Brokers

MATRONMEL

Will a broker give details to your partner of your exsisting mortgages when applying for a fresh joint morgage or do they keep them private 

[Deleted User]

I send out a report to both parties that summarises the fact find information and asked to correct any errors.
A lot of lenders also send out application summary reports with all the info in it

K_S

@matronmel To some extent, details can be taken separately from both applicants. But with something as material as a background mortgage, it depends on whether you want to keep the fact of the mortgage as private or just the details?

[Deleted User]

I would also add to K_S point above about taking details from both parties.   As far as my GDPR declaration is concerned I am creating a joint fact find.  Although I can take details from both parties separately,  either one of them can ask (informally or formally) for a copy of information held on my files about them and they would get a copy of that joint fact find.  
I would be surprised if everyone didnt work along the same lines.  If a joint fact find is held on file then either party has a right to that information

ACG

I get the factfind from the applicants directly so in theory one person can complete it and email it without the other person seeing it - usually there is a lead applicant so to speak. I understand couples have secrets but I would not feel comfortable as a broker moving forward with something that major being kept from the other party. 

K_S

Deleted_User said:

I would also add to K_S point above about taking details from both parties.   As far as my GDPR declaration is concerned I am creating a joint fact find.  Although I can take details from both parties separately,  either one of them can ask (informally or formally) for a copy of information held on my files about them and they would get a copy of that joint fact find.  
I would be surprised if everyone didnt work along the same lines.  If a joint fact find is held on file then either party has a right to that information

Same here. If either party asks for it, I'll have to give the full fact find (joint) and the lender application (joint), it would not be possible to segregate that per person. Both these would contain the details of the mortgages in the background.

kingstreet

We issue a copy of the IDD, factfind, application summary, illustration and suitability report to all applicants on submission to the lender to establish accuracy and acceptance of facts and recommendation. We would probably be unable to proceed with a business transaction in the above circumstances.

K_S

@kingstreet That's remarkably thorough! All the DA firms I've worked, the most we've sent across as part of the process is illustration, EoR, suitability letter.

As an AR, our compliance only requires us to send an illustration, EoR and suitability letter. I trialled sending across the application summary along with the suitability letter for a while but stopped sending the application summary after getting too many follow up questions from clients which took too much time to respond to and mostly arose from not understanding how we're supposed to key it in.

kingstreet

When we were MSN members we introduced the "paperless" issue of all such documents and the network adopted it for all members. It has continued under HLP.
I read you on the app summary. If I had £1 for every question about "my move-in date on Halifax app is the day I contacted you for help."

ACG

kingstreet said:

When we were MSN members we introduced the "paperless" issue of all such documents and the network adopted it for all members. It has continued under HLP.
I read you on the app summary. If I had £1 for every question about "my move-in date on Halifax app is the day I contacted you for help."

Its your fault!
I hated sending the application form. 

kingstreet

ACG said:

kingstreet said:

When we were MSN members we introduced the "paperless" issue of all such documents and the network adopted it for all members. It has continued under HLP.
I read you on the app summary. If I had £1 for every question about "my move-in date on Halifax app is the day I contacted you for help."

Its your fault!
I hated sending the application form. 

You hated that more than having to get stuff signed? Our process ended the need for wet-signed RWL and FF!