Unbelievable! Mortgage application related
Discussion
Back in August I applied for a mortgage through my financial advisor. A lender, one of the bigger players, accepted. I received a mortgage offer through the post. Fine. We can call these guys "Lender 1"
The amount was around £300k. I have a big deposit. We are not subprime here.
My financial advisor informed me a couple of weeks later, verbally, that the offer had been withdrawn.
At the time I had applied for a loan to finance a new R8 V10 so we thought that maybe the mortgage had been thwarted by the loan application for the car. I got all my credit scores etc from experian and equifax, nothing on them but good stuff.
I didn't get anything from the Lender 1 to tell me the offer was withdrawn, just the verbal advice from my advisor. I will call him Bob from now on as I can't be bothered typing advisor all the time. Anyway, I am advised by Bob to send a letter to this lender explaining the circumstances, so I do. Bob thinks they somehow got wind of my R8 application and thought it was me trying to borrow the deposit or something. Don't see how as it's not on my credit file. Nothing happens.
Dec 22nd. Bob informs me that he has applied to another (big) lender, "Lender 2", and if the R8 has gone through and there is nothing on my credit file we should be ok. So the application goes in.
Wait and wait and wait and wait.
Finally about the 20th Jan Lender 2 want to send the valuers. Bob says these are the same valuers that Lender 1 used, he'll see if they can use the same valuation. Wahey, they can and there's no fee. Great, things are moving.
They want proof of earnings, I send it, Bob says they've accepted it.
Wait and wait.
Now all of a sudden Bob says I need to pay for the valuation to be retyped for Lender 2. So on Monday 25th Jan I call Bob and make a card payment to cover this.
Today the estate agent, who by now is getting a bit windy, calls and asks why valuers from a DIFFERENT lender, "Lender 3", want to come out tomorrow. Well I've no idea so I call Bob a few times but get no reply.
So I went to his office and he was there. I am told that "Lender 3" was applied to at the same time as Lender 2, and Bob had let the two applications run side by side in case one had complications. Now I have a mortgage illustration from Lender 2 outlining the deal, but I've never had anything from this Lender 3, nor have I sanctioned any application to them.
Ok, so I left Bobs office just after lunch today and rang my card provider, for the card I used to pay for
Lender 1's valuation to be retyped for Lender 2.
Well they've had a payment go out, but not on Monday the 25th to Bob but on Friday 29th to Lender 3.
Bob said he had no idea they were going to arrange a valuation today, yet he paid for it using my card details last Friday.
I really don't know what is going on here. I don't know what to do. Bob, when I rang late on this afternoon said, no, he paid lender 2 on Monday.
When I asked how Lender 3 was paid on Friday 25th WITH MY CARD he said he'd ring me back.
He hasn't.
Has anyone any ideas, assuming you've made it through this marathon read!
The amount was around £300k. I have a big deposit. We are not subprime here.
My financial advisor informed me a couple of weeks later, verbally, that the offer had been withdrawn.
At the time I had applied for a loan to finance a new R8 V10 so we thought that maybe the mortgage had been thwarted by the loan application for the car. I got all my credit scores etc from experian and equifax, nothing on them but good stuff.
I didn't get anything from the Lender 1 to tell me the offer was withdrawn, just the verbal advice from my advisor. I will call him Bob from now on as I can't be bothered typing advisor all the time. Anyway, I am advised by Bob to send a letter to this lender explaining the circumstances, so I do. Bob thinks they somehow got wind of my R8 application and thought it was me trying to borrow the deposit or something. Don't see how as it's not on my credit file. Nothing happens.
Dec 22nd. Bob informs me that he has applied to another (big) lender, "Lender 2", and if the R8 has gone through and there is nothing on my credit file we should be ok. So the application goes in.
Wait and wait and wait and wait.
Finally about the 20th Jan Lender 2 want to send the valuers. Bob says these are the same valuers that Lender 1 used, he'll see if they can use the same valuation. Wahey, they can and there's no fee. Great, things are moving.
They want proof of earnings, I send it, Bob says they've accepted it.
Wait and wait.
Now all of a sudden Bob says I need to pay for the valuation to be retyped for Lender 2. So on Monday 25th Jan I call Bob and make a card payment to cover this.
Today the estate agent, who by now is getting a bit windy, calls and asks why valuers from a DIFFERENT lender, "Lender 3", want to come out tomorrow. Well I've no idea so I call Bob a few times but get no reply.
So I went to his office and he was there. I am told that "Lender 3" was applied to at the same time as Lender 2, and Bob had let the two applications run side by side in case one had complications. Now I have a mortgage illustration from Lender 2 outlining the deal, but I've never had anything from this Lender 3, nor have I sanctioned any application to them.
Ok, so I left Bobs office just after lunch today and rang my card provider, for the card I used to pay for
Lender 1's valuation to be retyped for Lender 2.
Well they've had a payment go out, but not on Monday the 25th to Bob but on Friday 29th to Lender 3.
Bob said he had no idea they were going to arrange a valuation today, yet he paid for it using my card details last Friday.
I really don't know what is going on here. I don't know what to do. Bob, when I rang late on this afternoon said, no, he paid lender 2 on Monday.
When I asked how Lender 3 was paid on Friday 25th WITH MY CARD he said he'd ring me back.
He hasn't.
Has anyone any ideas, assuming you've made it through this marathon read!
MRSNEAK said:
Looks like only Bob knows what's going on, I assume he will be doing well out if this if it goes ahead, let him sort it out.
You're kidding.......Bob should be telling you step by step what's going on. Especially if he's spending your cash on multiple surveys.
If I were you I would want to know why the first offer was withdrawn. (Lenders did withdraw offers last year, but I'd want a reason, and in writing.)
You have to have a KFI. If you haven't got one why not? ETA, You went in to see him, you should have recieved a KFI then.
If the guy is working to improve your rate fine, but then he'd have told you about it. At the moemnt you have no idea what he's doing, and its your cash he's playing with.
I'd be particularly annoyed that he'd applied for a mortgage that I didn't even know about if i were you.
He should know that having two mortgage apps running side by side could cause you problems, and he's also left 3 footprints on your credit score.
You need many more answers than to simply let him get on with it.
Edited by scotal on Tuesday 2nd February 10:06
JohnnyJones said:
The application to Lender 3 is now stopped, he says it was backup in case something went wrong with Lender 2.
Thanks for the replies.
Oh, what is a KFI?
Key Features illustration, its the document that lays out the details of your proposed mosrtgage application. Thanks for the replies.
Oh, what is a KFI?
What the mortgage will cost you to set up, maintain and get out of. What happens when any incentive rate comes to an end. How much you can overpay. Whether you can take payment holidays or make underpayments, and under what circumstances
What happens if you want to move house (is the mortgage portable)
How much the broker's firm (and/or any networks or mortgage clubs) are earning out of the transaction. This should include the fees payable.
Whislt I have no doubt that he obtaned a kfi for the mortgage, or at least his paperwork shows that it was all done in the right order, the fact that he applied for a mortgage without your knowledge and without having told you about the scheme he was proposing (even as a back up) is grounds for a complaint if you chose to go down that route. Most wouldn't, all you really want is a mortgage, right?
Oh and on a personal note, whilst no mortgage application is ever guaranteed to suceed, if he'd done his homework properly, the chances of needing a backup should be infintessimally small.
Small enough to negate the need for leaving a 3rd footprint on your credit file.
ETA for the avoidance of doubt the KFI should come to you prior to application. It doesn't show what you have applied for, it shows what the advisor is propsing you apply for. Hence my bold above.
Edited by scotal on Tuesday 2nd February 16:42
Sorry I realise it might be quite late in the day to be joining this - maybe you've completed now.
Sounds like "Bob" has been up to no good. Be worried about even the slightest whiff of impropriety. I would say you need to ramp up (in his mind) the impression that you are now focussed on supervising the intricate details of everything that is going on. This could commence with a polite request to have an explanation in writing of all the stages that have been gone through so far and a request to run everything by you before doing it.
Sounds like "Bob" has been up to no good. Be worried about even the slightest whiff of impropriety. I would say you need to ramp up (in his mind) the impression that you are now focussed on supervising the intricate details of everything that is going on. This could commence with a polite request to have an explanation in writing of all the stages that have been gone through so far and a request to run everything by you before doing it.
Edited by a_bread on Tuesday 16th March 13:07
Is it too late to suggest a new 'Bob'?
I had a Bob like this, ended up losing a good property because of it.
I then went on to become my own Bob by just dealing with the lenders direct.
I did a few mortgages through the lender direct, often getting KFI to offer in less than a week. This is a couple of years ago, so I guess they've tightened up a lot now, but it still shouldn't take more than a few days to arrange a mortgage if you're dealing with sensible people.
Good luck.
Bob.
I had a Bob like this, ended up losing a good property because of it.
I then went on to become my own Bob by just dealing with the lenders direct.
I did a few mortgages through the lender direct, often getting KFI to offer in less than a week. This is a couple of years ago, so I guess they've tightened up a lot now, but it still shouldn't take more than a few days to arrange a mortgage if you're dealing with sensible people.
Good luck.
Bob.
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