Broker issues

vickielouise87

Not sure if I should change broker - really don’t want to as its going to obviously delay things more than they are already, and we are in a rush, but I feel he is going to be the reason we get declined. I asked him to send in a side letter as my circumstances are not clear from my bank statements, and I will be a lot better off when we (hopefully) move in to one household rather than running two. He hasn’t submitted any supporting information to the bank though. And, the day after completing the application forms, but before the application was submitted, I emailed him to say I had forgotten to declare my next account which has around £500 on. He hasnt bothered to add this to my application as I have checked with the bank. He never answers his calls/ emails.. doesn’t return voicemails and his assistant is just as useless. He was highly recommended to us as my partner has adverse credit (nothing to bad) but he seems pointless to me and not worth the money. I’m sure he will get in touch when he wants paying!

Anyway I was just sat here considering changing or asking the bank if we can complete things without him as I dont even really know what I am paying him £500 for  as I am chasing everything myself and trying to correct his errors! 

csgohan4

The lender will usually take a black and white view on things, affordability, a letter from a broker may not change things as it is your side of the story. 

They only go on the now and not on the future.

Do you have debt, CCJ ? are you within the x4.5 gross income bracket?e.t.c

By all means speak with the broker and make a complaint if not happy with their response

vickielouise87

Thanks for your reply. I have excellent credit, no defaults/ CCJ’s or anything.. no debts aside a car loan and this Next account which I am just going to pay off. 

I currently have rent of £525 and nursery of £500 a month, which will both be stopping when my partner and I buy this house together. I haven’t declared either of these as outgoings, nor my tax credits income which pretty much covers these payments, as this will also stop. I just wanted the underwriter to understand why I hadn’t mentioned them. I’m hoping as our applications are from 2 separate addresses this will just seem obvious. 

[Deleted User]

Sometimes a case will go straight through and any memos uploaded only cause the case to go for a full review.  It can occasionally be counter productive. 

The lack of communication is rubbish though. 
And you wont be able to ditch the broker and carry on direct with thr lender unless you cancel and start again.  The case is tied to the brokers name at this point 

Meh123

My broker explained it to me like this...
It’s better to let them potentially ask us questions (which we can 100% answer) than to bombard them with lots of information which will certainly cause question and bog the application down.  In short if they need an explanation on something they will come to you and ask, which is better than creating a situation where they have no option but to ask questions.
I was panicking about my credit file not being updated and reflecting what I’d declared....I wanted our broker to send all my £0 balance statements/add notes etc. As it happens when the lender came back with Q’s for us this week they didn’t even mention or query it. 

Hope that makes sense? 

Thrugelmir

vickielouise87 said:

 as I dont even really know what I am paying him £500 for  as I am chasing everything myself and trying to correct his errors! 

How did you manage to forget your Next account though. In a rush to complete the mortgage application?  

csgohan4

vickielouise87 said:

Thanks for your reply. I have excellent credit, no defaults/ CCJ’s or anything.. no debts aside a car loan and this Next account which I am just going to pay off. 

I currently have rent of £525 and nursery of £500 a month, which will both be stopping when my partner and I buy this house together. I haven’t declared either of these as outgoings, nor my tax credits income which pretty much covers these payments, as this will also stop. I just wanted the underwriter to understand why I hadn’t mentioned them. I’m hoping as our applications are from 2 separate addresses this will just seem obvious. 

Why have you not declared everything, it is better to be upfront with the lender. If the lender finds you have omitted these, it could delay at best and at worst straight decline 

vickielouise87

yes, it was all just rushing, as we had actually already moved from another broker that had just taken on too many clients and couldn’t cope with her work load. 

Natwest have now pulled him on a SEISS grant he received in August because he had to self isolate. Apparently they queried this with the broker on the 7th! But he hasn’t even bothered to let us know. So fed up if it all. 

Thrugelmir

vickielouise87 said:

yes, it was all just rushing, as we had actually already moved from another broker that had just taken on too many clients and couldn’t cope with her work load. 

If everybody slowed down then less additional work would be created.  Sometimes a little patience is required in these extraordinary times. Less haste more speed as the old saying goes. 

vickielouise87

vickielouise87 said:

yes, it was all just rushing, as we had actually already moved from another broker that had just taken on too many clients and couldn’t cope with her work load. 

Natwest have now pulled him on a SEISS grant he received in August because he had to self isolate. Apparently they queried this with the broker on the 7th! But he hasn’t even bothered to let us know. So fed up if it all. 

I have my tax credits paid into my halifax account, I pay my rent, bills and childcare from here. Then I have my santander account which has my salary and child maintenance in,  it helps me budget better, I can see what I have left for food and luxuries. When applying I asked the broker if I should submit all accounts and he said not to bother with the Halifax account and this wasn’t relevant but I may need to provide them if natwest asked for them. I have since called natwest to explain as it was worrying me and I would rather give them the full picture, and they gave me an email address to send them to. 

csgohan4

the problem for you is the broker does not know what has been sent to/ discussed with the lender. The lender is getting info now from both the broker and now you. 

Ideally you should stick with going through the broker. 

If your Broker didn't do a Fact find and list out your outgoings and incomings, your broker is stupid