Our Broker Screwed Up...

anxiousfirsttimer

Morning all,

I'm just looking for some / if at all any reassurances!

We applied for an DIP through a Broker (which I won't name) with "Bank" in February for a 5% deposit and 20% HTB... Bank accepted us on the basis that we cough up an extra 3% which we've since found.

Everything moves forward nicely, we reserve our plot - instruct solicitors etc happy couple!

Apply for our Mortgage 1 week ago today and broker says he will let us know by the end of the week when he's applied for it. Yesterday I had no email, and I have been in contact with the company and had no responses.

I ended up speaking to the director of the company and he has said that the broker has screwed up and submitted for A NEW DIP and this time as our credit reports have slightly differed in one month - Bank wants an extra 7% on top of what we already have which equates to around an extra £17k.

I'm now sitting anxiously waiting for a phonemail from the director to find out what the plan is, but it just feels like we have everything against us?

Any help / advice on where we stand would be great please

silvercar

If you want some feedback on whether this bank lends the amount you want as a general rule.

So if you are happy to post the price you are paying and the size of the mortgage you may get some answers. At least then you will know if it is the LTV, your income or your credit report that is the issue.

ACG

Are there no other lenders?
I would personally wait for the company to come back to you as we only have limited information to go off, where as they have your full file.

Appreciate you may have lost confidence in them, but they are probably best placed to answer your questions.

anxiousfirsttimer

Our place is £240,000
Our deposit is £19,200
H2B Equity Loan - £48,000

So if I'm right were 72% LTV

We've been rejected from Santander, and now Halifax is off the list too... Broker is applying for Natwest

My credit rating is mid 900's and pretty clean
OH credit rating is poor and has 2 defaults (one was with Halifax) however they are both satisfied and were less than £100 each

Our last resort is going to a non high st lender - but broker seems adverse to doing this before applying to the other high st lenders

Just constantly feel like we're in Limbo at the moment!

Thrugelmir

anxiousfirsttimer wrote: »

My credit rating is mid 900's and pretty clean

Score means nothing. What's your definition of "pretty clean"?

anxiousfirsttimer

I have no defaults / missed payments etc, low cc utilisation but because this varies from report to report

I've been told its a good report! So I'm taking their view on that

From what I've been reading on here it doesn't seem that we're in that bad of a position and broker has said we're "very borderline" (not 100% on what that means...) But a bit peeved that we would have to go with the likes of Kensington as the interest rate is double what we have been initially looking at

ACG

anxiousfirsttimer wrote: »

Our last resort is going to a non high st lender - but broker seems adverse to doing this before applying to the other high st lenders

That is a good thing. Some brokers would just give up and go to a much more expensive lender just to get it done. If nothing else, it shows they are trying to get it through at a decent rate for you.

dunstonh

broker has said we're "very borderline" (not 100% on what that means...)

It means you are close to what they believe is the lending criteria limit for that lender.