Rubbish broker or just how long it takes?

Wanting to hear from people on how long is acceptable to be waiting for DIP from broker? 

We've been waiting for 3 weeks to put an offer in on a house as wanted to get DIP first due to tricky circumstances for mortgage and not wanting to mess the vendor around. Waited a week as MB we'd been dealing with on and off last year was out of office, then got told he was on long term sick so we were being passed to his colleague. Waited another 3 working days to hear from him, gave details, he said he'd have a chat with some underwriters to see if they thought we'd qualify for 95% LTV mortgage needed. Said he'd be in touch within 48 working hours max. On day 3 had heard nothing so spent all day trying to get hold of him, he called end of day basically saying he was sceptical that 95% would pass given circumstances, we may have to try for 10/15% deposit. Didn't seem to have any actual feedback from underwriters. I asked if he could try with Accord as I believe their cascade score mortgage is aimed at our circumstances, where people pass scoring for lower LTV but need up to 95%. He begrudgingly agreed he could try putting DIP through but thought it was waste of time. Again said it would take up to 48hrs to hear. This was on Friday. 
By lunchtime today I decided to call to chase, was told he was on annual leave but the guy I spoke to would look into if there was a decision and call back. Spoke to him end of day, it's been referred apparently. 

Nothing showing on credit file to suggest Accord have even done soft search, I'm starting to doubt the MB had even put it through on Monday, particularly as accord site suggests you'll likely hear back in 4 hours if it's referred. Am I being impatient or is it reasonable that it's taking so long? I know we're not his only customers, but I get the feeling he's decided its a hopeless case and can't be bothered. 

Have heard today someone else has put offer in on the house we really want, if we have lost out due to waiting 3 weeks for a DIP that should have taken days I'm going to be so upset!

Comments

  • ACG
    ACG Posts: 23,607
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     but I get the feeling he's decided its a hopeless case and can't be bothered. 

    This is what it sounds like to me too. But I suppose in that instance you sort of just wish they would let you know and you can try elsewhere. 

    In all honesty though, if you have to push this hard to get them to just do the basics of getting back to you, do you really want to give them your money and/or work with them? 

    If I had to push someone that hard (whether it be a broker or a plumber) to do their job, I would drop them and find someone else. 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • housebuyer143
    housebuyer143 Posts: 3,152
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    If you want the house, go online, get a DIP yourself from anyone and then give it to the agent. You don't have to use the company you got the DIP with. If you are confident you can get a mortgage then I see no harm doing this to be able to offer on the house. 
  • Myci85
    Myci85 Posts: 51
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    ACG said:
     but I get the feeling he's decided its a hopeless case and can't be bothered. 

    This is what it sounds like to me too. But I suppose in that instance you sort of just wish they would let you know and you can try elsewhere. 

    In all honesty though, if you have to push this hard to get them to just do the basics of getting back to you, do you really want to give them your money and/or work with them? 

    If I had to push someone that hard (whether it be a broker or a plumber) to do their job, I would drop them and find someone else. 
    Yes exactly that, if he'd been honest that he didn't want to take us on, 2 weeks ago we could have found someone else. It's annoying as the one we started with was highly recommended and in all our dealings with him he was very responsive and helpful, giving us advice to go away and do x y z and come back to him when ready. 
  • Myci85
    Myci85 Posts: 51
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    If you want the house, go online, get a DIP yourself from anyone and then give it to the agent. You don't have to use the company you got the DIP with. If you are confident you can get a mortgage then I see no harm doing this to be able to offer on the house. 
    Unfortunately it's not the agent needing a DIP, it's that due to the complicatedness of our situation we aren't confident we will get a 95% mortgage, and as the vendor has already had 2 offers fall through before, we don't want to put in an offer if we're not at least fairly certain we'll get mortgage offer. 
  • london21
    london21 Posts: 2,089
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    Find a new broker or apply directly yourself. 
  • Myci85
    Myci85 Posts: 51
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    So an update today, and I'm really annoyed. Spoke to estate agent today, the vendor of the house we fell in love with isn't willing to accept our offer of full asking price because she has already accepted someone's offer and quite rightly doesn't want to drop them for a higher offer. So unless the sale falls through, we've lost the house.

    Then at 6.30pm today, I finally have a voicemail left from the broker, telling me the fantastic news that our DIP has been approved! Only because it took him 2 weeks to get there because he'd decided for himself it wouldn't go through without even trying, its now too late. 

    Feel like karma isn't treating us nicely for holding off putting the offer in sooner due to not wanting to mess the vendor around if we couldn't get the mortgage. Trying to hold on to my motto that everything happens for a reason, but struggling to!
  • ACG
    ACG Posts: 23,607
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    I would find another broker before you find another property personally. They dont deserve your custom and also its not worth the risk that they could be just as terrible during the application process. 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Myci85
    Myci85 Posts: 51
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    ACG said:
    I would find another broker before you find another property personally. They dont deserve your custom and also its not worth the risk that they could be just as terrible during the application process. 
    Yes, I'm definitely not going to stay with this one. Just frustrating because the guy we started with was so on it, and we only ended up with this one due to the first one going on long term sick. He emailed saying he hoped to be back by Feb, so will look at if we stay with him if he comes back, or go with a fully new one. 
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