Mortgage broker - ask me anything

GrahamsHill

Hey all, hoping for some more advice if you please? 

We've now sold our house (STC) and are looking to move into a new build in the new year. I have a mortgage broker lined up ready to go when we are, but talking to the developers yesterday about dates for releasing, exchanging and completing etc she said we need to get a DIP through their mortgage broker before we can proceed to exchange, although she did make it clear that we don't have to use them to go full mortgage application if we don't want to. Can we get a DIP using our existing mortgage broker ahead of exchange and how long do they usually last? Their 'rule' is exchange within 28 days of release / paying the deposit. 

I just find it a bit strange that we have to do it that way - I get they want to make sure a mortgage is in place, but surely a DIP is sufficient through our own broker? 

For info the dates are: 
Release approx. end of January 22
Exchange approx. end of February 22
Complete approx. end of April 22

Thanks in advance. 

K_S

@grahamsHill It's just standard New Build tactics unfortunately. I often see them forcing my clients to speak with them, but not come across forcing them to get a DIP through them. What if the most appropriate lender is Barclays or Virgin, will they take responsibility for the hard check?

Normally, they want to see an email confirmation from me and a copy of the DIP, which I provide with the client's permission.

GrahamsHill

K_S said:

@grahamsHill It's just standard New Build tactics unfortunately. I often see them forcing my clients to speak with them, but not come across forcing them to get a DIP through them. What if the most appropriate lender is Barclays or Virgin, will they take responsibility for the hard check?

Normally, they want to see an email confirmation from me and a copy of the DIP, which I provide with the client's permission.

Thanks K_S.I think I'll tell them I'll arrange my own DIP based on timescales and and provide evidence through our broker. 

ps2mint

After some advice! Car PCP contract coming to an end before I will complete on a house. Got a valid mortgage offer. Am thinking of renewing for the same value as now. Would this make a difference as affordability would be exactly the same? Thanks

Jen271626

I'm needing some advise on how to deal with our broker. Hes been absolutely terrible at communicating..dont hear from him for weeks at a time and then when I ask for an update my message or call goes unanswered. We thought we'd submitted the beginning of May and he was evasive when I was asking for specific dates. Then my solicitor eventually contacted him as I couldn't get any info and it turned out application went in on 24th May. Iv contacted him roughly every couple of weeks and he never is forthcoming with info. My solicitor emailed last Monday for an update and he didn't reply and I have messaged today for an update and its not been opened. Last contact was 29th June. Im feeling absolutely fed up with the lack of transparency and communication now, can I try contact the lender myself direct? Its Bluestone. 

K_S

Jen271626 said:

I'm needing some advise on how to deal with our broker. Hes been absolutely terrible at communicating..dont hear from him for weeks at a time and then when I ask for an update my message or call goes unanswered. We thought we'd submitted the beginning of May and he was evasive when I was asking for specific dates. Then my solicitor eventually contacted him as I couldn't get any info and it turned out application went in on 24th May. Iv contacted him roughly every couple of weeks and he never is forthcoming with info. My solicitor emailed last Monday for an update and he didn't reply and I have messaged today for an update and its not been opened. Last contact was 29th June. Im feeling absolutely fed up with the lack of transparency and communication now, can I try contact the lender myself direct? Its Bluestone. 

@jen271626 I'm not defending your broker's lack of updates/communication (there's no good excuse for that) but Bluestone has been absolutely terrible service-levels wise the last few months.

I stopped placing any cases with them a month or so ago after they took so long to process a (relatively) straightforward case that the vendor lost their patience and pulled out. The client was an absolute wreck by the end of it and gave up on buying temporarily.

A typical example is that they would ask for latest payslips, take 3-4 weeks to pick up the supplied payslip for review and by then it's already time for the next payslip. And then they ask for that!

I don't think BS will deal with applicants directly, but no harm in checking. Try and schedule a call with the broker to understand where you are at.

Jen271626

K_S said:

Jen271626 said:

I'm needing some advise on how to deal with our broker. Hes been absolutely terrible at communicating..dont hear from him for weeks at a time and then when I ask for an update my message or call goes unanswered. We thought we'd submitted the beginning of May and he was evasive when I was asking for specific dates. Then my solicitor eventually contacted him as I couldn't get any info and it turned out application went in on 24th May. Iv contacted him roughly every couple of weeks and he never is forthcoming with info. My solicitor emailed last Monday for an update and he didn't reply and I have messaged today for an update and its not been opened. Last contact was 29th June. Im feeling absolutely fed up with the lack of transparency and communication now, can I try contact the lender myself direct? Its Bluestone. 

@jen271626 I'm not defending your broker's lack of updates/communication (there's no good excuse for that) but Bluestone has been absolutely terrible service-levels wise the last few months.

I stopped placing any cases with them a month or so ago after they took so long to process a (relatively) straightforward case that the vendor lost their patience and pulled out. The client was an absolute wreck by the end of it and gave up on buying temporarily.

A typical example is that they would ask for latest payslips, take 3-4 weeks to pick up the supplied payslip for review and by then it's already time for the next payslip. And then they ask for that!

I don't think BS will deal with applicants directly, but no harm in checking. Try and schedule a call with the broker to understand where you are at.

Thanks so much for your reply.

desperatelytryingtoimprove

Hi I have an aip but I'm worried bout 5 amigo loans on my file from 2017 never any late payments and they were settled will this be an issue 

K_S

desperatelytryingtoimprove said:

Hi I have an aip but I'm worried bout 5 amigo loans on my file from 2017 never any late payments and they were settled will this be an issue 

@desperatelytryingtoimprove A DIP accept is a positive sign, and so is the fact that it's 4 years old. Depending on the background scenario, requirements and lender, it may be picked and queried by the lender, but given that it's an isolated thing on you report, I wouldn't expect it to be an issue, generally speaking.

Athanasia

So I tried to change the purchase price of the house I’m trying to buy, with Santander, and the product, and the advisor (going direct) advised that my application was declined. They said the manager would appeal it with the underwriter as there’s no more risk involved,or any changes in my circumstances, but there is a chance that they will decline it. My credit score is all over the place, MSE cc shows a different score to Experian, but in both it’s obvious I have not taken any extra credit or have any missed payments or anything of that sort. Has anyone had something similar happen, and what was the outcome? Can an underwriter overturn a system decline, or am I just hoping in vain?