I need to have a rant about my mortgage application experience

K_S

fedup12345 said:

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 Apologies, that wasn't what I was saying, perhaps I could have phrased that better.

My point about the 4 months was that an experienced broker would/should have known well before then that this was either going nowhere or had a low chance of success and hence considered an alternative route to get you an offer from another lender.

fedup12345

K_S said:

fedup12345 said:

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 Apologies, that wasn't what I was saying, perhaps I could have phrased that better.

My point about the 4 months was that an experienced broker would/should have known well before then that this was either going nowhere or had a low chance of success and hence considered an alternative route to get you an offer from another lender.

It’s okay. It’s just a lot of brokers make me feel like I’m lying when I say 4 months and they don’t believe me and it makes me feel like my case is hopeless in my eyes 4 months wasn’t that bad untill I really thought about it and compared myself to other people. I’m a ftb and it’s all I’ve experienced so I thought it was normal. What do you suggest me do?