The Broker Blues Thread

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  • ACG
    ACG Posts: 23,727 Forumite
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    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
    kingstreet Posts: 38,767 Forumite
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    ACG wrote: »
    Fax? whats that?
    Isnt that the thing they used to use in the 80s or 90s? :-P
    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
    ACG Posts: 23,727 Forumite
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    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
    amnblog Posts: 12,445 Forumite
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    ACG wrote: »
    Fax? whats that?
    Isnt that the thing they used to use in the 80s or 90s? :-P

    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
    Triolette Posts: 15 Forumite
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    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
    amnblog Posts: 12,445 Forumite
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    Triolette wrote: »
    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

    Triolette wrote: »
    Has everyone forgotten the mess the banks got into five years ago by just handing out 125% mortgages on unsubstantiated income?

    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
    Triolette Posts: 15 Forumite
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    Ok fair enough :)
    People do seem to have short memories. Northern Rock any one?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    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.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Triolette wrote: »
    People do seem to have short memories. Northern Rock any one?

    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.
  • catieeb06
    catieeb06 Posts: 576 Forumite
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    This one will make you laugh...

    Did an on site assessment for a guy and his wife, they had 2 kids over the age of 10 so according to HCA rules are only able to purchase a 3 bedroom property.

    This 3 bedroom property is around £545,000 and a 25% share so even then, still need a big deposit.

    The guy was on £18,000 and wanted to buy the share in cash. Even so, the rent and the service charge was coming out at around £1000 a month and given his salary he only brings home £1300 a month and just couldn't grasp why I wasn't passing his assessment and blamed me for them not being able to buy.

    His wife is self employed and had no accounts at all as she's not finished year 1 trading.

    Sigh!
    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.
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