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Broker did really well and got us AIP - now lost all property options
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rennes99
Posts: 76 Forumite
I've been in contact with a Broker for the last week who came highly recommended, as mine and partner's situation is less than "normal."
Sure enough, he was great, lots of contact and help, and came up with the goods and got us an AIP on a product with a fantastic rate with a mainstream lender, despite credit and income issues. We were very pleased and the broker couldn't have been better.
We were due to proceed, after having an offer accepted on a place earlier this week, to full application and have been gathering the required info today, alongside a request to pay the broker fee on application.
Was told today our offer was now rejected as vendor went with a cash buyer, with no ability to renegotiate.
Have tried to see a few other places nearby and at the same value, and all of these are under offer already.
So, we are back to the drawing board and have no idea of location, value of property to apply for, anything. Nothing else is suitable.
I'm wondering how things normally pan out in this situation, and what to do, before I speak to the broker. It is likely that any other similar places are going to be slightly higher in price, thus at odds with the AIP. What's the usual way to proceed in this situation? Basically we no longer have a property to choose, and are going to have to look at other areas and start from scratch.
Many thanks
Sure enough, he was great, lots of contact and help, and came up with the goods and got us an AIP on a product with a fantastic rate with a mainstream lender, despite credit and income issues. We were very pleased and the broker couldn't have been better.
We were due to proceed, after having an offer accepted on a place earlier this week, to full application and have been gathering the required info today, alongside a request to pay the broker fee on application.
Was told today our offer was now rejected as vendor went with a cash buyer, with no ability to renegotiate.
Have tried to see a few other places nearby and at the same value, and all of these are under offer already.
So, we are back to the drawing board and have no idea of location, value of property to apply for, anything. Nothing else is suitable.
I'm wondering how things normally pan out in this situation, and what to do, before I speak to the broker. It is likely that any other similar places are going to be slightly higher in price, thus at odds with the AIP. What's the usual way to proceed in this situation? Basically we no longer have a property to choose, and are going to have to look at other areas and start from scratch.
Many thanks
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Comments
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@rennes99 It's not unusual for these things to happen, just last week I had an adverse client's vendor decide not to sell, only hours after the full application went it. They are in the same position as you now, looking from scratch. These things happen.As far as you are concerned - just let the broker know. If he hasn't given it to you already, get a realistic max borrowing figure (and rerun the DIP at the higher figure, if at all needed) so you can set a budget and then just crack on as you were. If a hard-check was done for the DIP, within a certain time limit the broker can do a couple of more iterations riding off of the same hard check.
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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Many thanks
I'll do that 0
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