MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
I am in process of trying to move house.
The mortgage was a bit more complex than usual so I used a broker.
He was quite useful at first but now the process seems to have stalled and he has told me he's waiting on the lender.
This has been a week now and several follow ups have achieved nothing.
I know who the lender is and the outline of the deal seems to indicate it's better an alternative offer I have from another lender through a different broker.
I know who the lender is and the application is already started.
Will the lender deal with me directly or will they only deal with my application through the broker?
Can I dump my broker completely?
Mibbie, but maybe the Lender is actually holding things up so you might even slow things down further as you have to start again, and it my be a deal they'll only do through the Broker
It depends who the lender is, some will only deal with brokers, or they may have broker only deals that they won't give to you as a member of the public.
I know the lender also deals direct, not sure if I was looking a broker only deal as I never got as far as a formal offer.
This has been a week now
because
The mortgage was a bit more complex than usual
Perhaps?
I don't see how going direct could speed up the process if the delay is with the lender
This has been a week now and several follow ups have achieved nothing.
Just a week..?
Just a week..?
The whole process has taken 2 weeks so far and I haven't heard what the delay is, just looking for an offer in principal to compare costs.
With another broker and lender it took 4 days to get an offer in principal.
Probably best not to expect someone to do a load of work for you, and then go over their heads so they don't get paid for their work.
But that's just me, I like obeying the first rule.
Probably best not to expect someone to do a load of work for you, and then go over their heads so they don't get paid for their work.
Even when the delay could cause my house purchase to fail?
He doesn't seem to be working very hard for me at the moment.
Two weeks for the whole process so far seems perfectly reasonable.
A different broker has experienced a different timescale with a different lender, this means nothing really.
Different products have more/less customers wanting them, so the timescales are different.
Why would getting a mortgage in principle make the house fall through?
You already have an offer from another lender that would work if you had to fall back on it so what's delaying you going ahead?
Or are you in Scotland and need this stuff to proceed in the first place?
Two weeks for the whole process so far seems perfectly reasonable.
Or are you in Scotland and need this stuff to proceed in the first place?
We don't!
Think yourself lucky our remortgage took 3 months, and was mainly the Lender.
It isnt in a broker's interest either to delay things as they get the commission at the end.
And no you cant just pull out, broker deals tend to be just that.
1 whole week ?
Yeah you know the lenders still in the 1980s with faxes and such like.
Ours was a month and it was only due to me phoning the lender every other day chasing it through the process.....Some of my mates with the same lender at the same time never made the stamp duty cut off just leaving them too it.
Even when the delay could cause my house purchase to fail?
This just sounds like a made up justification for trying to screw the broker out of getting paid for his work.
Why would this slight "delay" cause your house purchase to fail ?
This just sounds like a made up justification for trying to screw the broker out of getting paid for his work.
Never had any intention of the broker not getting his commission. Besides, the lender were paying it, and his contract will be with them. The lender would contractually have to pay him as he introduced me.
The question was more about if the lender would deal with me directly and if I could get him out of the loop as his service was poor.
As it happens I now have a direct contact at the lender and I don't need to deal with the broker. Problem solved.
The house was still on the market until I appointed a lawyer, who could exchange notice of sale, which I couldn't do until I confirmed the lenders requirements. I have now, so house will be listed as "Sold STC", For all that's worth in England.
Mine went Sold STC as soon as my offer was accepted (a condition of my offer). I didn't exchange for ages after that...
Is that the way they are doing things now in general?
No. Sold STC is on acceptance of an offer.
So the broker had indicated he would be taking a "procuremnet " fee from the lender and not be charging me commission.
Well it now turns out that he also wanted 1.5% from me as well. Not what he said when I first spoke to him.
Suits me, as the other offer I had from the other broker is now cheaper. They only take a procurement fee and a small application fee. Glad to turn his business away. 3 weeks wasted messing around with this complete twunt.
By any chance was it a Countrywide-group broker?