Why has my broker gone to a different lender?

Kieran.1985 · 25 May 2018 at 2:05PM

Went to see a morgage broker last Friday, had agreement in principle emailed to me the following day from Halifax. Submitted the payslips, p60, and last 3 months bank statements on the day i went up, so i went to view a house the following Tuesday and had my offer accepted the same day ... after abit of back and forth with a few other details .... mainly a bank statement from my dad who is gifting me the deposit to prove he had it the application has now gone to nat west! Can anybody tell me why this would have been done? I thought even though the broker told me i had passed credit checking with nat west today the aplication would have gone to halifax as it was agreed in principle? She did say that nat west were more competitive on the rates today and that id save around £15 a month on my morgage payments. However now im stressed! Ive paid the valuation fee of £200 today which i was told would be refunded should there be any problems .... is it normal to switch lender last minute?

TamsinC · 25 May 2018 at 2:24PM

Some AIPs in my opinion are barely worth the paper they are printed on - for example I can go onto the Halifax website this second and fill in all the relevant details and get an AIP within 10 mins ready for printing off. It isn't a guarantee they will give me a mortgage - it is a purely a theoretical amount of money they MIGHT give me on a theoretical house. Once the offer has been accepted on a house a good broker will scour the market to see which is the best deal they can get you. Halifax AIPs only do a soft credit check, not a full one. I would thank him for the £15 a month saving. It is possible Natwest are better at accepting mortgage applications with gifted deposits and Halifax aren't.

ACG · 25 May 2018 at 2:49PM

A lot of brokers do AIPs with Halifax because it is a soft footprint and a lazy way of checking if you are likely to get a Mortgage (as opposed to going through the credit report themselves).

But when it comes to it, they then do the research and find the better deal for the application.

Poor way of doing things, but I would stand by the Natwest AIP where as the Halifax AIP is not worth the paper it is printed on. I reckon you will be fine if you have got to this point with natwest.

Kieran.1985 · 25 May 2018 at 3:34PM

So even though natwest do a soft search its more reliable? The broker didn’t mention if it was agreed in principle with natwest just that i had passed a credit check with them and thats who they were putting the application in to.

ACG · 25 May 2018 at 3:43PM

Natwest do a full credit check when done through a broker.

sheepy21 · 25 May 2018 at 5:39PM

I'd just be pleased they've got you the best deal, that's what you're paying them to do

Kieran.1985 · 25 May 2018 at 8:22PM

Thanks for the reply, im guessing it will take a day or two for that to show on my credit report and what type of search it was. Are you a broker by any chance?

Why has my broker gone to a different lender?

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