Simply Adverse

MoneySaver_1978

Hello, we have received a decision in principle from Simply Adverse. Email received confirming the decision however no mention of which company. Am I okay to enquire or is this withheld to ensure your return for the formal application? 

Also the broker advised the mortgage company do not request bank statements, what will they ask for? We have only provided payslips for the DiP.. 

Thanks in advance.

amnblog

A question for them as to why this is their policy. Are you thinking of swerving them and going direct?

MoneySaver_1978

amnblog said:

A question for them as to why this is their policy. Are you thinking of swerving them and going direct?

Thank you. I would like to know which company it is, but if it’s usual policy with brokers not share this, that’s fine. I have no intention of doing it independently. Happy to pay the fee.

ACG

I think the problem is that if they tell you who the lender is and you are not financially committed, there is a risk you will go direct or via a cheaper broker on the back of their knowledge/research. I have had this happen to me, it happened 3 times in one month. We then put something in our contract (bold and underlined) that says if you pull out after we name the lender, we reserve the right to charge an admin fee of £250. 

I have no problem if people go elsewhere or direct. My issue is when people use my knowledge and experience and then go direct - its a waste fo my time. 

You will find out who the lender is with, but does it really make a difference?

Angelcrackers

I'd also think if you are using Simply Adverse might it also be possible that it's with a lender who wouldn't deal direct anyway? I thought many of them only offer their products via a broker?

ACG

Angelcrackers said:

I'd also think if you are using Simply Adverse might it also be possible that it's with a lender who wouldn't deal direct anyway? I thought many of them only offer their products via a broker?

Not quite. I do a lot of adverse and 42% (of our adverse applications) have ended up with none adverse lenders, lenders people could go to directly.