Mortgage advisor and a lot of mess

Nives

Hi everyone,

this is my first post here and I'm not english mother tongue, so please, forgive me for any grammar mistake.

I'll try to explain you what it happening to me and my partner.

We are in process to buy our first home, and we decided to use a mortgage advisor.
In a first moment he seemed kind and prepared, so we decided to trust him.

I'm a stay at home mum, but when we decided to buy an house I was working.
Unfortunately I had to leave job for family management issues, and we informed our advisor immediately. This point will be important in the second part of the story.
He said that it was ok, we would have been able to apply for mortgage even with one sole salary.

So we started to search our dream's home. We applied also for LIFT scheme (Scotland), and it has strict terms, then was very hard to find an house that match all of these.
After much research, we found a lovely house, but before go to see it we asked to our mortgage advisor if was the right choice for LIFT terms (number of rooms etc.) and we was waiting for his reply.
During the wait, we found another amazing house, and we decided to see both after advisor's approval.
You can imagine our surprise when we received an email by him in which he said that our offer for the first house was accepted :huh:
But we hadn't still see it, because we was waiting for his ok!
Moreover he made an offer without consulting us for the price.
After much attempts to talk to him on the phone (is pretty impossible) we have solved the misunderstanding (even if we tought that a big mistake like this was crazy..), and we decided to see for first the second house, because we liked more that one.
After viewing it, we was sure that we wanted that home. Our offer was accepted on closing date, we was over the moon.

So we started the process to apply for mortgage with our advisor's help.
He said us that we would try to apply with Natwest (3% deposit required).
Strangely our application was rejected, even if our credit score is ok. Our advisor seemed surprise too, so we tried with Halifax (5% deposit required).
This time we was immediately accepted.

We was clear since our first meeting that we wanted a joint mortgage, indeed pre approval was on both our names.
We explained to advisor that I was not working two months before apply for the mortgage , then we thought that this point were clear.
Instead today he have send us an email in which explain that he understood that I found another job :huh::huh::huh: and because this information is wrong, we need a little more deposit for have a joint mortgage, because the lender will lend us a little less than granted previously amount .
Now we are very confused for many reasons: we NEVER said him that I have a new job, and even if we had done it, how the lender knew my non-existent income to calculate how much we can borrow during pre approval?

Our advisor is simply inattentive (he did LOT of mistake during this process) or he trying to cheat us?

Maybe we should ask for explanations directly to lender?

I apologize for having written so much and I thank those who have read everything!

Cheers! :beer:

ACG

Why would he be trying to cheat you? Does he charge a fee on application, offer or completion?

If he charges a fee on application, I would ask for that back as he has made mistakes. If offer/completion then he has not made any money from you?

I do not know anything about the LIFT scheme so I am not much use on that front but if you are out of pocket, ask him to put it right. If you are not then it may be worth finding another broker and getting a second opinion.

MortgageMamma

It just sounds to me that you may have had a careless or inexperienced adviser. If the latter, you can work with that, we all have to start somewhere. If the adviser is just being careless find another one and start the process again.

If you go to linkedin website and search for your advisers name, you may be able to establish how experienced he is https://www.linkedin.com

Nives

I forget to provide this important information, apologize.
Our advisor is paid directly by the lender as thanksgiving for having bring us to his bank, then we starting to think that his percentage comes out from our deposit, in some way. More deposit, more percentage, can it be possible?

dunstonh

Our advisor is paid directly by the lender as thanksgiving for having bring us to his bank, then we starting to think that his percentage comes out from our deposit, in some way. More deposit, more percentage, can it be possible?

More deposit means less commission as the lender pays as a percentage of the amount borrowed.

[Deleted User]

Nives wrote: »

More deposit, more percentage, can it be possible?

No. That would be mad.

It's the other way round. More deposit, less borrowing, same percentage, less commission.

Nives

Thank you all for clarification, was very useful.

At this point we can think just that our advisor has too much clients and he make confusion between all our situations...

I'll update you on this situation, hoping good!

ACG

Nives wrote: »

Thank you all for clarification, was very useful.

At this point we can think just that our advisor has too much clients and he make confusion between all our situations...

I'll update you on this situation, hoping good!

This can be the problem when you go to a fee free broker. In order to pay the bills, you have to take on more customers.

I used to be fee free and I was running round like a headless chicken. We decided to charge fees so we could limit the customers we take on and ensure we are around for all of our customers whenever they need us.

I am not saying all fee free brokers are like that, but I was and it seems in this instance so is yours.