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I need to have a rant about my mortgage application experience
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fedup12345
Posts: 17 Forumite

i would love to hear some opinions on what you think, how I can deal with this mentally etc
in 2021 I applied for a mortgage with Halifax through a broker. Rejected
I’m self employed and I only had one year accounts, I chose to not persue it and left it
on the 08/05/2022 I decided to try again as I have more evidence. My broker reccomended Halifax (different broker) I said No. I wasn’t happy to go with them because they had already rejected me last year and I know I don’t match their criteria. He persuaded me to go with them and I said fine go ahead and try.
4 months later and They have made my life a complete hell
they are a fast lender to deal with and get back to info quickly but they have come back to me and asked me the most stupid questions and even asked to see payslips from previous jobs 4 years ago
the underwriter said they were happy to lend me 90k and then a week later they changed their minds and declined the application.
my broker appealed it and they reconsidered, my 1st year as LTD has just gone and I have the accounts for it so 1 year sole trader and 1 year LTD but I’ve hit breaking point and I refuse to waste a single second on this situation with this lender after the hell they put me through , how would I know they don’t change their mind again after they give me an offer?
in 2021 I applied for a mortgage with Halifax through a broker. Rejected
I’m self employed and I only had one year accounts, I chose to not persue it and left it
on the 08/05/2022 I decided to try again as I have more evidence. My broker reccomended Halifax (different broker) I said No. I wasn’t happy to go with them because they had already rejected me last year and I know I don’t match their criteria. He persuaded me to go with them and I said fine go ahead and try.
4 months later and They have made my life a complete hell
they are a fast lender to deal with and get back to info quickly but they have come back to me and asked me the most stupid questions and even asked to see payslips from previous jobs 4 years ago
the underwriter said they were happy to lend me 90k and then a week later they changed their minds and declined the application.
my broker appealed it and they reconsidered, my 1st year as LTD has just gone and I have the accounts for it so 1 year sole trader and 1 year LTD but I’ve hit breaking point and I refuse to waste a single second on this situation with this lender after the hell they put me through , how would I know they don’t change their mind again after they give me an offer?
I’m going to a specialist self employment broker on Tuesday and he will put a application in somewhere else for me, it’s going to be a subprime lender
why do lenders treat self employed like this, if I was employed for half a year I would have probably got the mortgage
I just don’t know how much I can take, I’m doing this on my own and I’m confused why there are so many issues, my deposit is 30% , I only need a 90k loan and it would have been only £360 a month so affordability isn’t an issue either , they obviously just don’t like me lol ?
why do lenders treat self employed like this, if I was employed for half a year I would have probably got the mortgage
I just don’t know how much I can take, I’m doing this on my own and I’m confused why there are so many issues, my deposit is 30% , I only need a 90k loan and it would have been only £360 a month so affordability isn’t an issue either , they obviously just don’t like me lol ?
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Comments
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Your broker has recommended a lender who needs 2 years trading but can as an exception consider one years accounts.
I do not understand why your broker has gone to Halifax.
Personally, I would have gone to a little building society who allow one years accounts as standard. I do not understand why the broker went to Halifax in the first place or why their plan B was kensington. Halifax was not impossible, but in the current climate with rates going up, I think it is better to pay a little more to secure the deal as the alternative (as you have found) is to apply, get rejected, waste time and rates have gone up anyway. And Kensington being plan B, assuming no other issues beyond one years accounts, I think that is just wrong.
I am a Mortgage AdviserYou 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.0 -
ACG said:Your broker has recommended a lender who needs 2 years trading but can as an exception consider one years accounts.
I do not understand why your broker has gone to Halifax.
Personally, I would have gone to a little building society who allow one years accounts as standard. I do not understand why the broker went to Halifax in the first place or why their plan B was kensington. Halifax was not impossible, but in the current climate with rates going up, I think it is better to pay a little more to secure the deal as the alternative (as you have found) is to apply, get rejected, waste time and rates have gone up anyway. And Kensington being plan B, assuming no other issues beyond one years accounts, I think that is just wrong.Technically it didn’t get rejected, I could have maybe got it but really low chance and I don’t feel happy to stick with them and keep trying after they have wasted so much of my time
I don’t know where my broker on Tuesday is planning to go yet.I have 1 year sole trader and 1 years ltd now, profit decline in my second year though so that can me a issue but still an amount where there should be jo affordability issues0 -
How did you find your broker? In my experience when I contacted 6 brokers for my mortgage, only 2 made an effort.1
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Halifax do not pay the most, but in any event most lenders pay around the same. Halifax can be an easy lender to work with if all goes well.
I think that is what it comes down to, your broker has probably gone with what he/she thought would be the easiest lender. Sometimes it does not quite work out.I am a Mortgage AdviserYou 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.1 -
ACG said:Halifax do not pay the most, but in any event most lenders pay around the same. Halifax can be an easy lender to work with if all goes well.
I think that is what it comes down to, your broker has probably gone with what he/she thought would be the easiest lender. Sometimes it does not quite work out.I’m absolutely gutted. 4 months of my life wasted
I feel no one around me understands what I am going through too
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snowqueen555 said:How did you find your broker? In my experience when I contacted 6 brokers for my mortgage, only 2 made an effort.0
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The brokers you see as snotty could be the most experienced and will find you the deal you need - don't judge others, don't be intimidated by successful people.
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[Deleted User] said:The brokers you see as snotty could be the most experienced and will find you the deal you need - don't judge others, don't be intimidated by successful people.
There are no shortage of brokers, some you will gel with others you wont. I know I will never win every enquiry I get, people are usually more interested in our fees and if we are whole of market but it is also important you trust your broker and feel you can speak to them as it can get stressful and complicated.
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I am a Mortgage AdviserYou 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.0 -
Halifax is happy to consider those one year self-employed. As a newbuild specialist in such circumstances we would probably want to try Halifax first, specially if the LTV is 90% and/or there are cash incentives.
I am a mortgage broker. 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.2 -
snowqueen555 said:How did you find your broker? In my experience when I contacted 6 brokers for my mortgage, only 2 made an effort.Not all brokers are created equal, and while there is no dearth of brokers, good ones aren't that easy to come by. So if you find a good one, keep them for life.Good brokers are worth their weight in gold, mine has saved me thousands of pounds over the years, prompted me to think about different aspects, really really matched my needs to lenders (as a partly self employed person, I had no idea that I could get a 38 year term with multiple mainstream banks in my 40s), helped me navigate through previous adverse issues, unravel the mortgage complications arising from perfectly sensible limited company tax planning, etc.0
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