Is he a BAD mortgage broker?

MaiseMeal

His reply to my email made it seem as if i couldnt get a different price on the house. That's why i created this thread because it sounded shady. But if it is just mis-communication then I understand. I have emailed him a while ago to call me.

As you can understand, his response makes it seem I'm not allowed to get a cheaper purcahse price.

robatwork

You've misunderstood quite spectacularly.

He is saying that Natwest value the house at £225k. That's all.

Regardless of you negotiating the house to £230k £240k £666k or 17 farthings.

Depending on where you end up (you, not him) on price will result in your LTV.

AdrianC

robatwork wrote: »

You've misunderstood quite spectacularly.

He is saying that Natwest value the house at £225k. That's all.

Regardless of you negotiating the house to £230k £240k £666k or 17 farthings.

Depending on where you end up (you, not him) on price will result in your LTV.

Well, tbf, if the OP negotiates lower than £225k, then that's what they'll base the LtV on...

MaiseMeal

robatwork wrote: »

You've misunderstood quite spectacularly.

He is saying that Natwest value the house at £225k. That's all.

Regardless of you negotiating the house to £230k £240k £666k or 17 farthings.

Depending on where you end up (you, not him) on price will result in your LTV.

I knew what he was talking about when he said the valuation will stay the same. Its the fact I told him i wanted to get a lower house price on 2 occasions and he just gave me the same answers, instead of acknowledging my intentions.

ACG

To be fair to the OP I can see why they think what they think. It is not exactly clear from the email.

But you can renegotiate. Even if you can not get £225k, you may get something in between and it may enable you to get an 85% product which means only a minor increase in the rate.

MaiseMeal

I don't see how its a big ask to find out what purcahse price your customer is trying to achieve & get the best rates for them. After all what is the point of a broker if they are not helping you? You can attack me, but I believe this is poor customer service.

MaiseMeal

ACG wrote: »

To be fair to the OP I can see why they think what they think. It is not exactly clear from the email.

But you can renegotiate. Even if you can not get £225k, you may get something in between and it may enable you to get an 85% product which means only a minor increase in the rate.

Thank you.

AdrianC

MaiseMeal wrote: »

I don't see how its a big ask to find out what purcahse price your customer is trying to achieve

As far as he's concerned, the price is £240k. That's the number on the memorandum of sale, and the number that everybody's agreed.
You want to change that? Speak to the EA - not your mortgage broker.

It. Is. Not. His. Job.

Getting you a loan based on some other price won't help, because...
1. The lender aren't ever going to base LtV on more than £225k
2. The only price that's currently in play is £240k.

What he's actually telling you is "the downvaluation is not necessarily a showstopper - you can still make £240k work, and this is how."

After all what is the point of a broker if they are not helping you?

He is helping you. He's helping you get the best deal he can for the price that's been agreed.

You can attack me

Nobody's attacking you. They're merely trying to explain reality to you. You don't want to know, because you've already made your mind up based on only half understanding what you've actually hired him to do.

theartfullodger

bigisi wrote: »

Bad broker or bad customer?

I think I know.

Indeed, me too.

But, further,

BAD mortgage broker. No biscuit.

Brilliant! Bad dog!

Seems you found a perfectly straightforward broker: Think yourself lucky.

But, if you don;t like him or don't trust him go elsewhere: Just as you would if you didn't like the property. But surely you knew that answer?

Bad broker? I had one, asked me which bank account the mortgage payments would come from, copies of statements, my address etc etc: Account was my "second", largely incoming smaller amounts. He transposed the post code, the lender concluded I wasn't living where I said I was as I was up to fraud: Plus the bank account didn;t show the various (five..) pensions I said I had - and do have: Took 3 months to unwind that lot. Stuck with him, got a good deal!

A little give 'n take always helps. Hope the people buying one of my houses take a sensible view to brokers!

Best wishes to all, including those who don;t agree with me.

Crashy_Time

MaiseMeal wrote: »

From his emails it seems he doesnt want me to negotiate a lower price on the house. I have put foward how strongly I want to reduce the purchase price of the house and he is replying as if thats not an option.


I was buying a house this year July (fell through) and it was undervalued by £10,000 with Natwest direct from website and they accepted the mortgage. So im surprised when I have decided to go with broker, there's no wiggle room.

Sometimes you find similar views on here. Most likely the seller will keep coming up against "undervaluations" so you negotiating their price down is certainly an option.