Broker Advice

Girlisgettingthere

Hey, I’m quite concerned with the broker we have at the moment and starting to lose faith. Just really wondered the process if we were to change to another. Communication has been really poor and as we are selling and buying I’m worried they are going to hold everything up. If I was to change to a different broker do they need to do their own MIP for us? (One we have has been pre-underwritten as it was referred). Thank you 

simon_or

If you change brokers you start from scratch, that's how I understand it.

If you are only at the agreement at principle stage then it shouldn't be too much of a hassle as you haven't secured a rate yet.

ACG

Our process is:
Set the customer up - they can sign our terms electronically and fill out our factfind and email it back. How long that takes is more or less up to the customer. 

We then do the research - tends to take 24-48 hours, depending on the complexity of the application. 

I am sure most brokers do something similar and similar sort of time frames. 

Your DIP is more for the agent than anything else. If it is valid for one broker, it should be valid for any broker. 

You should be able to get back to the stage you are at now in maybe 3-4 working days, although the lender will play a part in that so could be more or less.  

JMA74

the only caveat to the above is if your AIP is with a lender who allows a rate to be reserved ahead of an application as this could then cause you to lose a preferential rate if changing broker

Girlisgettingthere

Thanks everyone. We have been ready to submit application for a few days now and they have all our documents. There is just no urgency from them and I am already stressed about it. If it’s like this now I’m not confident the rest of the process will be any better. I haven’t even seen an illustration although I know which product we’ve been accepted on and it’s still showing on the lenders website.