Mortgage Broker

holmes92

My mortgage broker told me i was able to get a mortgage for the planned house that i wanted.
its taken 10 weeks process so far they took the fee out my account 15 dec before they had fully processed the application. it has now fallen through on 31 jan due to "no credit score history" so I've been told. Can i claim back my money? as the services they charged for i haven't had

marliepanda

holmes92 wrote: »

My mortgage broker told me i was able to get a mortgage for the planned house that i wanted.
its taken 10 weeks process so far they took the fee out my account 15 dec before they had fully processed the application. it has now fallen through on 31 jan due to "no credit score history" so I've been told. Can i claim back my money? as the services they charged for i haven't had

Was the mortgage broker reputable, recommended, good reviews? What information did the mortgage broker make his decision on?
Have you spoken to the mortgage broker about this?

What was his fee for exactly?

Did you not realise you had 'no credit history?'

kingstreet

What did you sign and what were the refund terms?

Is the broker working on alternative lenders for you?

holmes92

The mortgage broker was through the estate agents i was purchasing the house.
i have looked through paperwork an i don't have a copy of it
when i applied for the mortgage they checked my credit score an said i didn't have any, which i already stated due to never being in debt,
i spoke to the mortgage women today her words where "its bad news you need to earn more an apply again in 6-12 months time"
after asking for a refund she said "this is a nonrefundable policy" but her co-worker when i asked what if it doesn't go through what about my money? she said it will be refunded.
£598 they took
if i remember correctly it was £500 for a lifetime mortgage (where when you go to remortgage they sort it no fee)
then £98 for mortgage aplication.

the mortgage women said she will speak to her boss about the money. But that being said she is the boss...

holmes92

After going through all my paper work I only have one piece of regarding to the costs
An it says
"I confirm receipt of the lifetime broker fee of £499 this fee cover the cost of providing you with mortgage advice for this and any further mortgage applications"

" in addition you may have paid and administration fee of £99 this fee covers completion and Administration of all the mortgage and protection applications and progression of your applications through to completion"

This doesn't have my signature anywhere or does it say non refundable

marliepanda

holmes92 wrote: »

The mortgage broker was through the estate agents i was purchasing the house.
i have looked through paperwork an i don't have a copy of it
when i applied for the mortgage they checked my credit score an said i didn't have any, which i already stated due to never being in debt,
i spoke to the mortgage women today her words where "its bad news you need to earn more an apply again in 6-12 months time"
after asking for a refund she said "this is a nonrefundable policy" but her co-worker when i asked what if it doesn't go through what about my money? she said it will be refunded.
£598 they took
if i remember correctly it was £500 for a lifetime mortgage (where when you go to remortgage they sort it no fee)
then £98 for mortgage aplication.

the mortgage women said she will speak to her boss about the money. But that being said she is the boss...

Well what do you earn, what were you trying to earn and what is your credit history/score (score isn't as important but it's a start) everyone has a credit history even if it's 'nothing' phone contract? Ever had a utilities account? I have my electoral roll on there etc.

The broker have done some work and if you can use him again for free.

holmes92

I'm a director of a company earning 13k then dividends of 4k yearly so £17000
i was trying to lend 49K with a deposit of 40k for a 50% share of a 3-bed house at £89.000
i have lived on my own 3 years so I've paid gas electric water council tax tv license
i am on the electorally roll
the reason i get paid dividends is i own 10 share an for tax reason.
they are unwilling to try anymore mortgage aplications

marliepanda

holmes92 wrote: »

I'm a director of a company earning 13k then dividends of 4k yearly so £17000
i was trying to lend 49K with a deposit of 40k for a 50% share of a 3-bed house at £89.000
i have lived on my own 3 years so I've paid gas electric water council tax tv license
i am on the electorally roll
the reason i get paid dividends is i own 10 share an for tax reason.
they are unwilling to try anymore mortgage aplications

Some of your post is very difficult to understand. You own 10 share?

I am aware of how company directors and dividends work, but even on a 13k salary with that level of deposit it should be doable. (Unless of course the rent takes you over the affordability caluculations...)

Have you actually checked your credit report? That would be my first port of call. Noddle has a free one and Experian also has a free 'credit checker' which gives you a 'score' and something's that are affecting it

AFF8879

Normally you have to "qualify" your offer before it is passed to the seller, by sending proof of deposit/income. Was this not done? Secondly, you state it is shared ownership - again you'll need to pass minimum income requirements which are set by the housing association, nothing to do with the EA/broker/lender - did this happen at all?

holmes92

the housing associations asked for Copies of proof of income for the last three months
· Copy of passport or driving licence
· Proof of address (i.e. bank statement)
· Proof of savings/deposit
· Proof of any benefits (i.e. child tax credits, pensions etc)
· Mortgage/Decision in principle
· Proof of bonus (on wage slip/p60)

gave them all that an they agreed to me being able to buy the other 50%
the rent did take me over affordability what lowered how much nationwide would lend me only by 4k
i have not done a credit report i do admit i should of just only ones i could find look dubious

Pixie5740

Which dubious looking credit reports did you find? You can get your Call Credit report free from Noddle, your Equifax report free from Clear Score and then pay Experian £2 for your statutory credit report from them.

I'm surprised the mortgage broker didn't ask for all 3 reports as part of the fact finding.