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Letter from broker re: Birmingham Midshires Mortgage

Hi All, I've had a letter today from the broker who organised my mortgage to say he urgently would like to see me about the mortgage for a 'review'. The letter mentions all the recent concerns about the sub prime market, etc. I've used the broker before and self certified my income. My income is very low for the size of mortgage, but I've never had any problems paying it and have a very good credit record. Should I be worried? Thanks.
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Comments

  • toonfish
    toonfish Posts: 1,260 Forumite
    are you on a fixed or discounted rate that's coming to an end? - I suspect that's the reason. Just call him and ask why.
    I am a Mortgage Adviser
    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.



  • I'm just 1 year into a 3 year deal.
  • toonfish
    toonfish Posts: 1,260 Forumite
    sounds like he's panicking rather than you then. Perhaps he is undergoing a file review on his self-cert cases.
    I am a Mortgage Adviser
    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.



  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    HOw low is your income? What is the mortgage size?
    I am a Mortgage Adviser
    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.
  • Precisely what I've been thinking. I wonder how many more brokers are looking through their files and thinking just how 'generous' they might have been when making applications for self cert cases. I'm just wondering if instructions have come down from the building society to review cases, or wether, as you say, a bit of panic is setting in?
  • I seem to remember, at the time, income of £24k against £110K mortgage. However, I do have variable income and could probably prove income of £30K today.
  • sarkin
    sarkin Posts: 785 Forumite
    We may see a lot of this to come in the near future. I am sure there will be a few brokers out there cr*ping themselves. One of my broker friends said he self certs and fast tracks 90% of his business.
  • apk1
    apk1 Posts: 162 Forumite
    I suspect this is simply a badly worded letter, and all your broker is doing is offering you an annual review, rather than sorting out his paperwork.
    I am a Mortgage Adviser

    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.
  • Not sure why he self certed you but he may be worried as it is harder to do now. Probably after a review!
    :confused:
  • And he might just bea really good resopnsible broker who is bringing his client in to explain whats happened in the market and that when you are due to remortgage you could find it a little harder due to increased rates and reduced affordability. He could also just be fulfilling the customer contact requirements stipulated by our regulator, the financial services authority.
    I am a Mortgage Adviser

    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.
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