househunter0
Registered User
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(post reformatted and paragraphs added by ajapale)
Hi All
I am a bit disillusioned as I write this, having had serious problems with my mortgage broker, whose name I will not disclose here.
To give you an overview - basically, myself and my other half contacted this broker about 3 months ago with a view to getting a mortgage. Because my other half is a teacher and does not have a permanent job, we felt it best to go through the broker who we felt could advise us as FTBs.
About two months ago, we found a property we decided to buy. I immediately told the broker this and that we would need to process the mortgage application asap. We put a deposit on the property and all was fine.
I told the broker the cost of the property and how much we needed to apply for. After not hearing from him for a while, I again contacted him to find out that he had applied for more than the value of the property which absolutely cannot be done according to all the lending institutions.
About three weeks ago, our solicitor asked us to come and sign the contracts - the mortgage had still not been resolved due to the fact that the mortgage broker was requesting documentation which the solicitor was adament they shouldn't need. We signed the contracts and she put a clause in the contract to say it was subject to mortgage.
Having furnished the mortgage broker with all requested documentation, we hoped that things would move pretty quickly and we sorted out the mortgage protection insurance and the life assurance and sent the policies to the broker.
In the meantime, we were issued our loan offer but the offer was wrong and had to be sent back again.
In the last week, having been assured by the broker that everything was in order, we hoped to draw down funds asap - the property is a new one and so will require stage payments.
On Monday, I rang my solicitor and she told me that, despite what the broker said about everything being in order, she had just spoken with the bank and there were still documents outstanding - all of which I had previously given to the broker.
To top it off, the mortgage was not setup for stage payments as it should have been. I was extremely cross and immediately rang the broker who assured me everything was fine and he would ring the bank again.
I received an email from the broker yesterday morning saying that he had spoken with the bank and everything was in order and it would be processed and that he had emailed my solicitor to verify same.
Yesterday afternoon, however, I received a phone call from my solicitor saying that the bank was still looking for documentation before we could draw down the cheque. She is extremely cross over it (which I can't blame her) and wants me to pull the whole thing from the broker.
Herein lies my problem. Since we applied, I have changed jobs and my other half is only on a contract job for the summer and hoping to get a teaching position in September. If we pull the application from that broker, we will possibly have to submit new documentation which may not help our case.
I guess I just wanted to know if anybody else encountered this kind of a problem before and how they coped with it.
I would also like to make people, particularly FTBs, aware of some of the incapable brokers out there - as FTBs, you hope that someone will guide you along the mortgage route, how wrong I was.
Hi All
I am a bit disillusioned as I write this, having had serious problems with my mortgage broker, whose name I will not disclose here.
To give you an overview - basically, myself and my other half contacted this broker about 3 months ago with a view to getting a mortgage. Because my other half is a teacher and does not have a permanent job, we felt it best to go through the broker who we felt could advise us as FTBs.
About two months ago, we found a property we decided to buy. I immediately told the broker this and that we would need to process the mortgage application asap. We put a deposit on the property and all was fine.
I told the broker the cost of the property and how much we needed to apply for. After not hearing from him for a while, I again contacted him to find out that he had applied for more than the value of the property which absolutely cannot be done according to all the lending institutions.
About three weeks ago, our solicitor asked us to come and sign the contracts - the mortgage had still not been resolved due to the fact that the mortgage broker was requesting documentation which the solicitor was adament they shouldn't need. We signed the contracts and she put a clause in the contract to say it was subject to mortgage.
Having furnished the mortgage broker with all requested documentation, we hoped that things would move pretty quickly and we sorted out the mortgage protection insurance and the life assurance and sent the policies to the broker.
In the meantime, we were issued our loan offer but the offer was wrong and had to be sent back again.
In the last week, having been assured by the broker that everything was in order, we hoped to draw down funds asap - the property is a new one and so will require stage payments.
On Monday, I rang my solicitor and she told me that, despite what the broker said about everything being in order, she had just spoken with the bank and there were still documents outstanding - all of which I had previously given to the broker.
To top it off, the mortgage was not setup for stage payments as it should have been. I was extremely cross and immediately rang the broker who assured me everything was fine and he would ring the bank again.
I received an email from the broker yesterday morning saying that he had spoken with the bank and everything was in order and it would be processed and that he had emailed my solicitor to verify same.
Yesterday afternoon, however, I received a phone call from my solicitor saying that the bank was still looking for documentation before we could draw down the cheque. She is extremely cross over it (which I can't blame her) and wants me to pull the whole thing from the broker.
Herein lies my problem. Since we applied, I have changed jobs and my other half is only on a contract job for the summer and hoping to get a teaching position in September. If we pull the application from that broker, we will possibly have to submit new documentation which may not help our case.
I guess I just wanted to know if anybody else encountered this kind of a problem before and how they coped with it.
I would also like to make people, particularly FTBs, aware of some of the incapable brokers out there - as FTBs, you hope that someone will guide you along the mortgage route, how wrong I was.