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  • FIRST POST
    • kingstreet
    • By kingstreet 26th Feb 14, 12:56 PM
    • 35,602Posts
    • 19,465Thanks
    kingstreet
    The Broker Blues Thread
    • #1
    • 26th Feb 14, 12:56 PM
    The Broker Blues Thread 26th Feb 14 at 12:56 PM
    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...?
    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.
Page 1
    • haras_nosirrah
    • By haras_nosirrah 26th Feb 14, 1:04 PM
    • 2,053 Posts
    • 3,281 Thanks
    haras_nosirrah
    • #2
    • 26th Feb 14, 1:04 PM
    • #2
    • 26th Feb 14, 1:04 PM
    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.
    • kingstreet
    • By kingstreet 26th Feb 14, 1:08 PM
    • 35,602 Posts
    • 19,465 Thanks
    kingstreet
    • #3
    • 26th Feb 14, 1:08 PM
    • #3
    • 26th Feb 14, 1:08 PM
    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.
    • Senior Paper Monitor
    • By Senior Paper Monitor 26th Feb 14, 1:19 PM
    • 2,875 Posts
    • 1,711 Thanks
    Senior Paper Monitor
    • #4
    • 26th Feb 14, 1:19 PM
    • #4
    • 26th Feb 14, 1:19 PM
    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 ForumTeam
    • kingstreet
    • By kingstreet 26th Feb 14, 1:25 PM
    • 35,602 Posts
    • 19,465 Thanks
    kingstreet
    • #5
    • 26th Feb 14, 1:25 PM
    • #5
    • 26th Feb 14, 1:25 PM
    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?

    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.
    • gilly_dc
    • By gilly_dc 26th Feb 14, 1:25 PM
    • 47 Posts
    • 23 Thanks
    gilly_dc
    • #6
    • 26th Feb 14, 1:25 PM
    • #6
    • 26th Feb 14, 1:25 PM
    It's interesting to see the opinions of people on the other side of the desk!
  • JennGa
    • #7
    • 26th Feb 14, 2:06 PM
    • #7
    • 26th Feb 14, 2:06 PM
    This thread makes me feel a bit better about our ongoing application, we are in a much better position than most
    • amnblog
    • By amnblog 26th Feb 14, 2:10 PM
    • 11,344 Posts
    • 4,575 Thanks
    amnblog
    • #8
    • 26th Feb 14, 2:10 PM
    • #8
    • 26th Feb 14, 2:10 PM
    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.
    • Senior Paper Monitor
    • By Senior Paper Monitor 26th Feb 14, 2:19 PM
    • 2,875 Posts
    • 1,711 Thanks
    Senior Paper Monitor
    • #9
    • 26th Feb 14, 2:19 PM
    • #9
    • 26th Feb 14, 2:19 PM
    ..... 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 ForumTeam
    • kingstreet
    • By kingstreet 26th Feb 14, 2:20 PM
    • 35,602 Posts
    • 19,465 Thanks
    kingstreet
    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.
    • Senior Paper Monitor
    • By Senior Paper Monitor 26th Feb 14, 2:23 PM
    • 2,875 Posts
    • 1,711 Thanks
    Senior Paper Monitor
    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 ForumTeam
    • kingstreet
    • By kingstreet 26th Feb 14, 2:25 PM
    • 35,602 Posts
    • 19,465 Thanks
    kingstreet
    The only regular stuff we do on paper these days is Nationwide ports, NewBuy and when their daft online postal address system decides the property has a different address to the one on the title deeds and it has to be done manually as a result.
    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.
    • GMS
    • By GMS 26th Feb 14, 2:34 PM
    • 5,354 Posts
    • 2,774 Thanks
    GMS
    Could be worse. You could be constantly chasing a valuer for his comments on an electrical report he has had since last Thursday!

    Only Moyes' impending sacking keeping me smiling today!
    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.
    • kingstreet
    • By kingstreet 26th Feb 14, 2:40 PM
    • 35,602 Posts
    • 19,465 Thanks
    kingstreet
    Could be worse. You could be constantly chasing a valuer for his comments on an electrical report he has had since last Thursday
    Originally posted by GMS
    I'll ignore that other comment.

    I'll "see" your electrical report and I'll raise you an "impact of proposed HS2 route," which will not be closer than 2.3km from the property.
    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.
    • amnblog
    • By amnblog 26th Feb 14, 3:05 PM
    • 11,344 Posts
    • 4,575 Thanks
    amnblog
    Could be worse. You could be constantly chasing a valuer for his comments on an electrical report he has had since last Thursday!

    Only Moyes' impending sacking keeping me smiling today!
    Originally posted by GMS
    Moyes is a 'shoe in' for Head of Intermediaries at a major lender.
    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.
  • Keekles
    Had a client last night sign all TOBs, Decs etc. with a lender, and just before submitting the FMA decided to query whether or not their discharged bankruptcy would affect the application.

    Pretty easy to place elsewhere but when I ask if you've ever been subject to bankruptcy, IVA or had any defaults / arrears I should be aware of...
    • ACG
    • By ACG 26th Feb 14, 4:14 PM
    • 19,639 Posts
    • 11,186 Thanks
    ACG
    - House down valued by £25k because part of the garden does not belong to the property.

    - Underwriter (on an adverse mortgage) being power hungry for client who has gone overdrawn by £3 for a day after outlaying £1400 for 4 peoples holidays who then paid him back.... common sense underwriting? 2 minute chat to my account manager and 20 minutes later a mortgage offer comes through.

    - Underwriter asking for 1 years accounts or SA302 - supplied SA302, then asked for 3 years - supplied, then asked for accounts as its no longer practice to ask for SA302s??? Doesnt have accounts - "Mortgage will be declined".... 5 minute chat with account manager, mortgage offer issued.

    Its been a week of losing a little bit more of that hairline i once had.

    On the upside, its sunny and i got to put my sunglasses on this week AND have the car window down - summer is on its way!

    EDIT:
    Just reading this back, this is part of the job the clients dont see. They dont see the issues we resolve without even mentioning it. Im not trying to "big up" the job of a broker but there was the potential for 3 cases to get declined had they gone direct and not had that "relationship" we have with lenders.

    But i love my job, i choose to go after adverse and complex mortgages and wouldnt change it.
    Last edited by ACG; 26-02-2014 at 4:17 PM.
    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.
    • kingstreet
    • By kingstreet 26th Feb 14, 4:18 PM
    • 35,602 Posts
    • 19,465 Thanks
    kingstreet
    - House down valued by £25k because part of the garden does not belong to the property
    Originally posted by ACG
    Funny you should say that. I had a recent case like that, where the mortgage offer was expired and we were in the Nationwide two week extention.

    Hair-raising is not the word.

    Tony - you don't have to seek out the weird and wonderful. So called "normal" stuff throws up challenges every 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.
    • JPB123
    • By JPB123 26th Feb 14, 6:49 PM
    • 117 Posts
    • 85 Thanks
    JPB123
    Nationwide underwriter - You need to supply full bank statements.


    Me - I have


    Nationwide u/w - No, the ones we have show transactions on 24th, then nothing until 27th


    Me - Err, those are December's statements. Last time I checked the 25th was Xmas day. I don't know about you, but I don't do much shopping on Xmas / Boxing Day


    I am an Independent Mortgage Advisor



    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
    • Edi81
    • By Edi81 26th Feb 14, 7:09 PM
    • 734 Posts
    • 691 Thanks
    Edi81
    What a great thread! Definitely one for the "do I really need a broker?" brigade. Especially those with complex situations.
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