First time buyer, broker communication issues.....

TwoEchoOne

Hi, hoping for a bit of advice here. I'm a first time buyer looking to buy an 80k flat, putting down a 20k deposit. I don't have a particularly high income and a chunk of it's made up of disability benefits - although I'm unlikely to lose this particular source of income unless someone comes up with a cure for deafness. I approached L&C based on some recommendations from friends and this site. All their communications had apparently been done via email, which seemed ideal for me as I really don't like having to use the telephone as Typetalk, or RelayUK as they call themselves now, is never straightforward and I hate having an anonymous third party in the middle.

I don't know if it's just a result of the ongoing covid crisis but L&C don't seem in a particular hurry to reply to any of my queries even though I've spoken to customer services and made them aware I'm deaf and they've apparently put me down as a "vulnerable customer". I reluctantly agreed that I could take a call via RelayUK, waited just over two weeks before an adviser emailed me to let me know he'd call me which I had to wait another week for. He spent most of the call trumpeting his qualifications and L&C's script. I don't know what he was doing at his end but eventually told he told me yes, he could get me the 60k I needed.

Did I want to go ahead with the application? No, I explained that the property I'm interested in currently has a tenant and the owner's keen to free up the capital but won't give the tenant notice if I can't provide some kind of assurance. Could he provide that reassurance? How likely was it any application would be successful given my low income, if an application with one lender failed, were there other options? His suggestion was a Buy To Let Mortgage. I don't know why someone would suggest that for a first time buyer? He suggested I should speak to the owner of the property and that it would essentially be a gamble on her part.  Any further questions? Nope, email him if I think of any. Oh yeah and he's off annual leave for three weeks. Then he hung up! 

I don't know if I can actually give any assurances - does anyone have any idea whether it's likely I'd actually get a mortgage for the 60k I need in the current economic climate? Does it really come down to whether the owner of the flat's willing to gamble on whether I'd actually get a mortgage? I'm an NHS employee, part time but my contract's pretty much ironclad. From what I can figure out mortgage repayments would be much less than what I'm currently paying in rent so I'm sure I could manage them.

My experience with L&C hasn't been great so far, does anyone have any recommendations for anyone other brokers I might be able to approach, who'd ideally be able to advise me via email? I don't understand why communication can't just be done by email in the first place!

[Deleted User]

Everyone gambles on their buyer completing the transaction when they accept an offer.  There is no guarantees anywhere


Best you can do is just say that as far as you are aware you have a mortgage agreed in principle and you will submit an application immediately if your offer is accepted.  

They don't have to serve notice to their tenant until much later anyway.   There is no risk at all for the vendor.  They cna even tell their solicitor to not start work until you've got a mortgage offer. 

Find a new broker though. Communication is the single most important thing between brokers and clients and you can already see how bad it it likely to be

MovingForwards

L&C are not the broker you want when things are not straight forward, in your case your income.
Find yourself a good broker and you will see the difference for yourself.
Ask friends / family who have recently purchased a property, in the last year or two, or have a read through the threads to see if any of the brokers seem like someone you would like to deal with.

hannah2283

I've been using Habito. They've been good so far, but my application is pretty straight forward so I'm not sure what they'd be like in other circumstances. We have done everything by chat and by email, no calling if you don't want to, which seems as though that would be helpful to you. Good luck!

haras_n0sirrah

Btl mortgage? Are you going to be living in it? If so why would you be getting a btl mortgage? Sounds a bit dodgy

haras_n0sirrah

In terms of affordability it will all depend on the numbers. Most lenders will accept dla income so I wouldn't worry about that. 

TwoEchoOne

haras_n0sirrah said:

Btl mortgage? Are you going to be living in it? If so why would you be getting a btl mortgage? Sounds a bit dodgy

I'm not looking to get a Buy to Let mortgage. It'd be living in the property and it would be my sole residence. I mentioned it because the L&C adviser suggested it, which seemed unnecessarily complicated for my situation. As you say, a little dodgy. I think he was just keen to end the phone call so he could !!!!!! off on his holidays to be honest.

hannah2283 said:

I've been using Habito. They've been good so far, but my application is pretty straight forward so I'm not sure what they'd be like in other circumstances. We have done everything by chat and by email, no calling if you don't want to, which seems as though that would be helpful to you. Good luck!

Had a look at them online and emailed them, thanks for the suggestion. I would have thought my case was pretty straightforward to be honest!

haras_n0sirrah

I think that is enough to drop l&c. Suggesting mortgage fraud as a way to proceed is red flags all over and actually quite shocking. Last thing you want is a dodgy mortgage and a cifas marker.
If you are willing to pay a modest fee then speaking to an independent broker rather than a conveyor belt broker may be better for you. As a small mortgage with slightly complicated circumstances the conveyor brokers (habito, trussle, l&c- the large call centre operations) are unlikely to give you much attention as the commission is small and they are over run with enquiries but that is of course up to you. Many independent brokers post here so if you are willing to consider a more individual approach then read the boards and get a feel for someone who may be able to assist you. We brokers cannot contact forumites but most of us are happy to respond to pm's asking for help

dunstonh

A general rule of thumb is that the internet/phone based brokers like the easy stuff and they generally do that well.  If yours may be a little more complicated or you need greater hand holding, then a localised broker will usually be better as they are not on targets to process x number of mortgages a day or wont be passing off the mortgage to lower skilled people to do the behind the scenes work.  Plus, localised brokers tend to have more knowledge and experience.   I know that is a generalisation but you see it time and again.