L&C issues

Cameron1590_2

Hello,

we are moving home and buying a new build. We went with L&C and submitted an application to Virgin. 

We are finding L&C to be very slow as the “middleman” 

Does anyone know if we can just bypass L&C and send any docs direct to Virgin?

I am guessing we aren’t able to bypass the Broker at this stage and go direct? Although I don’t know where we stand with the house being a new build and going direct. 

Thanks 

dunstonh

Does anyone know if we can just bypass L&C and send any docs direct to Virgin?

The whole point of a broker is to make things easier.    So, if you are feeling they are not delivering that service, then you should raise it with them.     You cannot bypass the broker.

ACG

The problem is that the broker will vet the documents before sending them on. 
That means ensuring they are the correct documents and also that it will not contain something that will cause a problem. 

amnblog

If they need pushing tell them. If they don't speed up, speak to the Manager.

Dealing direct with Virgin at this stage is likely to cause more harm than good.

kingstreet

What docs is VM requesting that your broker hasn't already got and able to provide? Doing this job is all about the preparation and if the lender is asking for stuff you (the broker) haven't got, you didn't prepare well enough.

Cameron1590_2

kingstreet said:

What docs is VM requesting that your broker hasn't already got and able to provide? Doing this job is all about the preparation and if the lender is asking for stuff you (the broker) haven't got, you didn't prepare well enough.

Cutting short, L&C basically just submitted the Application to Virgin and said “when we hear what documents they want, we will come back to you” 

We are now on Day 3 and all we know (based on a notification from L&C is that Virgin want 

Proof of Income for both of us (Guessing Payslips? Employment Contract?)

Proof of equity 

signed declaration 

I keep chasing L&C asking what documents are required and the case manager comes back with “I will come back to you asap” 

We are due to exchange contracts with the Developer on the 15/01/24 so the delays are causing us some stress. 

Thanks

dunstonh

Cutting short, L&C basically just submitted the Application to Virgin and said “when we hear what documents they want, we will come back to you” 

That isn't very good.   The broker should know what is needed before it is submitted.   However, online/direct call centre style brokers do tend to have less experienced staff and are often on targets to deal with certain volumes and that means they do tend to spend less time with you than a localised broker.    

kingstreet

As newbuild specialists, we can't afford to make such speculative applications. We have everything foreseeable before submission and as a consequence we have to return to applicants for less/nothing and have offers issued faster. Our last six newbuild applications went as follows;-

04/12/23 submitted - 06/12/23 offered (Coventry)
26/11/23 submitted - 29/11/23 offered (Halifax)
21/11/23 submitted - 25/11/23 offered (Halifax)
17/11/23 submitted - 24/11/23 offered (Leeds)
17/11/23 submitted - 29/11/23 offered (Nationwide)
23/10/23 submitted - 27/10/23 offered (Halifax).

ACG

Cameron1590_2 said:

kingstreet said:

What docs is VM requesting that your broker hasn't already got and able to provide? Doing this job is all about the preparation and if the lender is asking for stuff you (the broker) haven't got, you didn't prepare well enough.

Cutting short, L&C basically just submitted the Application to Virgin and said “when we hear what documents they want, we will come back to you” 

We are now on Day 3 and all we know (based on a notification from L&C is that Virgin want 

Proof of Income for both of us (Guessing Payslips? Employment Contract?)

Proof of equity 

signed declaration 

I keep chasing L&C asking what documents are required and the case manager comes back with “I will come back to you asap” 

We are due to exchange contracts with the Developer on the 15/01/24 so the delays are causing us some stress. 

Thanks

Thats shocking! Going off that, it sounds like if they went to a lender who did not require any documents they would probably only have ID on file? They should be getting all of those things (except maybe the signed declaration) on day 1. 


On a side note though, if you know what they want have you sent those things over to L&C?