been approved waiting for mortgage offer:::

Conrad

A factfind is a document that is completed up front to establish all the facts which is then used to make a recommendation as to which lender to proceed with.

This should have revealed a KEY FACTOR was that you were still on an existing mortgage.

Next she should have carefully checked with Future Mortgages what impact this would have.

Next she should have provided you with a Reasons Why Letter, documenting that this key factor had been taken into account by her with wording such as "One of the key points is you require a lender that can proceed to completion without you having to come off the existing mortgage"

Now a thorough experienced broker would have done all this and more, and double checked everything.

In other words it sounds like her lack of care has cost you dear, and for this you ought to be compensated.

Gloster_Advise

Sam

I mirror Conrads recent post about this. I do feel for you on this.

Looks as though now that you finally have the offer, but pre-application checks and knowledge that the fact you had another mortgage/property a land registry check and calls to sols should have been main priority.

Blood bolil time for me that fact the insurance took precedant over the most impportant thing, the mortgage!!

Regards
Si

samanthaxxx

Thanks for your replies I am getting angrier by the minute now you have told me she should have done all this but I suppose I have to decide whether or not we should still go ahead with all this or not. I am worried about telling the estate agent this lastest hold up because the vendors are expecting to exchange contracts asap. My broker told me not to worry and that she could get a mortgage through quickly for my ex husband if he contacts her so that makes me think all she cares about is another sale. I am on amicable terms with my ex and phoned him to explain the situation but he just said he will get round to it when he can he is busy with work right now. I thought when I got my settlement through I was free of him but now he has got me under his control again and he prob loves the fact that I need something from him now.
So what to do? should I pull out of this and give the vendors a chance to get someone else to buy their house quicker rather than keep them hanging on?
Get all this sorted and start from stratch again look for a different house and go with a different broker and mortgage lender (we would still need a sub prime because of a few past debts on my boyfriends credit report. all paid off}. Just don't know what to do for the best.

happybroker

Depending who the mortgage is through and what your ex's circumstances are he should be able to get the transfer through pretty quickly if he just speaks to the bank, I know other brokers will think I must be potty to suggest such a thing. If he is busy then speaking to a quality broker would probably mean that some one would see him out of office hours.

It would be a shame to lose the house you want, I would try and concentrate on getting the situation sorted rather than what has gone wrong for the time being. You can come back to the disgraceful manner in which you have been treated later.

I do agree with Conrad and Si, the industry suffers when people don't do their job properly and you really must obtain copies of all the documentation that has been completed by your broker sooner rather than later, you can then address the issue. You should have been issued with a "Key Facts About Our Services" (known as an IDD in the industry) when you first met for "adviser", this will spell out the complaints procedure for the company you are using.

Be aware, Future are no longer accepting new applications. Check with them how long the offer is valid for and if they have a dead line for completion.

Good Luck

samanthaxxx

Thanks just checked the offer and it is valid until 24/9/08 nothing about a deadline for completion.

geoffky

hi can i point you to this http://www.newstatesman.com/economy/2008/06/house-prices-housing-british

samanthaxxx

Thanks again everybody for your helpful advice I really appriecate it.
Spoke to estate agent on Friday and he said vendors are prepared to wait however long it takes and could also see if his mortgage broker could sort out another mortgage where it doesn't matter if I am still on another mortgage.
My bf and I have talked it over and he thinks we should pull out and stay in rented for a while and watch the market and although I agree with him I am scared to let this house go as I don't know if anything better will come along. I suppose I am scared that properties won't go down as much as predicted and we will have missed the opotunity of a good sized house. Can anyone out there give me some idea of what to do for the best. Thanks in anticipation.

Conrad

Sam

Prices are likely to keep falling as only halve the number of mortgages are being advanced, which means approximately halve the money supply comming into property.

Prices are set by those that HAVE to sell. Forget the vendors that can sit out the price drops, they have yet to realise it is buyers that set prices, and they are low in number.

None of us can advise you what to do as we all live our own personal version of reality, and there are multiple factors that influence us all, which differ from person to person.

My only pointer is for you to recognise there are almost certainly hidden gems around the corner.

samanthaxxx

Thanks Conrad I think I understand what you are trying to say. The estate agent has been trying to contact me this morning and still not sure what to say to him.

samanthaxxx

Well another week on and whole thing has fallen through we have written a letter of complaint to mortgage broker and asked for our money back which we hope to get a reply soon. In the meantime we have been looking at other houses and enquired to another broker about going with a lender who would accept my name still on the other mortgage. He has come up with Halifax who have provisionally accepted us but would only be prepared to lend us £136000 (£900 per month) instead of the £150000 (6.52% = £826 per month) which is what Future were offering. I have spoke to Future who say that this offer only applies to that particular property and they are no longer taking on new applications which i knew already.
Does anyone know of any other lender that could do a better rate than the Halifax taking into account our circumstances. ie my name on another mortgage and my boyfriends past credit history we have a deposit of £55000 by the way). I know its a long shot but just thought I'd ask.