I need to have a rant about my mortgage application experience

fedup12345

kingstreet said:

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.

Don’t think that’s a good idea, my broker is a new build specialist and they went with Halifax and look what mess they have me in, I will never trust this broker again, they have wasted 4 months of my life picking the lender I have the least chance with 

fedup12345

snowqueen555 said:

How did you find your broker? In my experience when I contacted 6 brokers for my mortgage, only 2 made an effort.

What does it matter how I found him anyway? He’s messed my whole life up I’m suprised people are asking me how I found a bad broker 

kingstreet

fedup12345 said:

kingstreet said:

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.

Don’t think that’s a good idea, my broker is a new build specialist and they went with Halifax and look what mess they have me in, I will never trust this broker again, they have wasted 4 months of my life picking the lender I have the least chance with 

We have numerous examples of successful applications in such circumstances. Your unsuccessful application doesn't mean any attempt should be avoided.

K_S

@fedup12345 I can imagine how frustrating this experience might have been. I agree with what Kingstreet has said, Halifax is one of the primary mainstream lenders I would think of too for new-build self-employed applicants with 1 year accounts. One because they do consider one-year accounts, rates are competitive, their new build product complete-by dates are very generous and their processing is very quick. As I know nothing about your case I can't say that I would definitely have recommended Halifax but I can see why they might have gone down that route.

There is always an element of subjectivity involved for self-employed cases with limited history so that unknown is unfortunately something always there in the background.

Where I would perhaps have done things differently is the post application part. I'm struggling to imagine a scenario in which a Halifax application would drag on for a month, let alone 4 months! This year they have consistently turned around queries and reviewed documentation in 1-2 working days, even when the case was pushed to full underwriting (normal for self employed cases) and new queries were raised. So if Halifax wasn't likely to lend, I think that would have been apparent in a couple of weeks, let alone a month. At that point the broker should have started looking at alternate options, at least that's what I think I would have done in this scenario.

I hope you are able to salvage the situation and get a suitable mortgage offer. Good luck!

[Deleted User]

fedup12345 said:

snowqueen555 said:

How did you find your broker? In my experience when I contacted 6 brokers for my mortgage, only 2 made an effort.

What does it matter how I found him anyway? He’s messed my whole life up I’m suprised people are asking me how I found a bad broker 

It matters a lot because it shows us how you're carrying out your due diligence - if not done well it won't end well.
Members on here can help you if you provide as much information as possible, being evasive just means you're causing yourself a heap of anxiety, un-necessarily.

fedup12345

K_S said:

@fedup12345 I can imagine how frustrating this experience might have been. I agree with what Kingstreet has said, Halifax is one of the primary mainstream lenders I would think of too for new-build self-employed applicants with 1 year accounts. One because they do consider one-year accounts, rates are competitive, their new build product complete-by dates are very generous and their processing is very quick. As I know nothing about your case I can't say that I would definitely have recommended Halifax but I can see why they might have gone down that route.

There is always an element of subjectivity involved for self-employed cases with limited history so that unknown is unfortunately something always there in the background.

Where I would perhaps have done things differently is the post application part. I'm struggling to imagine a scenario in which a Halifax application would drag on for a month, let alone 4 months! This year they have consistently turned around queries and reviewed documentation in 1-2 working days, even when the case was pushed to full underwriting (normal for self employed cases) and new queries were raised. So if Halifax wasn't likely to lend, I think that would have been apparent in a couple of weeks, let alone a month. At that point the broker should have started looking at alternate options, at least that's what I think I would have done in this scenario.

I hope you are able to salvage the situation and get a suitable mortgage offer. Good luck!

Thank you. I really think they made the wrong choice choosing Halifax for my case though. Because they already rejected me meaning I don’t meet their criteria in 2021. What makes my broker think they would accept me in 2022 with only so much extra evidence? I told him that they rejected me in 21. My brokers back up was Kensington. However I don’t trust him now so I won’t be working with him anymore and I’ll be getting a new broker. They’ve just strung me along really, dragging it out so long to the point where I pull the plug before they can because technically there is nothing wrong with my case so I don’t know if they are discriminating or what. 

fedup12345

kingstreet said:

fedup12345 said:

kingstreet said:

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.

Don’t think that’s a good idea, my broker is a new build specialist and they went with Halifax and look what mess they have me in, I will never trust this broker again, they have wasted 4 months of my life picking the lender I have the least chance with 

We have numerous examples of successful applications in such circumstances. Your unsuccessful application doesn't mean any attempt should be avoided.

Technically it’s not unsuccessful as it’s in re consideration. I just refuse to have it dragged out any longer I would rather apply somewhere else 

fedup12345

K_S said:

@fedup12345 I can imagine how frustrating this experience might have been. I agree with what Kingstreet has said, Halifax is one of the primary mainstream lenders I would think of too for new-build self-employed applicants with 1 year accounts. One because they do consider one-year accounts, rates are competitive, their new build product complete-by dates are very generous and their processing is very quick. As I know nothing about your case I can't say that I would definitely have recommended Halifax but I can see why they might have gone down that route.

There is always an element of subjectivity involved for self-employed cases with limited history so that unknown is unfortunately something always there in the background.

Where I would perhaps have done things differently is the post application part. I'm struggling to imagine a scenario in which a Halifax application would drag on for a month, let alone 4 months! This year they have consistently turned around queries and reviewed documentation in 1-2 working days, even when the case was pushed to full underwriting (normal for self employed cases) and new queries were raised. So if Halifax wasn't likely to lend, I think that would have been apparent in a couple of weeks, let alone a month. At that point the broker should have started looking at alternate options, at least that's what I think I would have done in this scenario.

I hope you are able to salvage the situation and get a suitable mortgage offer. Good luck!

Why doesn’t anyone believe be when I say it has dragged on for 4 months. Why would I lie? my submission went in on 08/05/2022 and I have nothing

fedup12345

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. 

What do I do? ☹️

fedup12345

What do I do. Do I give my current broker a chance and ‘see what Halifax come back with ‘ for the 100th time Or do I pull the plug