Slippery Mortgage Broker - (Put it in writing)

Thrugelmir

Conspiracy theories are better suited to discussion on Facebook. 

[Deleted User]

Just do it over the phone and record it if you want something you can use later. Problem solved

dunstonh

Geepers1 said:

One or two mortgage brokers in this forum by any chance? Lol

Paranoia and conspiracy theory.

You can tell the mortgage brokers on this forum as they are required to have a footer message.  Most respones appear not to be from mortgage brokers.

The_squirrell

Just speaking as a lay person and not a mortgage advisor, so excuse me for any errors....I stand to be corrected and some of this may have already been said. I don't think your mortgage product will have been changed. Lenders don't generally reduce rates on products. They launch new products at lower rates.If you have had an offer, then that's the rate you will pay. You can obviously apply for a new product. but you MAY have to pay new fees and have the case underwritten again depending on how long it has been since last time. If criteria has changed since lockdown it is POSSIBLE that a case may be looked at differently and different lending criteria applied. Its POSSIBLE that your broker MAY be trying to call you to explain this. If this is the case, then this will add to the time taken to get your mortgage offer again and will PROBABLY lead to delays.

Apologies for the capital letters, but I am just trying to say that these issues MAY arise.

AnotherJoe

Geepers1 said:

dunstonh said:

I'm not being paranoid - he doesn't want to answer my question in writing.

Paranoia is thinking and feeling as if you are under threat even though there is no (or very little) evidence that you are.  Sp, you are being paranoid.

The question I asked him was very simple: is my mortgage product now offered with a lower interest rate than when my offer was made?

That doesnt make an email any easier.  There may be ifs and whats to add to it that are much quicker to cover in an email. (such as discussing consequences and issues).  Talking on the phone for 5-10 minutes can be quicker than having an email conversation going back and forth over a period of days.

Or it could be an adviser that is happier dealing face to face or phone rather than in email. Some people are very comfortable in conversation but really struggle with emails. 

Yes, all that. And, yes, maybe I'm being paranoid. On the other hand, maybe my broker just doesn't want to put his advice in writing because I'll have no proof of what his advice was.

And maybe your adviser is rightfully suspicious that you are planning to sue him given your insistence on getting something in writing you can look up online in five minutes. And your very strange reluctance given your anonymity here, to state who the lender is. 

Or more likely he's looking to protect you by ensuring that some new condition or way the lender works could come into operation were you to ask for a new rate and result in your getting the offer withdrawn, and he doesn't wish to do that. 

Here for example, is a possible scenario.  There is a lower rate. However if he applies for it, he knows that your old offer will be withdrawn and you won't  get the new one. He wishes to let sleeping dogs lie And not rattle the lenders cage. He can tell you that iver the phone. However once he's informed you in writing there's a new lower rate then he may be bound to apply for that Despite the fact you will lose out because now there documentation. And then you'd probably sue him on the grounds he shouldn't have told you about it. After all, why do you want it in writing? 

so, yeh I think has every right to feel paranoid, why else would you want it in writing. And why else won't you state here, anonymously  who the lender is.

ACG

What I dont understand is why you do not just check if yourself? If I did not trust someone, I would be checking up on what they were telling me. Half the time I double check even when I do trust people. 

You say you can not find the products online but it sounds like you are just being awkward, you wont give any details on this thread so nobody on here can help you. If you are like this with your broker, it is not surprising he wants to call, he is possibly worried he is getting half a story. He may want to call to discuss things and he may not want to put it in writing to prevent putting you both in a difficult position (rightly or wrongly). If your application goes back in for a product switch it may get picked up for audit or asked questions about furlough, govt grants etc and that could cause problems or delays. 

If you tell us the lender, the LTV and the tie in period, we can check what is out there, or if you tell us the lender we can at least point you to the products page so you can help yourself. You should not have to do that, but the broker could also argue they have got you the mortgage you said you were happy with, if you want to switch products they want to charge you for their time to switch it over - I cant help but feel you are being awkward. 

Generally speaking, rates have not come down since the BoE rate drops. We had a similar enquiry from a customer of ours, I checked twice as she questioned what I was telling her.  In the end I sent her the link so she could check for herself. I was a bit surprised she questioned it as much as she did as I have done 3 mortgages for them now, but it is what it is. 

Look at this from a brokers point of view... A broker does what? 50-100 mortgages a year. Being asked about lower rates since the application went in has probably happened to me maybe 5-10 times in 9 years (although we tend to specialise in the adverse world so getting a mortgage tends to be priority rather than 0.1% difference). Insisting that correspondence is done in email has happened once in 9 years. YOU are the anomaly from a brokers side and maybe he does not trust you, but there is the argument that if you are doing nothing wrong, you have nothing to worry about - however that does not really work in our industry as a complaint can drag on for weeks or months and even if you know you have done nothing wrong, it still causes stress. 

Just to be clear, I am not saying you or the broker is in the wrong. Like anything there are 2 sides to every argument and you both have your reasons for doing things the way you are. But speaking as a broker, the way you are acting would worry me - even though I know we do everything as we should. 

amnblog

As a Broker if I want to speak to a Client on some matter because it is tricky to explain on email, that is what I will look to do.
If my Client refused to take my call I would not cave in a send an email message if I felt it could be misconstrued.
No-one wants unnecessary confusion and worry.
You don't need a hard record of his advice to sue him, but he needs one to protect himself against being sued.

CheesyWiggles

Geepers1 said:

One or two mortgage brokers in this forum by any chance? Lol

No, the way that you go about things puts people’s noses out of joint. You’re paranoid.

haras_n0sirrah

if you tell us the lender, deposit % and the rate you have and what fee it had we can tell you if the rate has dropped.
Be aware though that lenders criteria has changed.
I had a client we had a mortgage with hsbc which they were porting and borrowing additional due to erc. Got their offer pre Covid - all hunky dory
Vendor pulled out, they have now refound past covid but hsbc no longer accept any overtime or bonuses unless you work for the nhs. He is a long distance lorry driver who gets about 1500 in bonuses and overtime a month and has been for years. He is a key worker and his income has not been changed by covid at all as he is in food transport. HSBC still will not use the income so we now have to go elsewhere and they have to pay the early repayment charge
Another client who decided to pull out of a property on the day of exchange (I told them not to and have it in writing that I told them not to) Both self employed. They wanted to get a bigger better house as they had filed again and their 19/20 income was higher. I advised them they may not get another mortgage as the way lenders look at self employed differently now. Result is the same lender that they had an offer from 2 months ago has now said no as they feel the income level is not sustainable in light of covid (builder and food outlet) - they now have no house.
It isn't just as simple as changing the rate - we are now in a new landscape and lenders are looking for a reason to relook at an application in light of the new rules. By changing rate you may lose your offer if you are one of the following groups - self employed, employed but furlowed, using any overtime, bonus, commission income, more than 85% ltv.

getmore4less

The lenders rates are published and not that hard to find. why you can't find them who knows.
You are yet to provide any useful information that  someone can use to find what you can't.
Lender, LTV, rate you have, would be a good start but some lenders their rates depend  on amount borrowed and other factors, With the lender those in the know can help if any other info is needed(but they may not be that interested now).