Mortgage

anonno67982

Looking for some advice.

I want to switch mortgage brokers but not sure if I am able to at this stage.

my current mortgage broker has been disappointing and continuously let me down, plus their communication has been terrible.
They submitted an application and I got an offer which was a lesser lend that expected which I know that can happen. This meant I was unlikely to be unable to buy a property out right so I was looking into shared ownership. I found a property and sent it to them they said I wouldn’t be able to buy the share because of rent payments. 

I spoke with another mortgage broker just out of interest who has said a different shared ownership property would be affordable to me based on the home buyer calculator and checks with a lender they did. Can I switch over mortgage brokers at this point or because I had an offer does that mean I have to go with the first one? My mortgage broker hasn’t even confirmed that they accepted the offer on my behalf they’ve sent nothing over and I’ve not heard back from them in 4 weeks despite trying to get in contact. I don’t know what to do I’m feeling stuck and don’t know if I should just carry on private renting. 

amnblog

Ask the second broker - I can see no reason why you cannot progress a new purchase with them. Be careful however, in case you have fees to pay to the original broker under their agreed terms.

MorningcoffeeIV

You can go with any broker you want.

Just be aware of any fees you may need to pay the first one for the work done so far.

anonno67982

MorningcoffeeIV said:

You can go with any broker you want.

Just be aware of any fees you may need to pay the first one for the work done so far.

Do you mean the application fee? As I already paid that when they made the application and since they’ve had the money their communication got much worse

anonno67982

amnblog said:

Ask the second broker - I can see no reason why you cannot progress a new purchase with them. Be careful however, in case you have fees to pay to the original broker under their agreed terms.

Thank you! how would I know if there were any fees for the original broker and what might they be? I haven’t been shown/sent any agreed terms or anything 

kingstreet

anonno67982 said:

My mortgage broker hasn’t even confirmed that they accepted the offer on my behalf

We don't do that. Either you or your solicitor does it, depending on the wording of the offer.

anonno67982

kingstreet said:

anonno67982 said:

My mortgage broker hasn’t even confirmed that they accepted the offer on my behalf

We don't do that. Either you or your solicitor does it, depending on the wording of the offer.

Thank you for your reply. I know my solicitor hasn’t done it, so if I haven’t been given anything to read or sign does this mean the offer isn’t accepted? 

amnblog

1. You are not committed to the previous Mortgage Offer.

2. The original broker, should have made you aware of there Terms at outset. if charging you any Broker Fees you should have been aware of this before you incurred any such fee. If nothing was mentioned they cannot ask you for fees now.

kingstreet

anonno67982 said:

kingstreet said:

anonno67982 said:

My mortgage broker hasn’t even confirmed that they accepted the offer on my behalf

We don't do that. Either you or your solicitor does it, depending on the wording of the offer.

Thank you for your reply. I know my solicitor hasn’t done it, so if I haven’t been given anything to read or sign does this mean the offer isn’t accepted? 

There may not be such a requirement. Many lenders leave it to the solicitor to submit the certificate of title to effectively accept the offer.