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Broker submitted new application
torchwooduk
Posts: 3 Newbie
Broker submitted mortgage application last week, had a call today to say it was declined but they had submitted a new application with another lender :shocked: a little bit shocked because at no point did I give authorization for this and it has also resulted in another credit search.
I would of liked time to reflect and consider my options and or at least speak with my partner first, am I right to be annoyed, would you be? not sure how to approach this now with them.
I would of liked time to reflect and consider my options and or at least speak with my partner first, am I right to be annoyed, would you be? not sure how to approach this now with them.
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Comments
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We would have reported the decline to you; the reason for it and provided an illustration for the alternative before we did anything else.
We would ask you for authority to conduct another agreement in principle, pointing out a hard or soft footprint would result before we proceeded.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Estate agent broker?"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
I would have done the same as kingstreet.
It is probably breaking some FCA rules somewhere.
However, playing devils advocate... Some first time buyers get really nervous and so he/she may have thought it was better to come back with bad news and good news? If you end up with your mortgage at a cost very close to what you originally signed up the end result is not too bad is it?
I am not sticking up for the broker, they are 100% in the wrong, but sometimes it is worth looking at the bigger picture.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
A definite breach - You cant apply for a product without having presented the illustration.0
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Have they actually submitted the application for processing or for information to see if the other lender will accept it first?
Like those above, you would expect permission from you first to proceed for a full application. However, if it say checking with underwriters first then that is not quite the same thing as it commits no-one to anything.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Estate agent broker?
No, quite a popular brokerHave they actually submitted the application for processing or for information to see if the other lender will accept it first?.
Yes they have done a DIP and submitted the application, it's for a remortgage.
I am borrowing a little extra, I was told they had put less additional borrowing on the new app and they only provided me with the illustration after I asked for it.0 -
Sounds like the regulations or best practice are not a major concern for them.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Sounds like a telephone based brokers which receives recommendations from places which really should know better
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....and lose the revenue?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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