Mortgage declined - advice

luiza8

Does L&C get their referral fee once the application is put in or only if it’s approved? Hopefully they didn’t put it in knowing it would be declined, simply to obtain the fee (if they get the fee upon referral and not offer).

financegeek

luiza8 wrote: »

Does L&C get their referral fee once the application is put in or only if it’s approved? Hopefully they didn’t put it in knowing it would be declined, simply to obtain the fee (if they get the fee upon referral and not offer).

posts like this always make me laugh. the amount L&C would be earning from the deal will have been negligible, no where near enough for any broker to risk their FCA authorised status and / or a complaint for.

As it happens L&C have made a (pretty easily avoidable IMO) mistake and are now looking to resolve this. the referral fee is paid on completion so won't have gained anything by applying to the incorrect lender in the first instance.

luiza8

It was a genuine question, I didn’t know hey get it at completion. On my mortgage paperwork it mentions the fee that the lender pays L&C but it doesn’t say when it’s paid.

ACG

It gets paid after completion, it varies from lender to lender but anywhere from a few days to 6 weeks after.

Aaron83

csgohan4 wrote: »

L+C you get what you pay for, their fine for straight forward applications, but when it comes to complicated or adverse credit, your in trouble


So now OP has a wasted Credit check because L+C didn't know what their doing

Interesting feedback and much appreciated. Is there anyone you would recommend or know of thats a better broker at dealing with these sort of complex applications?

Aaron83

luiza8 wrote: »

We have a similar situation and used L&C and they told us straight away that only One lender would lend to us, and we worked it it was Halifax.

My boyfriend is Italian and we’ve lived in Australia for 4 years. I kept my U.K. bank accounts open and still registered on the electoral role while away. We’ve been back in the U.K. since August and working here. Put in an application with Halifax on Friday so waiting to hear back. They’ve asked for our bank statements for the last 3 months but don’t think it’s gone to an underwriter yet. Our LTV is 71%.

Sadly with my wife having been away for 7 years, she has no history left and credit back to zero which is super frustrating. Good luck with Halifax, i hope it goes ok. It would be good to hear how you get on

Aaron83

ACG wrote: »

The last time we had a similar case to this, Natwest told us they needed 3 years UK address history for all applicants.

Assuming that is still the case, it makes me wonder why Natwest were recommended in the first place. It is funny that the OP says they are happy with L&C as I do not know many people who would be happy with an application going in to a lender they do not even fit the most basic of criteria. Things could have changed, but I have not seen any emails about it.

Fair - the comment was more that they have been helpful and we hadn't really had reason to complain especially given we weren't told anything along those lines about needing 3 years. If thats the case its incredibly frustrating

If you have advice I'm keen to hear it

sannytwist

Thrugelmir wrote: »

Therein lies your major problem. Takes time to rebuild history.

I was in a very similar situation as yourself few years ago with my wife on a spouse visa and myself being British. We got a joint mortgage with Halifax. From my experience, its not so much the problem of being on a spouse visa or low deposit.As Thrugelmir states problem lies on both your credit rating (especially your wife's). Even if you were to purchase a considerably cheaper property same applies. With a poor or non existent credit history they just wouldn't consider it.

If you were declined l'd take some time and research on building both your credit report, more so for your wife. MSE even has a free credit club you can use. I wouldn't attempt to apply again unless you were very confident with your credit report/score. It should be very easy with your caliber of salary. Lastly, a polite comment from myself with such a high salary if you save up for a slightly higher deposit would go a long way to save yourself quite a bit with a lower interest rate but not compulsory. Just my thoughts.

Good luck

luiza8

Aaron83 wrote: »

Sadly with my wife having been away for 7 years, she has no history left and credit back to zero which is super frustrating. Good luck with Halifax, i hope it goes ok. It would be good to hear how you get on

It was approved today, 1 week after putting the application in. It is subject to the valuation, however that should be fine as it’s the approximate market value that we’re purchasing it for.

hellok

sannytwist wrote: »

I was in a very similar situation as yourself few years ago with my wife on a spouse visa and myself being British. We got a joint mortgage with Halifax. From my experience, its not so much the problem of being on a spouse visa or low deposit.As Thrugelmir states problem lies on both your credit rating (especially your wife's). Even if you were to purchase a considerably cheaper property same applies. With a poor or non existent credit history they just wouldn't consider it.

If you were declined l'd take some time and research on building both your credit report, more so for your wife. MSE even has a free credit club you can use. I wouldn't attempt to apply again unless you were very confident with your credit report/score. It should be very easy with your caliber of salary. Lastly, a polite comment from myself with such a high salary if you save up for a slightly higher deposit would go a long way to save yourself quite a bit with a lower interest rate but not compulsory. Just my thoughts.

Good luck

how was the % of your LTV ?