Mortgage offer 45% less than bank's calculator?

[Deleted User]

YorkshireJames said:

Thanks everyone, our mortgage broker confirmed it's not us, we've been entering the details correctly. Its across the whole market apparently and lots of mortgage affordabilities are being cut by huge percentages. Apparently 95% of mortgages our broker had looked at for us got reduced this week.

sounds pretty made up

kingstreet

When you say broker do you mean Lloyds employee as Lloyds don't take business from brokers, it's direct only?

Did they remember to mark any existing mortgage "to be repaid" which is a regular failure on the Halifax system? 

[Deleted User]

kingstreet said:

When you say broker do you mean Lloyds employee as Lloyds don't take business from brokers, it's direct only?

Did they remember to mark any existing mortgage "to be repaid" which is a regular failure on the Halifax system? 

9 years in Halifax/Lloyds and 6 years as a broker and I still do it every single time and have that mini heart attack when the DIP figures comes through.  Promise myself I will remember to key it next time and I end up in the exact same situation. Like groundhog day or something

ACG

YorkshireJames said:

Thanks everyone, our mortgage broker confirmed it's not us, we've been entering the details correctly. Its across the whole market apparently and lots of mortgage affordabilities are being cut by huge percentages. Apparently 95% of mortgages our broker had looked at for us got reduced this week.

That sounds like the broker is terrible. 
I would say in 8-9 years as a broker, I have had about 5 mortgages come back at a lower amount. Two of them were down to underwriters discretion because of the nature of the cases, the other 3 are 3 too many and I should fire myself. 

There is rarely a reason for the loan amount to be reduced as the affordability calculators are 100% accurate. If that is happening on 95% of their cases, if it is happening on more than 1 of their cases in any given month, the broker is doing something wrong.

I have had 1 loan amount reduced this year. That was because the client wanted to consolidate debt and borrow more - the lender came back and said they would consolidate the debt and then in 6 months look at an application for the additional borrowing if the client can evidence they can live within their means - that is my one and only case where the loan amount has been reduced this year. 

Your broker is either lying or they need sacking - although if they are lying they still need sacking. 

LondonSouth556

The calculator told me one thing, then when I got a DIP it was 40k less. Both have good credit ratings.

Your broker is rubbish and cannot be trusted after this I am afraid. 

YorkshireJames

@Deleted_User and @ACG thank you. It's London and Country, they've been very good in the past for us.

We got a mortgage in principle from the broker, but then they said that the long fixed rates are all being down graded for affordability or pulled at the moment. Is that not your experience this last week?

ACG

Rates are changing and generally increasing. 
Some lenders will base their affordability for 5 year fixed rates on the rate payable rather than a stress testing rate, but rates are edging up, it should not affect how much you can get by 45%. 

Rates are being pulled, but not after the application has been made. If I was a betting man, I would say someone has dropped the ball and is blaming the lender. 

[Deleted User]

I use a programme called Affordability Hub that searches most high street lenders affordability calculators all at once by inputting info in once.  Its got massive limitations but a useful benchmark to see how things look.   I have randomly picked 3 enquiries i had from last 2 weeks and re-ran the figures.  Not a single change on any of the 20 lenders it searches across all 3 enquiries.  

I agree that someone has messed up on calculating something and is making excuses somewhere.