Letter from broker re: Birmingham Midshires Mortgage

paul101_2

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.

toonfish

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.

paul101_2

I'm just 1 year into a 3 year deal.

toonfish

sounds like he's panicking rather than you then. Perhaps he is undergoing a file review on his self-cert cases.

herbiesjp

HOw low is your income? What is the mortgage size?

paul101_2

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?

paul101_2

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

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

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.

Dan_Collins_2

Not sure why he self certed you but he may be worried as it is harder to do now. Probably after a review!

MortgageMamma

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.