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  • FIRST POST
    • kingstreet
    • By kingstreet 26th Feb 14, 12:56 PM
    • 35,591Posts
    • 19,463Thanks
    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 3
    • Leon W
    • By Leon W 27th Feb 14, 2:13 PM
    • 1,679 Posts
    • 1,127 Thanks
    Leon W
    I'm back ! Max was quite kind to me and only crashed twice so it was my lucky day. I learned a long time ago to save every page before moving on though.


    Woolwich are fine actually, it's just the stupid broker system we have to deal with that grinds my gears.

    • Dave Ham
    • By Dave Ham 27th Feb 14, 2:42 PM
    • 6,015 Posts
    • 2,841 Thanks
    Dave Ham
    At least we do not have to book the funds anymore!!
    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.
    • kingstreet
    • By kingstreet 27th Feb 14, 3:51 PM
    • 35,591 Posts
    • 19,463 Thanks
    kingstreet
    Just had to explain that I can't find another lender offering 95% on shared ownership, when the client has only been in job one month and Leeds wants six months.

    They can't find 10% deposit to use a different lender.
    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.
  • stemill
    No need to be unduly concerned then. Thanks!
    • kingstreet
    • By kingstreet 27th Feb 14, 4:27 PM
    • 35,591 Posts
    • 19,463 Thanks
    kingstreet
    Valuation was done on my latest Leeds case yesterday.

    Fingers crossed they have everything and they can offer it. They've already asked me again for the stuff I uploaded about five minutes after submission.
    Originally posted by kingstreet
    Applied on 12 Feb, offered on 27th.

    Can't grumble about that.
    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 27th Feb 14, 4:28 PM
    • 11,337 Posts
    • 4,569 Thanks
    amnblog
    Today's quote...

    Does the fact I have two other properties with mortgages owned with my mum make a difference?
    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.
    • sockpuppet
    • By sockpuppet 27th Feb 14, 11:55 PM
    • 253 Posts
    • 106 Thanks
    sockpuppet
    Wish me luck chaps. Woolwich case..............MAX ! I've put it off long enough....... If I'm not back in 4 hours presume hospitalisation with slashed wrists.
    Originally posted by Leon W
    Lol! Am glad it's not just me....
    • kingstreet
    • By kingstreet 28th Feb 14, 11:43 AM
    • 35,591 Posts
    • 19,463 Thanks
    kingstreet
    Got a decline on a Halifax case due to mix up over temporary addresses being part of residential history when borrower told us all official stuff/electoral roll goes to parents' address.

    Asked to obtain credit file and supplied this to Halifax with addresses, by fax on 13 Feb. Told turnaround for credit decisioning is five days.

    Contacted BDM on Monday 24th as no update so far.

    Found out nothing done as someone had cancelled the case. Back in queue and told today we're still in queue, despite the problem being at their end stopping it being considered.

    Why is nothing ever done to rectify the situation when lenders make a mistake? Back in the queue you go and be grateful you're allowed to be there...
    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.
    • ACG
    • By ACG 3rd Mar 14, 1:56 PM
    • 19,627 Posts
    • 11,179 Thanks
    ACG
    AARGGHHHHH!

    Called up woolwich last week, to check how long to have a case looked at? 3 applicants, it will refer and take 5 working days - fine (slightly out of the ordinary which is why i checked). Application goes in knowing it will be today before we get an answer.

    I call up to chase it and im told 4 working days from today!

    I go off on a 5 minute rant to be told if its urgent we might be able to push it up the queue - it isnt urgent but 9 working days to look at something when i was told it would be 5 is not funny.

    Told them thats not good enough and i want to speak to a manager - they have said next 24 hours but may be today (i wont hold my breath).

    What is the point in having timescales if:
    1) they can be doubled at a whim
    2) they can be halved if someone kicks up a fuss

    Why do something that is clearly going to delay the time frames and not bother to tell the broker or client.

    Woolwich are in my bad books again!
    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.
  • Keekles
    Sent three cases to Nationwide last week. None of which have been received via fax and we don't have access to the MATS system. Is this common across all brokerages experiencing problems or me?

    Faxed cases to Natwest and the like no problem at all.
    • kingstreet
    • By kingstreet 3rd Mar 14, 3:56 PM
    • 35,591 Posts
    • 19,463 Thanks
    kingstreet
    Faxed?

    Are these paper apps?

    TBH we send paper apps down special delivery and email the docs to nacmposupdates@nationwide.co.uk.

    Submitted app to NatWest on 23rd Feb, faxed docs on 25 Feb and case still not underwritten.

    We've had valuer instructed today as we can't wait any longer.
    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.
    • ACG
    • By ACG 3rd Mar 14, 4:07 PM
    • 19,627 Posts
    • 11,179 Thanks
    ACG
    Fax? whats that?
    Isnt that the thing they used to use in the 80s or 90s? :-P
    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 3rd Mar 14, 4:59 PM
    • 35,591 Posts
    • 19,463 Thanks
    kingstreet
    Fax? whats that?
    Isnt that the thing they used to use in the 80s or 90s? :-P
    Originally posted by ACG
    You still have to fax supporting docs to NatWest and Halifax and as two of the main lenders on HTB - EL, a lot of faxing gets done around here, sadly.
    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.
    • ACG
    • By ACG 3rd Mar 14, 5:09 PM
    • 19,627 Posts
    • 11,179 Thanks
    ACG
    Thats madness!

    I typically use the smaller building societies and even theyre geared up for the invention that came out in the 00's.
    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.
    • amnblog
    • By amnblog 3rd Mar 14, 5:46 PM
    • 11,337 Posts
    • 4,569 Thanks
    amnblog
    Fax? whats that?
    Isnt that the thing they used to use in the 80s or 90s? :-P
    Originally posted by ACG
    I had to explain a fax to my 15 year old last week - she thought I was winding her up
    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.
  • Triolette
    Are people really so stupid that they think stuff like £10k of credit cards isn't going to show up on a credit search?
    Has everyone forgotten the mess the banks got into five years ago by just handing out 125% mortgages on unsubstantiated income?
    • amnblog
    • By amnblog 3rd Mar 14, 5:56 PM
    • 11,337 Posts
    • 4,569 Thanks
    amnblog
    Are people really so stupid that they think stuff like £10k of credit cards isn't going to show up on a credit search? YES
    Originally posted by Triolette


    Has everyone forgotten the mess the banks got into five years ago by just handing out 125% mortgages on unsubstantiated income?
    Originally posted by Triolette
    POINT 1 - YES

    POINT - 2 NO BANK EVER DID THIS, ALL 100% and 100% + MORTGAGES WERE FULL INCOME PROOF ARRANGEMENTS
    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.
  • Triolette
    Ok fair enough
    People do seem to have short memories. Northern Rock any one?
    • Thrugelmir
    • By Thrugelmir 3rd Mar 14, 8:32 PM
    • 65,410 Posts
    • 57,549 Thanks
    Thrugelmir
    So after years of lax lending. How's the general public going to react to the MMR? Let alone the fact that the FCA will shortly regulate unsecured lending as well.

    FCA have already intimated that they are going to use their teeth in the first year as have targets in mind to close down. One suspects they are growling to give financial institutions a chance to change before regulation becomes mandatory. Much in the same way lenders have stayed a couple of steps ahead in the mortgage market.

    RBS have puled 0% balance transfers on credit cards. So perhaps a lot more remortgaging requests will follow as other banks are sure to follow suit.

    Well overdue in my mind. As lax lending has caused untold misery to many peoples lives. A return to better days.
    ““there really is no such thing as ‘the future’, singular. There are only multiple, unforeseeable futures, which will never lose their capacity to take us by surprise.””
    ― Niall Ferguson
    • Thrugelmir
    • By Thrugelmir 3rd Mar 14, 8:36 PM
    • 65,410 Posts
    • 57,549 Thanks
    Thrugelmir
    People do seem to have short memories. Northern Rock any one?
    Originally posted by Triolette
    Like HBOS there's much that has hushed up that's yet to be told. Paul Moore (head of HSOS risk management) was dismissed in 2004 and paid to be quiet. If you ever get the chance an interesting guy to listen to.

    Shame it took until December 2013 to pass the Banking Reform Act. As now Directors etc can be tried for criminal offences in relation to their management of banks.
    ““there really is no such thing as ‘the future’, singular. There are only multiple, unforeseeable futures, which will never lose their capacity to take us by surprise.””
    ― Niall Ferguson
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