will purchasing business insurance and paying monthly payments during my application process have any negative impact on my mortgage application.? It's due for renewal next month.


Thanks..

amnblog

Speak to your broker about these items.

He/she may have already dealt with these points.

td23

I have already spoken and couldn't give me further info until the morning once he has spoken to the lender. Which led me to believe it was an oversight.. I guess I'm impatient. Will wait till the morning.

ACG

Mistakes happen and thats why we send out copies of the application form.
Give them chance to correct it and see where you are then.

dunstonh

td23 wrote: »

I have already spoken and couldn't give me further info until the morning once he has spoken to the lender. Which led me to believe it was an oversight.. I guess I'm impatient. Will wait till the morning.

Whilst many advisers work into the evening some nights, there does come a point when its time to call it a night.

kingstreet

td23 wrote: »

Another question regarding my mortgage application..

Just received my mortgage application via email from my broker/advisor. Having gone through it there are a few mistakes on it.

I had already submit this application for a 95%LTV via my broker and was refused. On affordability. However they did offer me a mortgage with a 90% LTV mortgage.

However a few of the mistakes, I would think are quiet important. IE. The addition of a Hp agreement on a van I have through my business. This cost is already accounted for and separate to the net figures I have given as my salary..

The monthly credit card payment is down as £100 per month. It's much much less than that.

Also, Will purchasing business insurance and paying monthly payments during my application process have any negative impact on my mortgage application.? It's due for renewal next month.


Thanks..

If the van finance is in your individual name and not in the name of a limited company it has to be entered as a credit commitment. The broker would then tell the lender the cost comes out of turnover before the net profit is calculated so it does not affect affordability.

If the credit card monthly payment is £100 what is the balance? is £100 3% or 5% as these are the kinds of levels lenders expect brokers to use, NOT the monthly payments on your card statements.

Your business insurances are not an issue.

it seems what you consider to be incorrect is actually how brokers are expected to enter data and we cannot, in all fairness, explain every lenders little foibles on every case.

We often get this ourselves when we send out copies of the sales documentation.