Mortgage declined via broker

dunstonh

L&C are a factory line service which is fine if you need no hand holding and have no issues that arise. If you look back at past threads involving them, you tend to find that the minute there is an issue, their service declines in quality.

Is the new broker a local one or have you gone to another internet/distant one?

kayley.m

Hes a local broker and i have spoken to him 3 times today and he calls me back when he says he will.

I found them a few weeks back when i searched google and called them today when i seen them on unbiased website.

kayley.m

Hes also not trying to blow smoke up my backside which make me feel better

ap1985

That's good. Hope this broker is better All the best!

SavingSteve

Please keep us posted re whether L&C ever get back to you. I think it's important their poor service is documented here so others can reach their own conclusions.

kayley.m

He finally rang at 4pm tuesday but i had my head inside a boiler at work i tried to ring back but there was no answer on his direct line.

I'll ring the switch tomorrow and see if he gives my any news or of he just fobs me off.

In the mean times the new broker reckons i can only get 112k when all the other have advised 125k so i may not be able to afford the house after all...:(

silvercar

In the mean times the new broker reckons i can only get 112k when all the other have advised 125k so i may not be able to afford the house after all...

But all the others haven't actually managed to produce a mortgage offer of any kind.

kayley.m

So i snook back and returned the call to the l&c broker this morning after a not so positive call from the 2nd broker and he advised I could try with Halifax as they are somewhat more leneant and it came back with an aip with more than the amount i need to lend (my main issue was trying to secure a 95% ltv) I have since managed to raise 10% deposit.

The seconed broker I spoke to said halifax would "probably" only lend up to 112k with a 10% deposit and that I would need to ask my employer if my bonus was classed within my basic wage... (I feel i already know the answer to that) he advised that if my employer said my bonus wasn't included as part of my basic wage a lender would only accept 50% of a 3k bonus at best if at all and it wasn't I would struggle to get the amound needed and it would be pointless submitting an application to them as it would be a waste of money... unless my employer considers basic+bonus= basic wage (im on price work)

2 very conflicting bits of information about the same lender?

So far L&C have come back and are keeping me updated well they did today at least.

So i have the AIP so thats a start and its further than i got with 1st application.

I know aip is no garrentee but its a step in the right direction

To be cont.

kayley.m

Sorry silvercar i forgot to add the 1st application was ran with virgin and was declined on friday just gone and tried with halifax on wednesday and got the aip.

I think a small part of the issue may be the fact i haven't had much credit in the last few years as i didnt really need it and that shown up as a negative on experian because my credit card limit is only 1k and i hardly use it and when i do i mostly pay back in full(i though i was doing the right thing getting a credit card with a low limit but apparenly ive shot myself in the foot)

amnblog

This must be very frustrating for you with two brokers telling you two different expectations from the same Lender. It is human nature to believe the more positive account, but you need to decide the best way forward.


There are plenty of brokers out there who over promise and under deliver, sometimes due to lack of knowledge or experience and also sometimes simply to 'secure the business'.


Err on the side of caution. If you are on piece work your bonus is not likely to be 'considered as basic salary'.


The good news is that you now have a 10% deposit.


Perhaps you should provide the second broker (who seems the more focused) with the information needed to tie down your maximum affordability so that you are sure where you are.


[I assume from what you have said here that wages slips, P60, and bank statements have not yet been provided]


It sounds like there will be a solution. It just depends on who you want to work with.