The Broker Blues Thread
kingstreet
Posts: 38,740 Forumite
Today, I've had a HTB - EL enquiry, I've had to turn down. He's got £200k deposit, wants to buy for £395k, but can't understand why he can't borrow £130k on a salary of £21k.
"Halifax has told me I can borrow £130k."
The HCA calculator says 6X income and 53% debt to income ratio is a non-starter, before I start on lender affordability.
Another wants to buy on shared ownership newbuild. IVA ended in 2011 and LTV too much for any lender but one which won't accept the IVA.
Finally, another shared ownership case, fits only one lender again and without six months employment they won't touch it.
Anyone else having a "plaiting sawdust" kind of day...?
"Halifax has told me I can borrow £130k."
The HCA calculator says 6X income and 53% debt to income ratio is a non-starter, before I start on lender affordability.
Another wants to buy on shared ownership newbuild. IVA ended in 2011 and LTV too much for any lender but one which won't accept the IVA.
Finally, another shared ownership case, fits only one lender again and without six months employment they won't touch it.
Anyone else having a "plaiting sawdust" kind of day...?
I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
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My fun one is having to rewrite 25 mortgages on a newbuild site (shared ownership) because they were meant to move in nov 2013 but will now be may or june 2014 - flats are built and ready but problem with southern water so handover delayed. One or two have changed jobs so may not qualify for new mortgages and yes they have exchanged...
oh yes and one this morning who want to borrow 198k on a remortgage (property value 220k so 90%) on salaries of 26k, 7k, 2 kids and £350 a month debt commitments and £100 child care. I am apparently the 4th broker they have asked. Hopefully they will get the message now.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.0 -
The biggest difficulty SO borrowers don't seem to grasp is their car loan, shared ownership rent and childcare costs all come off affordability.
They seem shocked when I tell them they can borrow £30,000 when they thought a £60k mortgage would be a cakewalk.
I know what you mean about build dates. Thank God for Halifax and its flexibility.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Sorry Mr customer, but yes the payday loans do matter even if you paid them on time and didn't think you had to mention them !!!!Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Just had Nationwide on the phone.
Applicant rents via a letting agent, so six months bank statements have been submitted.
Why is there a page missing? - there isn't, there were no transactions between 2 Sep and 16 Sep. Check the account balances!
What is the payment to Utility Warehouse for? :eek:
If he rented straight from the landlord they wouldn't ask for bank statements at all, so why questions not about the rent payments?
Nonsensical inconsistent approach.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
It's interesting to see the opinions of people on the other side of the desk!0
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This thread makes me feel a bit better about our ongoing application, we are in a much better position than most
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About to send a self build mortgage application pack to the lender that weighs a kilogram.
Looking forward to getting the first list of queries back on it!I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
..... and NO your Experian score of 9 million doesn't make a difference !!!Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Ahh. The rarity that is a paper application.
I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
We do shed loads of three people apps - nearly always (God bless Kent Reliance) paper apps - so at least a couple of those go out most weeks (at least we have a lady wot does the applications these days)Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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