Taylor Wimpey Financial Qualification

Cheyx

Hey, 

So myself and my partner are wanting to reserve a new build Taylor wimpey plot. We have a buyer for our house with a complete chain. From our house we have a substantial amount of deposit to put forward for the new build 80,000-100,000. However we have adverse credit history so have already gone to an independent broker specialising in this who did credit checks, took all income etc and came back with a lender who would be prepared to lend us amounts based on all of this. We went to Taylor Wimpey who said we need to speak with their own independent advisor mortgages first to obtain financial qualification so we could reserve a plot. 

 I was hesitant due to the adverse credit history and needing a specialist lender but spoke to them, just had a brief chat over income and credit history and they said based on that they would find us a lender who would only lend us maximum of 168,000 Whereas our broker found us a lender who was prepared to lend 246,000-259,000 based on a credit check and detailed income etc. 

Has anyone had experience with Taylor Wimpey accepting your own brokers lender financial qualification in writing etc if we were to obtain this to show we are qualified and can reserve a plot or is this now a lost cause?

Thanks! Appreciate any advice/help! 

eddddy

Cheyx said:

We went to Taylor Wimpey who said we need to speak with their own independent advisor mortgages first to obtain financial qualification so we could reserve a plot. 

I was hesitant due to the adverse credit history and needing a specialist lender but spoke to them, just had a brief chat over income and credit history and they said based on that they would find us a lender who would only lend us maximum of 168,000 Whereas our broker found us a lender who was prepared to lend 246,000-259,000 based on a credit check and detailed income etc. 

They might have had a hidden motive - i.e. they wanted you to arrange a mortgage through their independent advisor, so that they receive a referral fee.

Anyway, did you show the independent advisor details of the lender who's prepared to lend £246k to £259k? If so, what did the independent advisor say about it? (Or tell the independent advisor the details now, and see what they say.)


If TW think that your mortgage application is risky in some way (i.e. there's a big chance that it will fail), and the properties are in high demand, and they have other prospective buyers with lower risk mortgage applications - maybe they might choose to go with another buyer.

But on the other hand, they probably expect you to exchange contracts within 28 days, so they might decide to give you those 28 days to see if you can get the mortgage sorted. 

[Deleted User]

Ask your broker to speak to TW advisor. 

I had to do it a few days ago when an EA advisor called me saying he couldnt get the figure I was able to get. Explained the numbers and talked through it and was able to show where they were going wrong.   
Not my favourite thing to do as it is like im being second guessed but more important the client gets approval.   

I've not met many who will try to 'steal' the business but i do work in fairly small locality and am quite well known.  I just dont try to be awkward about it with the broker as I know they just have a job to do.

Ultimately if the TW broker signs it off without knowing how the figure is so much higher and it all goes wrong then TW will blame them and they will put their livelihood in jeopardy by losing them as an introducer. 

You need to have your broker sort this out with them or they will just choose another buyer


Re the alternative motive,  I have spoken to many builders sales agents and brokers over the years and they do admit they will push clients to use the broker.  From the sales agents point of view it is so much easier having 1 broker to speak to and get updates on dozens of transactions rather than trying to call or email dozens of different brokers or even worse if the client has gone direct to the lender.   
In addition to this,  on site brokers will have a greater understanding of the sites exposure on certain lenders and if certain valuers have been down valuing.  
I dont think using a builders recommended broker is the same as using their recommended solicitor.  The latter should be avoided at all costs.