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Should I ditch my Mortgage Advisor?
MidCentury
Posts: 26 Forumite
Hello all,
We were recently given 6 months notice by our landlord to vacate after 7 years at our current address. This notification more or less coincided with the announcement of the government backed 95% mortgage guarantee scheme, so we decided that now was the time to buy. My wife had some savings, I was carrying a large amount of credit card debt, although a large portion was on balance transfer rates. We are both hoarders of vintage clothes and various other collectables so we started listing items on ebay which netted us around £10k in the last couple of months, plus I just sold my “weekend” car, which has brought my credit card debt down to £25k from £45k.
i got in touch with a brokerage firm which had been recommended to me and also has really good feedback on trustpilot. I had a fact finding interview over the phone with them early last week and supplied them with all the docs requested including a copy of my multi agency credit report form checkmyfile. I had reviewed my file in advance and I had absolutely no adverse info recorded in the last 6 years at all. The only documentation outstanding that had initially been requested was a copy of my wife’s report, but I explained to the Mortgage Advisor that my wife literally only has her current and savings accounts in her name and is a second card holder on one of my credit card accounts, so I was 100% certain that there could be no adverse info, but would get a copy of her report and send it through asap, but he said not to worry about it as it wouldn’t really be necessary at that stage. He reviewed all our info, my income including overtime and bonus is £105k, my wife works part time nd earns £20k, and said the affordability calcs showed we could get up to £450k, over a 20 year term, even with the £25k cc balance. We were only looking at a budget of £300k, £285k mortgage with £15K deposit, so he agreed to process a DIP and get it over to us within a couple of days. I received an email from him 2 days later saying we had been declined for the DIP @ £285k and he now needed a copy of my wife’s report, and he confessed he hadn’t looked at my report before processing the DIP and needed the password to the copy of my report that I sent him, which I didn’t realise was password protected at the time. We immediately sent my wife’s report and the passwords etc but heard nothing back that day, in the mean time I checked the lending criteria info for the lender who declined us and it stated that they used Experian, I then examined both our reports and noticed that Experian had recorded the electoral roll address details incorrectly for us both, but it was correctly reported by Equifax and Transunion. I then emailed the MA to point this out. I then spent a couple of hours on the phone trying to explain the problem to a handful of different people qt Experian, who finally acknowledged that for the last 7 years they had keyed in an abbreviated version of our address and not the address as supplied by our council, I was that it would be corrected within 48 hours.
I finally got through to the MA later that day and explained the situation, he wasn’t sure if the address was definitely the problem and still hadn’t looked at our reports, he just told me to keep checking our reports online and once the info was updated to let him know and he would then submit the application for the DIP again th the same lender.
i did ask if he could just use a lender who only referred to Equifax, even if just for a DIP until I could confirm that Experian had fixed the issue, but he was reluctant to do so. In desperation, I did some research and later made an application for a DIP myself online to a lender that stated they used Equifax and also that they only left a soft footprint on our reports, low and behold they gave us the DIP for £285k and said they could potentially lend up to £439k, So at least we now have a DIP in hand, but my question is, shouldn’t the MA have checked my report before making the failed application, and shouldn’t he hve then spotted the problem with the address and told us how to fix it, and also process another DIP with a lender that would only use Equifax when I asked him to ?
Should I.ditch him now and move on to someone else? I don’t really have any confidence in him now.
Kind regards,
MC
We were recently given 6 months notice by our landlord to vacate after 7 years at our current address. This notification more or less coincided with the announcement of the government backed 95% mortgage guarantee scheme, so we decided that now was the time to buy. My wife had some savings, I was carrying a large amount of credit card debt, although a large portion was on balance transfer rates. We are both hoarders of vintage clothes and various other collectables so we started listing items on ebay which netted us around £10k in the last couple of months, plus I just sold my “weekend” car, which has brought my credit card debt down to £25k from £45k.
i got in touch with a brokerage firm which had been recommended to me and also has really good feedback on trustpilot. I had a fact finding interview over the phone with them early last week and supplied them with all the docs requested including a copy of my multi agency credit report form checkmyfile. I had reviewed my file in advance and I had absolutely no adverse info recorded in the last 6 years at all. The only documentation outstanding that had initially been requested was a copy of my wife’s report, but I explained to the Mortgage Advisor that my wife literally only has her current and savings accounts in her name and is a second card holder on one of my credit card accounts, so I was 100% certain that there could be no adverse info, but would get a copy of her report and send it through asap, but he said not to worry about it as it wouldn’t really be necessary at that stage. He reviewed all our info, my income including overtime and bonus is £105k, my wife works part time nd earns £20k, and said the affordability calcs showed we could get up to £450k, over a 20 year term, even with the £25k cc balance. We were only looking at a budget of £300k, £285k mortgage with £15K deposit, so he agreed to process a DIP and get it over to us within a couple of days. I received an email from him 2 days later saying we had been declined for the DIP @ £285k and he now needed a copy of my wife’s report, and he confessed he hadn’t looked at my report before processing the DIP and needed the password to the copy of my report that I sent him, which I didn’t realise was password protected at the time. We immediately sent my wife’s report and the passwords etc but heard nothing back that day, in the mean time I checked the lending criteria info for the lender who declined us and it stated that they used Experian, I then examined both our reports and noticed that Experian had recorded the electoral roll address details incorrectly for us both, but it was correctly reported by Equifax and Transunion. I then emailed the MA to point this out. I then spent a couple of hours on the phone trying to explain the problem to a handful of different people qt Experian, who finally acknowledged that for the last 7 years they had keyed in an abbreviated version of our address and not the address as supplied by our council, I was that it would be corrected within 48 hours.
I finally got through to the MA later that day and explained the situation, he wasn’t sure if the address was definitely the problem and still hadn’t looked at our reports, he just told me to keep checking our reports online and once the info was updated to let him know and he would then submit the application for the DIP again th the same lender.
i did ask if he could just use a lender who only referred to Equifax, even if just for a DIP until I could confirm that Experian had fixed the issue, but he was reluctant to do so. In desperation, I did some research and later made an application for a DIP myself online to a lender that stated they used Equifax and also that they only left a soft footprint on our reports, low and behold they gave us the DIP for £285k and said they could potentially lend up to £439k, So at least we now have a DIP in hand, but my question is, shouldn’t the MA have checked my report before making the failed application, and shouldn’t he hve then spotted the problem with the address and told us how to fix it, and also process another DIP with a lender that would only use Equifax when I asked him to ?
Should I.ditch him now and move on to someone else? I don’t really have any confidence in him now.
Kind regards,
MC
0
Comments
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Ditch, i've had a similar experience with one broker - they tried a couple of providers and they both got declined so they shrugged their shoulders, i told them to try kensington and they gave me a DIP (only because i know they're generally more lenient but you pay the premium for it) but i shopped around and used someone else and they got me a much better rate with Accord. This is with 85% LTV though - Every case is different but i assume its your CC debt that is causing some lenders to shy away.1
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Thanks for the advice. I will definitely ditch them snd look around for someone else!superblade said:Ditch, i've had a similar experience with one broker - they tried a couple of providers and they both got declined so they shrugged their shoulders, i told them to try kensington and they gave me a DIP (only because i know they're generally more lenient but you pay the premium for it) but i shopped around and used someone else and they got me a much better rate with Accord. This is with 85% LTV though - Every case is different but i assume its your CC debt that is causing some lenders to shy away.0 -
Definitely ditch - I was speaking to a broker last year who said we could get a 95% LTV with Aldermore (before rona hit and they existed) when I looked at the criteria for Aldermore I could see we didn't quite match it, and pointed this out to the broker who went "oh yeah sorry" And because we need a specialist lender this clown was going to charge me big bucks for the pleasure.
Immediately found someone else to use this year with a 10% deposit, got an DIP and full application in for our house.
It's the biggest thing you'll ever buy so make sure you place it in the hands of someone you trust1 -
Thank you, hope your purchase goes smoothly!EmzJenks said:Definitely ditch - I was speaking to a broker last year who said we could get a 95% LTV with Aldermore (before rona hit and they existed) when I looked at the criteria for Aldermore I could see we didn't quite match it, and pointed this out to the broker who went "oh yeah sorry" And because we need a specialist lender this clown was going to charge me big bucks for the pleasure.
Immediately found someone else to use this year with a 10% deposit, got an DIP and full application in for our house.
It's the biggest thing you'll ever buy so make sure you place it in the hands of someone you trust0
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