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  • FIRST POST
    • Sjane
    • By Sjane 12th Aug 18, 4:10 PM
    • 11Posts
    • 2Thanks
    Sjane
    Mortgage promise declined
    • #1
    • 12th Aug 18, 4:10 PM
    Mortgage promise declined 12th Aug 18 at 4:10 PM
    Hello, Iím looking for some advice and pretty sure Iím in the right place for it so I applied with L & C for a remortgage a wee Friday gone - Iíve spoken to two more people since as my original contact is on holiday - the last person I spoke with (last Wednesday) said he had everything and he couldnít see any reason it wouldnít go through as he had a copy of my credit file too - great I thought!! Anyway I donít believe it has been put to the bank as Iíve read mortgage promises are quite quick and assume I have to wait for my original contact person to return from holiday as Iíve had no contact since!! As Iím inpatient I decide to check with the bank myself and itís declined due to scoring (I know this wonít effect getting a decision elsewhere) - is this likely going to be the same answer the broker gets?
Page 1
    • Thrugelmir
    • By Thrugelmir 12th Aug 18, 4:43 PM
    • 61,287 Posts
    • 54,529 Thanks
    Thrugelmir
    • #2
    • 12th Aug 18, 4:43 PM
    • #2
    • 12th Aug 18, 4:43 PM
    Why do you believe that your broker is going to receive a different message?
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Sjane
    • By Sjane 12th Aug 18, 6:08 PM
    • 11 Posts
    • 2 Thanks
    Sjane
    • #3
    • 12th Aug 18, 6:08 PM
    • #3
    • 12th Aug 18, 6:08 PM
    Hi - I don!!!8217;t necessarily think the broker is going to get a different message - what I said in my original post was that the broker I spoke with couldn!!!8217;t see it not going through as he could see my credit file and knew my affordability was way above what I was looking for - so based on your answer it!!!8217;s likely it will get declined full stop
    • middleclassbutpoor
    • By middleclassbutpoor 12th Aug 18, 6:50 PM
    • 412 Posts
    • 366 Thanks
    middleclassbutpoor
    • #4
    • 12th Aug 18, 6:50 PM
    • #4
    • 12th Aug 18, 6:50 PM
    Did you supply a copy of all 3 credit files?
    • ACG
    • By ACG 12th Aug 18, 7:02 PM
    • 17,951 Posts
    • 9,735 Thanks
    ACG
    • #5
    • 12th Aug 18, 7:02 PM
    • #5
    • 12th Aug 18, 7:02 PM
    It is very possible your broker could get a different decision to you.

    Last year I had a case where the client went via a broker and had their application declined. We went to the same lender a couple of weeks later and he is now in his new home.

    Some people are too honest, inexperienced brokers do not know how to manipulate the systems to get the best possible outcome and so on.

    But one lender declining you is not the end of the world.
    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.
    • Sjane
    • By Sjane 12th Aug 18, 8:18 PM
    • 11 Posts
    • 2 Thanks
    Sjane
    • #6
    • 12th Aug 18, 8:18 PM
    • #6
    • 12th Aug 18, 8:18 PM
    Thank you - thatís quite helpful
    • Sjane
    • By Sjane 12th Aug 18, 8:19 PM
    • 11 Posts
    • 2 Thanks
    Sjane
    • #7
    • 12th Aug 18, 8:19 PM
    • #7
    • 12th Aug 18, 8:19 PM
    Just Equifax -
    • Amst
    • By Amst 13th Aug 18, 8:23 PM
    • 115 Posts
    • 88 Thanks
    Amst
    • #8
    • 13th Aug 18, 8:23 PM
    • #8
    • 13th Aug 18, 8:23 PM
    Some people are too honest, inexperienced brokers do not know how to manipulate the systems to get the best possible outcome and so on.
    Originally posted by ACG
    I've seen you give a lot of good advice and regularly comment but this is a strange thing to say. Any broker that withholds information that would be of detriment to the application, even under the guise of being experienced, is putting the application at risk.

    Where I work we have pulled plenty of offers days before completion due to fraud checks, non-disclosure (forgetting you are pregnant for instance...) and information coming to light that lo and behold, the broker knew about. It's never pleasant but we are protecting ourselves and our honest customers.

    There is less impact if you're manipulating the best outcome on a 60% straight balance swap remortgage but if you're doing it on a 95% FTB case, with interest rates still at a relatively all time low, that is a problem.
    • ACG
    • By ACG 13th Aug 18, 9:01 PM
    • 17,951 Posts
    • 9,735 Thanks
    ACG
    • #9
    • 13th Aug 18, 9:01 PM
    • #9
    • 13th Aug 18, 9:01 PM
    I've seen you give a lot of good advice and regularly comment but this is a strange thing to say. Any broker that withholds information that would be of detriment to the application, even under the guise of being experienced, is putting the application at risk.

    Where I work we have pulled plenty of offers days before completion due to fraud checks, non-disclosure (forgetting you are pregnant for instance...) and information coming to light that lo and behold, the broker knew about. It's never pleasant but we are protecting ourselves and our honest customers.

    There is less impact if you're manipulating the best outcome on a 60% straight balance swap remortgage but if you're doing it on a 95% FTB case, with interest rates still at a relatively all time low, that is a problem.
    Originally posted by Amst
    Noooo, I do not condone lying or "forgetting" - far from it. If I find out a client has lied or forgotten about that massive bump they have, I drop them quicker than a hot potato.

    By manipulating the system I mean little subtle changes that make minor improvements. Imagine how MArtin lewis says to try altering your job to give you a better premium - Mortgage Broker/Mortgage Advisor could result in 2 different premiums for example.

    I realise a job title will not alter anything on an application, but it is those little things. As an example, one lender adds points to your application if you put in a landline number. Most people do not give you a landline but if you plonk a mobile number in, it gives you those extra points.
    Last edited by ACG; 13-08-2018 at 9:49 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.
    • Nnenne1
    • By Nnenne1 13th Aug 18, 11:13 PM
    • 13 Posts
    • 13 Thanks
    Nnenne1
    Which company do work at, so I know to avoid when getting a mortgage! Lol
    Last edited by Nnenne1; 13-08-2018 at 11:21 PM.
    • jaelato1
    • By jaelato1 13th Aug 18, 11:31 PM
    • 73 Posts
    • 40 Thanks
    jaelato1
    Which company do work at, so I know to avoid when getting a mortgage! Lol
    Originally posted by Nnenne1
    So unnecessary!

    I understand what ACG is trying to say but seem to lost in translation - Its like Tax avoidance as oppose to Tax evasion (I'm probably going too far with the comparison), People manipulate the system in a legal way all the time.
    • ACG
    • By ACG 14th Aug 18, 8:44 AM
    • 17,951 Posts
    • 9,735 Thanks
    ACG
    Agreed, let's phrase it another way... our account managers give us hints and tips over time to get the most from the system. But to be clear we do nothing what so ever wrong.

    I'm 33 and have at least 30 years working, I have a family and commitments and employees. Would I really risk losing my business and income to get someone a mortgage? There is no chance I would do anything remotely dodgy.
    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.
    • julicorn
    • By julicorn 14th Aug 18, 8:58 AM
    • 451 Posts
    • 1,670 Thanks
    julicorn
    I don't really think that what ACG says sounds dodgy or weird, it's simply filling in the same information, but in a way that looks good for specific lenders.

    I mean, we do that with clients at work too. I know different clients are looking for different things in a research study, so I tailor our proposal to highlight the things I know they are looking for specifically. Seems foolish not to.
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £184,500
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