Mortgage broker’s empty promises

Shellsey84

I went with a mortgage broker on recommendation for a shared ownership house. The mortgage broker in the beginning was extremely helpful and got a DIP from nationwide for me.

I have since been offered the house from the housing association (2.5 weeks ago) and I have been trying to complete a mortgage application since.

My broker keeps saying he will ‘ring me tomorrow’ to complete the application. This has been on several occasions.

As you can imagine I’m getting a bit fed up now. Solictors have been instructed and all offer paperwork completed with HA.

Is it worth me now just applying straight to nationwide for a mortgage rather than finding another broker? Or am I just being impatient? ( I have never done this before so unsure of what to expect)

It’s a 40% share for £77k and I’ll be looking to borrow £48k. I have no adverse credit or loans and my CC is at £0 currently.

Many thanks for any advice received

minimike2

Vote with your feet and just go to another broker?

kingstreet

How much is the broker charging you?

Shellsey84

As far as I!!!8217;m aware it!!!8217;s £250 on completion of mortgage. I!!!8217;ve not paid anything yet

kingstreet

I suspect the broker is prioritising other more lucrative cases over yours. The total income is going to be in the region of £400 and after compliance and regulation costs and the processing time (typically 11+ hours per application) they will make little profit.

I'm not condoning this as everyone deserves exactly the same service in my view, but there is no denying human nature.

Shellsey84

Thanks Kingstreet. I think I!!!8217;ll go straight to Nationwide and apply direct. I can!!!8217;t keep hanging on.

JimmyTheWig

Shellsey84 wrote: »

I went with a mortgage broker on recommendation

Recommendation from an estate agent, perhaps?
Or a person who you know who they did a good job for?

kingstreet

Shellsey84 wrote: »

Thanks Kingstreet. I think I'll go straight to Nationwide and apply direct. I can't keep hanging on.

I'd contact them and tell them that's what you plan and make sure you aren't committed to paying their fee already. You don't want to go direct then end up paying anyway.

I'd still expect the broker to get to offer faster than a direct Nationwide app at the moment.

Shellsey84

It was a recommendation from a friend who used the same broker firm.

Thanks Kingsreet I haven!!!8217;t been given any info to suggest I!!!8217;ve entered into a contract yet. The only info with the fee on was a KFI that was completed (and that was incorrect as i can not be classed as a FTB). I have been been waiting for 2 weeks for him to get into contact- messages have read and not answered. I don!!!8217;t know how much longer I can wait to complete the application.
I appreciate they may be able to get it through quicker but nothing is happening at the moment.

kingstreet

Ok. You had a mortgage in the last three years?

Shellsey84

Yeah I have, but last time I applied direct and I didn’t have anything to do with the application, my ex did it all so new to the whole broker thing. I did tell the broker I had a mortgage until Dec 16 but he still looked at Nationwide FTB rates.