Mortgage broker didn't chase us, now our application is late 😕

EJM_81

I have a query about mortgage brokers. We are currently applying for our remortgage now our 5 year fixed term is up for renewal. We used the same broker we bought the house with and started the process several months ago. He wanted a full credit report as well as all the other typical documentation. The credit report had every loan, credit card etc listed in detail. He didn't chase us, and when I checked in more recently he said he couldn't process the application until he had all the credit card statements. (We are consolidating some debt). This delay has put us back, meaning it is likely the application won't go through in time and we will end up having to pay the variable rate of our current mortgage lender (£500 more than our usual monthly expenditure). Is this on me? I feel like I'm doing an awful lot of paper work too and am not sure what I'm paying him for when he had all the info in the credit report. (We also supplied bank statements, payslips, passports, marriage cert etc etc). Sorry for the super long post, but would be really grateful for any insight. Have i messed up or has he? Thank you

kingstreet

I can't speak for yours, but for debt con we have to justify every transaction and every interest rate and minimum payment has to be entered in a spreadsheet. That is data only available from the statement as it doesn't appear on a credit file.

Timings, delays etc no way of commenting objectively.

Hoenir

If you are consolidating debt then an up todate position would be required. Not one from several months ago. Anything could have changed. Credit file history also lags well behind. 

Emmia

Also, by consolidating you're turning unsecured debt into secured debt. This is generally a bad idea. 

Have you considered just doing another fix with your existing lender (which is normally very quick and doesn't need extra checks or a broker) and looking at other ways of dealing with your credit card debts?

EJM_81

Thank you all, that's really helpful. I understand why he needed the statements now, but just wish he'd chased me 2 months ago and not left it to me to check in on progress. 

Hoenir

EJM_81 said:

Thank you all, that's really helpful. I understand why he needed the statements now, but just wish he'd chased me 2 months ago and not left it to me to check in on progress. 

Two months ago was Christmas. Probably took a break.