Mortgage offer. now being asked to resubmit

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phester

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I had a valid offer of 204k on a LTV of 63% house. There was a problem when buying the house and so it took 6months to sort out. Now my broker was in touch with the lender (ulster bank) to make sure that everything was in order and he assured her it was. A week later and now says that we have to resubmit everything.

I am afraid that I will no longer be allowed the 204k as I have changed jobs. It is a move up the title scale but not in monetiry value. In fact I am earning 1k less per anum. I have inversted 50K in a high interest A/C and have the SSIA maturing soon too. That is why I think they have streatched to 200+k in the past. The ECB rate rises and the probation of the new job I feel is going to kill me.

I that the broker has not acted on my best interest. She is always putting everything in a positive light. I dont see gets paid until I draw down though her. I told her that I might have a look around elsewhere and she nearly abused me over the phone. I dont think that many other banks will come close to this amount. I tried BOSI last year and they offered me 140k max. thats 64k less.

I think the original offer was ECB + 1.15 and last week they said that on drawdown they will adjust to ECB +0.9 as I said the market is now more competive.

I dont recall any validation period being on the letter of offer
Any thoughts on what I can do.
 
Last year i had provisional loan approval which had in the small print that it was on offer for 6 month's only,from the date of the letter, so you need to check your letter of approval first.
 
Phester,

Your probationary period could be the stumbling block here. If you have moved to a more senior position in a similar field then your broker should be able to argue your case on this and have this condition waived.

As regards the mortgage amount there are a few ways around this if you are happy to go for a different repayment method?

1) Ask broker to resubmit to Ulster Bank but under a 5 year fixed rate. You will easily get what you qualified for previously (and a lot more if you like).
2) Submit to IIB under a 3 year fixed or capped tracker mortgage (if your broker has an agency with IIB, if not just change broker). Again they will allow a bigger mortgage.
3) Submit to First Active under a 5 year fixed rate (if your broker has an agency with First Active, if not just change broker). Again they will allow a bigger mortgage.

First Active 5 year fixed is best in market at 4.89%

Don't let your broker bully you, find a reputable broker who is independent and has agencies with all the lenders.
 
"I told her that I might have a look around elsewhere and she nearly abused me over the phone. I dont think that many other banks will come close to this amount. "

The brokers conduct seems fair enough; the broker seems to have put a lot of effort into getting you a loan offer, and seems confident of getting it renewed. Now you are telling her she might lose her commission and as a result she 'nearly' abused you. So might anyone in her position. Nobody can be expected to work for free.

Just what exactly is it that she has done wrong? What is the problem with simply sticking with her? She hasn't steered you wrong yet...
 
She is my point of contact with the bank. When the bank tells her that everything is fine (from her mouth) only when I go to draw down suddenly nothing is fine and I not only need to resubmit some documents I need to refill everything from scratch I think that she is partially responsible. I would think that banks dont just go changing their minds at the last min when I have a letter of offer in my hand. The house could now fall through as a consiquence. And she can not give me any time frame as to a reapproval. she says that it will be treated as a new costumer application.

So the threat was to try and break her very confident attitude that this is the best mortgage for me. That nothing is wrong and not to be consirned about the resubimital.
 
If you had read the terms and conditions of the loan offer that would have been sent to you you will have seen that the loan expires/has to be renewed after a certain period of time. It can not be the brokers fault if you don't pay attention.

Sarah

www.rea.ie
 
I have read everything that was sent to me. This is why I asked her to ensure that everything was ok still valid. When she said that the bank was still honouring the offer and also would reduce the variable rate when I drew down to the new rates I taught id take her word for it that everything was still valid.

Well that was on a monday and lo and behold on wed the offer is no longer valid. Now its not just a resubbmittal that bothers me. But I have changed job so now im on probation have taken a small reduction in wages pending my next review, so it may all be heald against me
 
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