Application and broker concerns

mortgage1st

Having some problems at the moment with my whole mortgage debacle. Starting with credit ratings, my partner has a very good credit rating and his Equifax report looks really good, his credit score is 379 which is deemed Excellent, me on the other hand I have a score on Experian of 229 which is deemed poor due to historic debt problems.

I currently have 1 satisfied CCJ and 1 unsatisfied CCJ that was issued last October, my active accounts however are all in order with no missed payments or issues. I do however have 3 defaults all from 2014 and 2 in 2015 but the broker said these are fine, I settled 2 more recent ones which where done so more than 6 months ago. I also have a 6 month loan with Lending Stream I took out to cover an insurance problem back in April but this is up to date and there are no issues.

Our broker approached Bluestone Mortgages back in June, we got an agreement in principle but then upon doing the full application it got rejected as they deemed by loan with Lending Stream as a payday loan, no way of getting around it so we had to look elsewhere.

We've now gone to Magellan as they have no issue with our current statuses and I don't know if my broker has just done the DIP or the full application, when I asked him via email (as he never returns my calls) his response was "I had the decision in principle, this has now been referred to a senior underwriter" I don't really understand what that means?

They did a soft search on my credit file on 08 August as I can see it, but they did not search my partner. I've spent all day yesterday trying to get hold of the broker and have just been told "he'll call you back", he still hasn't done so and that was chasing him from 09.30am yesterday morning.

We've paid the broker £200 already to process this application and if Magellan do offer us a mortgage he'll get another £1500 from us as an offer fee. I just don't think he's been responsive enough which really upsets me as their reviews on their website are contrary to my experience.

I have spoken to another broker that's been recommended to me and he has said the manner in which we've been dealt with isn't ideal! I'm just unsure now as to whether I should get rid of my current broker and demand a refund of what I've paid him or just sit it out.

We're now 2 months after offering (we only offered upon the DIP coming from Bluestone) and thankfully our vendor is being patient but I just don't want to lose the property if there is hope we can sort something.

Any recommendations or advice is much appreciated!

ACG

Magellan and Bluestone seem a little full on based on what you have said. With a 15% deposit, I would expect rates below 4.5% - that will come down with a bigger deposit. Although I am basing that on limited information.

If I am not around to answer calls, I always try to get back to people within an hour or so. Obviously if we are mid application for example then it can be a case of waiting until we have hit submit but when you are paying £1700 I would be expecting a call back the same day.

Im not sure what to suggest really, you could call again and say you will hold until he/she is free?

mortgage1st

Yeah maybe, we do have a 15% deposit we could go to 20% - Bluestone would actually only do 80% LTV but apparently Magellan can do 85% on their fee free product.

It's just getting me down, we've had so many issues along the way it's almost as if our broker is just pursuing anyone and everyone and hoping he strikes lucky and the application is approved, ultimately its in his interest if it is as he'll get the £1500 fee on top of the £200 he has already had.

I just don't know whether to give him the benefit of the doubt or make it clear to him I'm not happy and he needs to step it up, I'm just concerned if I do so it'll get his back up and boom we end up with nothing.

ACG

He works for you, he is not doing a proper job based on what you have said. You are within your rights to give him a kick up the a***. 24 hours for a call back is ridiculous.

If he was fee free, I would be saying you get what you pay for. But at £1700 you should have the red carpet rolled out infront of you.

mortgage1st

I am giving him until 10.30 today, if he doesn't come back to me by then I'm telling him to do one and I'll go elsewhere and I'll contact Magellan to tell them how poor he's been as well, the probably won't care but I'll feel better for doing it!

I know you're not able to give advice but just out of interest based on mine and my partners current credit profile I've advised above, is Magellan our only hope or would you envisage other options as well given that we ideally want 85% LTV and as a little added fees on completion as possible?

ACG

As above, based on what you have said, I think 85% at around 4.5% is possible.

mortgage1st

Called 11.03 advised my broker is on the other line and will call me back, 11.34 now and still no response. Next call 12.03! GRRRRRR!!!

mortgage1st

Called back and spoke to whoever answered the phone, can I speak to my broker "sorry he's still on a call". I asked if anyone else could help me and I was asked "what is it you want?"

All I wanted to know is what status the application is at, her response "I believe it's with the underwriters at the lender, I'm assuming that's why he's not called you back but you'll need to speak to him regarding that, I'll get him to call you."

Perhaps I shouldn't have but I slightly lost my cool in responding "this needs to be today, otherwise I'm going to an alternative broker as I'm constantly having to chase up, even if he hasn't heard anything he should still tell me he's still awaiting an update that way I at least know what's happening".

Quick as a flash she cut me off "I will pass the message on and get him to call you OK" at which point I said thanks and hung up.

I'm so angry! I don't know what to do now

jaelato1

I understand our frustrations, I don't think I'd have kept same cool as you.

Point blank your MB is taking the mickey !!!8230;!!!8230;£1700 in fee. If i was you, I will be giving him bad review once through with him. Hopefully he will call you back at some point today

mortgage1st

I really do hope so, I'm just running out of time and patience! Luckily he hasn't had the £1700 yet he won't until mortgage offer, he's only had £200 but even still every penny counts at the moment!

mortgage1st

Well low and behold, broker has come back and we've been declined by Magellan. He can't tell us why they have only told him it's due to conduct on my bank account and credit report! Great help!! He's suggested submitting an application to Vida Homeloans I've told him I'll get back to him. I am in absolute bits, totally gutted!