Mortgage Broker Error?

Skuk

Hi All,

First post and first time buyer.

I recently applied for a mortgage with Halifax through a mortgage broker. After the Halifax property valuation, they decided they could not loan me the requested amount.

According to my broker it is not due to the valuation but I do not meet affordability due to the service change and ground rent but my question is, shouldn’t my broker have included this in the application or affordability stage?

I’ve now lost the £200 valuation fee so it will be quite tight to be required to pay another valuation fee!

Any opinions on whether my broker should have included the service charge/ground rent before it got to the valuation stage would be helpful.

Thanks!

kingstreet

Skuk wrote: »

shouldn’t my broker have included this in the application or affordability stage?

Absolutely.

Such charges are part and parcel of an application for a flat and would automatically be included in mortgage affordability.

At what point did you tell the broker about them?

ACG

The only way it would not be the brokers fault (in my opinion) is if you gave the incorrect amount.

Everything else I can think of, we would 100% refund the money without the customer asking.

Skuk

ACG wrote: »

The only way it would not be the brokers fault (in my opinion) is if you gave the incorrect amount.

Everything else I can think of, we would 100% refund the money without the customer asking.

These are my thoughts.

I've checked back over the email where the broker requested details about the flat and it asks whether it is leasehold- which I have obviously ticked yes.

But at no point did they ask the amount for the service charge and ground rent (in hindsight i should have called to ask whether she wanted these details or ask why she hasn't asked for them). The broker somehow knew the amount when she called to let me know Halifax wouldn't lend the requested amount so i assume Halifax may have found the details and informed her.

Thanks for your help

Skuk

ACG wrote: »

The only way it would not be the brokers fault (in my opinion) is if you gave the incorrect amount.

Everything else I can think of, we would 100% refund the money without the customer asking.

They asked if the flat is leasehold but they did not ask me for the actual amount for ground rent and service charge, so I'm unsure if it is partly my naivety for not thinking to double check why they haven't asked me for the amount.

I am surprised they did not ask me considering their experience though!

Thanks for your help

Thrugelmir

When weighing up whether to make an offer for the property. Did you not consider these costs into assessing affordability yourself.

Neutrinno

Thrugelmir wrote: »

When weighing up whether to make an offer for the property. Did you not consider these costs into assessing affordability yourself.

That doesn't change the fact the broker still should of asked these details to allow for his and the lenders affordability checks to be completed properly.

davidmcn

Skuk wrote: »

They asked if the flat is leasehold but they did not ask me for the actual amount for ground rent and service charge, so I'm unsure if it is partly my naivety for not thinking to double check why they haven't asked me for the amount.

I am surprised they did not ask me considering their experience though!

If you didn't provide the information then where have they got the figures from? Are they accurate?

haras_nosirrah

I am guessing the figures have come from the valuer who did ask the question as the broker should have.

How much is halifax out? I managed to get them to go up 8k on a case of mine recently on appeal even though technically outside their affordability.

Any small debts that could be cleared,?

Thrugelmir

Neutrinno wrote: »

That doesn't change the fact the broker still should of asked these details to allow for his and the lenders affordability checks to be completed properly.

Not disputing that. Just an observation. As we don't know the full facts regarding the level of service charges levied nor the ground rent, i.e. ratchets up. .

ACG

Can you add a year or 2 to the term to make it fit and then overpay?