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    • mortgage1st
    • By mortgage1st 6th Jul 18, 10:23 AM
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    mortgage1st
    How to handle my broker
    • #1
    • 6th Jul 18, 10:23 AM
    How to handle my broker 6th Jul 18 at 10:23 AM
    I've had my decision in principle from my broker and we proceeded to make our full application,(we can see the credit check on our reports was done on 29/06). We then had to send some extra documents including my partners past mortgage statements as he owns our current property on his own which we're selling and quite far down the road awaiting a date for completion. Since the application and despite promises that our broker would call us he hasn't, he did email me to say he was going to be with the lender yesterday and would definitely call me, he didn't.
    I called them this morning and someone else answered and advised "he was out of the office yesterday and is just following up on a few things for you but will call you today at some point".

    My nerves are absolutely crippled by this whole experience of waiting, I'm just so scared that the news isn't going to be good and we'll loose the house we've put an offer on!

    Should I be worried at the lack of news from the broker and them not returning any of my calls?
Page 1
    • ACG
    • By ACG 6th Jul 18, 11:22 AM
    • 17,829 Posts
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    ACG
    • #2
    • 6th Jul 18, 11:22 AM
    • #2
    • 6th Jul 18, 11:22 AM
    Your broker is letting you down massively by the sounds of it and causing you all sorts of undue stress.

    However, you chasing and stressing is not going to speed anything up or alter the decision. It will have been sat in a pile with nobody looking at it, so it is probably a case of no news (rather than good or bad news).

    I have just checked and Bluestone are working on applications from the 29th, which probably means your broker should hear something either today (but most likely Monday).

    Maybe just email the broker and say you are not happy with the lack of contact/updates and that you would like to be contacted asap with some accurate timeframes for news/update.
    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.
    • mortgage1st
    • By mortgage1st 6th Jul 18, 11:32 AM
    • 47 Posts
    • 3 Thanks
    mortgage1st
    • #3
    • 6th Jul 18, 11:32 AM
    • #3
    • 6th Jul 18, 11:32 AM
    I would rather if they just told me have not had any update and we expect it on XX day, they don't even do that but I will give him the benefit of the doubt when he follows up today.

    I did check their website too and seen they're underwriting applications currently made on 29 June, I can only assume this was the date it was made based on the credit check as I just don't know whether the broker submitted it before then or not, I had thought he had done.

    I'll see what he says when he comes back to me, if he doesn't I'll email him outlining my disappointment but I don't want to rock the boat with them too much as I'm getting the feeling I need him more and onside whilst I'm awaiting some further update.

    I'm crossing everything that we hear today that Bluestone are OK to proceed to valuation, we've not paid them anything yet but the broker has taken their fee from us so I feel a bit short changed by their laid back approach.
    • csgohan4
    • By csgohan4 6th Jul 18, 12:49 PM
    • 5,172 Posts
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    csgohan4
    • #4
    • 6th Jul 18, 12:49 PM
    • #4
    • 6th Jul 18, 12:49 PM
    were they recommended by the Estate agent/builder?
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
    • mortgage1st
    • By mortgage1st 6th Jul 18, 1:29 PM
    • 47 Posts
    • 3 Thanks
    mortgage1st
    • #5
    • 6th Jul 18, 1:29 PM
    • #5
    • 6th Jul 18, 1:29 PM
    No we found them ourselves, I called him at 10.00am this morning but I've just had a private message on here from the actual lender asking me to email them with the details of who the broker is and what the issues are so they can follow up.
    • mortgage1st
    • By mortgage1st 6th Jul 18, 3:08 PM
    • 47 Posts
    • 3 Thanks
    mortgage1st
    • #6
    • 6th Jul 18, 3:08 PM
    • #6
    • 6th Jul 18, 3:08 PM
    Well we got our update and we have been declined by the lender who gave us the D.I.P. which is Bluestone. This is because I had a loan from Lending Stream (which was in good order) on my credit report and that's the only reason...absolutely gutted! I feel rubbish.
    Our broker explained why he was so quiet and that was because he was trying to appeal to the BDM from the lender to overturn it but they won't, we have one other lender who has said we match their criteria which is Magellan and we're awaiting a call from them as they've queried a default on my credit report which is actually settled over a year ago so hopefully if we can overcome that they might just lend to us otherwise we have to kiss goodbye to the whole thing!
    • ACG
    • By ACG 6th Jul 18, 4:11 PM
    • 17,829 Posts
    • 9,615 Thanks
    ACG
    • #7
    • 6th Jul 18, 4:11 PM
    • #7
    • 6th Jul 18, 4:11 PM
    Bluestone are not great with Pay day loans. I think it is none in the last 12 months (it might be none in the last 6) either way it is very black and white that criteria.
    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.
    • mortgage1st
    • By mortgage1st 6th Jul 18, 4:16 PM
    • 47 Posts
    • 3 Thanks
    mortgage1st
    • #8
    • 6th Jul 18, 4:16 PM
    • #8
    • 6th Jul 18, 4:16 PM
    Yeah it seems that way, the loan was for a one off payment and we've tried to give them assurances of this. I only took it out on the basis that I was advised they're not considered payday loans because the repayment is over a minimum of 6 months but I guess lesson learned. We have sent one last request in an attempt to overturn it and will wait hearing back from Magellan as well and see where we are as we're willing to whatever it takes.
    I'm just so upset that it's one thing and they had all the paperwork showing my partners current mortgage with not a missed payment and that his credit history is much more stronger than mine, I thought this would go in our favour. One little thing just screws it up, it's so frustrating.
    • ACG
    • By ACG 6th Jul 18, 5:20 PM
    • 17,829 Posts
    • 9,615 Thanks
    ACG
    • #9
    • 6th Jul 18, 5:20 PM
    • #9
    • 6th Jul 18, 5:20 PM
    We had a similar argument on a case last year. The customer had a 12 month loan but because the rate was over a certain percentage, the lender treated it as a pay day loan - but it did not say that anywhere. That is one time where I had big arguments with a lender and went right up the chain.

    They basically said it does not say it anywhere but it is an internal check they do. So not only did I waste a few hours work (unpaid) the customer had lost best part of a week. We ended up placing it elsewhere and all has gone through. But unlike the situation you have had, we kept our client up to speed with everything.

    It was an adverse lender we looked at, but if you are looking at Bluestone and Magellan, I think your adverse is a little more serious than the case we had.
    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.
    • mortgage1st
    • By mortgage1st 9th Jul 18, 9:52 AM
    • 47 Posts
    • 3 Thanks
    mortgage1st
    Yes, the one I have is over 6 months. We have tried to appeal it.

    Subsequently after this issue our broker called as he approached Magellan as mentioned and they've since advised adverse was recorded on my partners report, we got his file and a CCJ is recorded for 1116 on 27 June at an address he's never lived at and for something we know nothing about. He has since disputed this with the credit reference agency, our broker has told us to pay it as if we do within 30 days it won't be recorded on the register but then this becomes admission of my partner owning this debt.

    The plot thickens. The reason we've gone to these companies is because I have a satisfied CCJ within the last 12 months and a default as well.

    We're now left with an offer made on a property and no mortgage offer, we've asked our broker to go to Magellan advising that the unknown CCJ is in dispute, I tried to speak to him this morning but got one of the admin girls on the phone who is so dismissive and told me "until it's removed you don't meet the criteria!" I called to follow up with the broker to ask if he can speak to the underwriter and advise of this to see if they would overlook it given the circumstances, you only need to look at my partners credit report to know this is fraud! We've got a letter from them as well confirming that they've wrote to the creditor who applied for it and asked them to remove it.

    I'm just at my whits end now I don't know what to do and just feel like it's best to give up and ask the broker for our money back!
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