Am I being a overly sceptic about our Mortgage Broker?

onthemend88

Good morning everyone, I hope you don't mind me asking your opinions about our broker and whether or not I am being overly sceptical about them. 

We reserved a new build in April 2019 and it is due to complete around April/May this year. We hunted around for a good adverse broker specialising in HTB and narrowed it down to 2 that we would be happy to use. 

The broker we decided to use for our application, we just seemed to click with better and because they have really good reviews, so we went for it. 

Went to see them last Thursday and brought all of our documents with us as the plan is to buy using the HTB scheme - however, we did enquire whether or not it would be possible to obtain a 95% LTV. Broker was very good, combed through all of our documents and made a few calls to lenders but it came to light that we would have to use HTB route - which we were fully expecting. 

Couldn't put the full application through on that day because we were just waiting for Equifax to amend a default date on our report from 2019 to 2016. This change happened on Friday. Called the office on Monday and booked in to submit full application on Tuesday. 

Attended Tuesday and broker had already obtained a DIP with Precise (were expecting to use these or Kensington) and broker went through the reasons she chose Precise. Happy with this. 

We had already given broker all of our ingoings/expenditure last year when we had seen a different property so the information just needed tweaking slightly (salary increases, student loan etc). Broker said they would start completing the application and call/text us if they needed anything. In the meantime, we were told to submit HTB application - which we did straight away. 

A few text messages back and forth to give some further details and we then get a message saying "Application has passed initial assessment, full credit check has been done, will send the documents off for review. Valuation fee will need to be put through now, is that ok?". Transferred money from savings to current account for this to be processed. 

Wednesday, I was reading through the Precise thread and noticed that in the majority of cases, when the application had been fully submitted, the credit check had been performed and valuation fee taken straight away. Checked to see if mine had but nothing. Messaged broker but had no reply so gave it a few hours but nothing. Phoned Precise directly and didn't pass security checks? Tried again and failed again. DH phoned and got through to security to be told my DOB had been input incorrectly and that, the full application had not yet been submitted. 

Emailed/text broker to ask why full application had not been submitted and to inform them that my DOB had not been input correctly. No reply. 

Called the office this morning and the broker has today and Friday as annual leave. 

Now, don't get me wrong, I understand mistakes can happen and I would imagine that the DOB, because application has not been fully submitted, will be an easy amendment however,  it doesn't fill me with joy to be honest - what if there are other mistakes that have been made that we won't know about? Also I don't understand why we were told the full application had been fully submitted (passed credit checks, documents etc) when this is not the case. It doesn't help we had no reply yesterday when they were working. 

Am I being overly sceptical or would you be running a mile and looking for another broker. 

Just to add, I am a very nervous/anxious person and we have worked really hard to be in the position we are in now - I just want to be able to trust our broker. 

p.s. I feel silly writing this but I cannot help feeling a little disheartened

ACG

The wrong Date of birth is one of those things, I am pretty pedantic about copying everything over correctly and I am not aware of any mistakes - but I bet if someone went over every single one of my cases looking for spelling mistakes or wrong dates, there probably would be 1 or 2 - it is just human error and nobody will ever get everything right 100% of the time. 

The bigger issue (for me) is why they have told you the application is in when it is not - that does not bode well. BUT playing devils advocate (and not something I agree with) you have said yourself you are anxious. So by telling you the application is in and everything is ok, maybe it was just a way of stopping you stressing about an application that they have full confidence in. But that does not excuse the fact they have basically cost you however many days by lying. 

I would not be impressed if one of my brokers did that. It is just opening them up to a complaint all because they were too busy and would not pass the case over or be honest with you.

onthemend88

Hi @ACG, I agree - they did say that they had been extremely busy and I know human error is inevitable, I am sure this will be rectified come Monday when they are back in the office.  

This is my issue. Myself and DH were really excited having thought our full application had gone in and to find out that it hasn't and that we haven't been told the truth worries me. There could well be a good reason why they haven't submitted it in full yet and that is fine - but just communicate this to us. I won't find out until Monday now which is 6 days wasted (not that we are in a massive rush but I have read how long Precise can take with things). 

The broker has said they are very confident in our application - and will not take their fee until we have an offer on the table which, I guess speaks volumes. 

I just hope come Monday, we will know why and all will be sorted but if it isn't where do I stand? Would it be OK to go to another broker at this point?

Whats_your_forte

I would wait till Monday when they are back. When did you pay them the valuation fee?

To me, it sounds like they submitted the agreement in principle first of all and awaiting for the payment to submit. Yes it has passed the initial assessment which is linked to a credit check so nothing wrong there. If you have copied their message verbatim ("Application has passed initial assessment, full credit check has been done, will send the documents off for review. Valuation fee will need to be put through now, is that ok?"), then that doesn't say the application has been submitted and matches the Precise process

Let's say you gave them card details yesterday, they simply may not have been able to fully submit the case before having 2 days off.......and in most cases (and if anything like me), working very hard to try their best to be up to date before they had quality time off being half term.

Date of birth? Okay, a keying error that can be quickly resolved.

I would stop overthinking the process and let them get on with their job. Easier said than done but it doesn't help by constantly monitoring their processes

And anyway, however quick they go, the process will be slowed down by the solicitor, developer and H2B agency. Let's say they get the offer in 10 days, the rest of the process will be way behind.

onthemend88

Thank you for your reply @Whats_your_forte

They way you have explained above makes sense and I think this is probably the case. I am sure come Monday, everything will be clearer. 

I agree, I need to take a step back and try to not overthink it all. I know deep down that they are a good broker which is why we chose them but my panic just sets in sometimes and I start worrying. 

That is very true, the house isn't going to be ready until end of April/beginning of May (and that if is everything stays on track).

I haven't even instructed the surveyor yet, because there is no point. Our builder has been great and really informative and will tell us when to do this. HTB application is currently being processed and will know by Tuesday if all is ok - I wonder if the broker is waiting for HTB confirmation prior to submitting? 

Whats_your_forte

Okay.........H2B. You won't know by Tuesday!! There has been a massive amalgamation of all the different agencies in the last few months and they are WAY behind on paperwork. If you call H2B, the voice recording will tell you the current timescales.

If submitted on Tuesday, then you are looking at 11 working days minimum with the day of submission not included.

If looking at timescales, Precise New Build Applications are looking at documents the day after receipt. So in theory, you could have you mortgage offer before H2B give you the green light (which will probably be 5th March!)

Also, keep off the Precise mortgage thread. One persons application will always go at different speeds to others as so many factors come into play which could affect timings. We update clients Tuesday and Fridays. That gives the lenders 48/72 hours to move matters forward but in most cases, and update once a week should suffice.

onthemend88

@Whats_your_forte We are using HTB Wales so I don't know if that makes any difference?

It sounds really sad but I literally read through the whole 104 pages of the Precise thread the other evening haha but I will try to stay off there - it was more to get a feel of documents they may require so I have got a few in the background ready to go

onthemend88

The hard credit search has just been reported on my Experian and does show my DOB slightly wrong. I was born on the 6th and broker has put the 1st - does it matter that is showing on the hard check even though my DOB will be altered before submitting the full application?

amnblog

The Broker should not be submitting a full mortgage application without possession of the Help to Buy Authority to proceed. I

There is no problem here and you are letting your worries manage you. I am confident all we be resolved when you next speak to your Broker.

onthemend88

Thank you everyone for your replies. I do feel much better after taking on board all that you have said