Loan offer mess by broker please help!

H

Headachecity

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I am on the brink of a breakdown since last Friday. We paid a deposit on the house we are buying in Feb and the contracts arrived at our solicitors last Thursday and have to be returned in 14 days so we are in a state. We (well we thought) had our mortgage organised, the valuer was sent out and our broker asked us for updated statements and utility bills and said that was it we were approved in principal and that loan offer was just a formality, this was at the end of Feb now. So, since the contracts arrived he has not answered his phone, told us one lie after the other. On Monday I got suspicious when he asked me for our DOB's and PPS numbers then how long we were in our jobs. I got suspicious that he had done nothing with our case so I asked my solicitor to contact the bank involved and god forbid they had never heard of us apart from the loan offer we got last year for a house we pulled out of and that time we were approved for €405k, this time we just want €360k, so what is going on?? Yesterday he rang us looking for how long my hubbie was in his job and to get a letter from his previous employer to fill the gap in before he started there, he is 2 years in his current job so we started to freak out. He told me on Monday the loan offer would be issued yesterday and nothing happened, he told us this morning it would be issued this afternoon and still nothing so I am in bits and so is my husband.
I think we have been declined and he is just avoiding us or are we over reacting but how can it take this long for a loan offer to be issued. Please help as we have saved for years for our first house and our kids are so excited about it and so were we and now I am scared that we have been knocked back. Does anyone suspect that we are onto a loser here and just accept it or are we over reacting??. Thing is. I rang him at 4pm looking for an update and he said he was on the other line to them and would be back to me in ten mins. Surprise Surprise not a sound out of him!!:mad:
 
Sounds to me like the broker just dragged his heels sending in the application.

As your broker then looked for further information he was either just completing the application now or sent in an application lacking so much information that the lender could not underwrite it.

They may have it by now. Its worth making a call to the lender (you don't need your solicitor to do this for you) and checking to make sure they have it.

If they have and as he has told you that you should have the loan offer by now, this is more than likely the case, ring the brokers office and insist that he has the application prioritised and then sent by courier to your solicitors office.

Best of luck with the new house. Its stressful enough without the added worry.
 
Hi, I have a copy of the AIP for the €405k from last year. I did ring the bank in question and they won't talk to me or our solicitor as it's through a broker so we have to go through him. We managed to get him last night and he said today we will get loan offer but I am shattered and so stressed out I can't help but be pessimistic about the outcome.
Mortgage Mate no it is not you!!. LOL.
I am just sick of all this messing about when we had sent everything required in and to be told there was no record of the application was horrible, at least we know that they have it and are working on it. Our solicitor managed to get a mannerly person on the phone in the bank yesterday who told her yes our application was going through the motions but no loan offer was being issued yesterday, that remark just won't leave my head and I am terrified.
 
Cut the cord and go to a different broker.

Get all your documents together to make an application
ie. payslips, P60s, bank statements, loan statements letter from your employer and talk to someone else.

If you were approved for 405 last year, there shouldn't be too much of a problem to get you 360. So I wouldn't worry about that.

Don't stay with your exisitng broker though. Sounds as though they've completely messed you around.
 
I can't now, discussed that with my solicitor yesterday and she said to the bank what is the situaiton if we want to pull our file out of there and they said as it's thru a broker we have to ask him and he has to request the documents back from the lender, by the time that happens the builder will be onto us looking for the contracts back and we could loose the house over it.
 
Headachecity I wouldn’t panic you still have another week to get the contract back and the builder is unlikely to not sign if you return then the week after – just because his solicitor stated they want them back in x weeks doesn’t mean it’s written in stone. Also you will not lose your booking deposit if you decide to pull out of the sale.

If you get your docs back a bank like EBS would bend over backwards to accommodate you with a speedy decision.

The lesson here for other AAM readers is don’t provide originals to brokers or banks. If they want originals ask them in person to copy and certify that it is an original but you keep the original. If they don't like it go somewhere else with your business.

Also banks and building societies are well set up now to handle direct mortgage applications and there really should be no need to go to a broker unless you are totally clueless about rates etc.
 
EBS turned us down last year because we have 2 children and with the childcare costs they thought we would have affordability problems with repayments!.
I am an accountant and didn't want to go to a broker but this ass is a "friend" of my husband thru work and he told my husband he would have us sorted in days etc. Never again!. Hubbie USED to like him....and we are not going to recommend him at all!
 
what bank did you apply to?

All you need to do is to write a letter to the bank saying that you wish to proceed with the application through another broker and that you give consent to the bank to allow access to the previously submitted documents to the new broker.

It's generally a very simple process depending on the lender.
 
IIB is the lender in question. Our solicitor has recommended a broker to us we could use so I might ask him ask him can we do this. The broker team would not give me any information the other day and they were not very nice to the solicitor, even said to her yesterday there is no way they will tell her anything else.
 
IIB are very good at switching brokers, it's a very easy process and they should allow the new broker to take over the previously submitted docs.

Present the letter as mentioned above to the new broker, sign 2 new declarations and they will be able to access your information and find out exactly where you are with the case.
 
Lads, I can breathe now. I got the loan offer at 4.30pm, collected it myself as I work around the corner from IIB head office and took it down to my solicitor who is nearby. We are signing contracts tomorrow now thanks be to god. I need a drink now...thanks for all your help. I still haven't forgiven your man though...and I will tell him that!
 
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