Broker help

kaylougray

Hello,
So I was hoping to have some advice on our mortgage broker.
We contacted the mortgage broker Dynamo at the beginning of April, we needed a 95% LTV for our shared ownership property and got matched with Kent Reliance due to some adverse credit history.
We were going to out the application in but the lockdown hit so it got postponed.
The applications then re-opened in July, and this is where I'm becoming curious of what is happening.
We had already paid the broker in April, we then got told we had to pay for the valuation to be done before we put our application action in to Kent Reliance.
Has anyone else ever done a valuation before application?
We waited 15 days, only to then be told our application had been rejected.
We have looked on Kent  Reliance website and they aren't even showing the 95% LTV we had applied for? 
The application was solely in my husbands name, but since I have an IVA that is why it was rejected but surely we should've been told this before we put the application in?
So as before my questions are -

Do lenders usually need valuations done before an application is even submitted?

Would the rejection be shown as a hard search since we havent had any notifications from my husbands credit checks any searches have been done.

Should the broker have taken the fees before successfully getting a mortage for us?

Sorry for the long post, we are so frustrated with the whole thing now! 

haras_n0sirrah

I am a shared ownership mortgage specialist. Kent reliance dont allow iva's but they also dont allow a married couple to apply in a single name. Kent charge a booking fee of £145 plus a valuation fee on application so no avoiding that however the issue is it shouldn't have gone to kent due to you not being on the application.

mortgagetakingages

No No and No you should never pay a MA before you have had success and valuations should be refundable and should only happen once you have applied. I am no expert but it sounds like you have been scammed.

kaylougray

haras_n0sirrah said:

I am a shared ownership mortgage specialist. Kent reliance dont allow iva's but they also dont allow a married couple to apply in a single name. Kent charge a booking fee of £145 plus a valuation fee on application so no avoiding that however the issue is it shouldn't have gone to kent due to you not being on the application.

We paid the £145 on 20/07, but had already had the valuation done the week prior to this. We were promised a 95% LTV but it doesnt even look to be they have this mortage on offer anymore? 
I didnt think they would allow IVAS buy didnt realise they didnt allow a married a couple to apply in a single name. We just thought that since Dynamo said if my husband applied by himself it would be okay

haras_n0sirrah

The 145 and the valuation are paid at the same time which is when the application is submitted. Why was a valuation done before your application was submitted?
Kent are still doing 95% mortgages. I did two today. 

haras_n0sirrah

What reason has the broker given for the decline?

kaylougray

haras_n0sirrah said:

The 145 and the valuation are paid at the same time which is when the application is submitted. Why was a valuation done before your application was submitted?
Kent are still doing 95% mortgages. I did two today. 

We were told that is how Kent Reliance do the mortages, apparently they wanted to have the valuation ready for when the application is put in.
We were told it was because there is a financial link between me and my husband and they saw I had an IVA an unwilling to take the risk to lend, but I would've hoped Dynamo knew that would happen and would've told us that would be a problem before the application was submitted 

haras_n0sirrah

That isnt right about the valuation. You pay for it when the application is submitted at the same time as the 145 as one payment. Was a valuation done or has the broker pocketed it?
It makes no sense.
I have 15 cases in with kent at the moment and a valuation is not done before the application

kaylougray

haras_n0sirrah said:

That isnt right about the valuation. You pay for it when the application is submitted at the same time as the 145. Was a valuation done or has the broker pocketed it?
It makes no sense.

We are pretty sure it was done since the advisor at the development said they valuation had been carried out.
We are really upset since we were told there is no reason the application wouldn't be accepted. Weve lost nearly £2000 between broker fees, valuation, application, solicitor costs and reservation fees.
Really wish we hadn't even applied tbh now! 

haras_n0sirrah

I would speak to kent and ask if they allow married applications in a single name
If the answer is no then I would try and get your broker, booking and valuation fee back

kaylougray

haras_n0sirrah said:

I would speak to kent and ask if they allow married applications in a single name
If the answer is no then I would try and get your broker, booking and valuation fee back

Thank you, I will do that in the morning.
Thank you for your help. I'll do my research when we try and apply again in a few years time