Salvaging a mortgage application

[equationgirl]

Now you come to mention it I do remember being told this at some point in the past, about a loan I think. It does seem like our FA has a path in mind for us and that he's not keen in deviating from it but is, at the very least, being unclear about that with us.

That would concern me a lot, to be honest, because he comes across as doing the best for him rather than what's best for you, his clients. The suspicious side of my brain is wondering what he is up to - could be anything from meeting commission targets to something downright illegal.

The first question is why did he decide to change mortgage provider without consulting you? Big warning bell there.

The second question is are you sure this FA is getting you a decent deal? Are you keeping an eye on what's out there, to be certain?

I dealt with a FA for my current mortgage, he kept me informed about any changes and always asked me what I wanted to do. He carried out my instructions, I wasn't just along for the ride.

 

[Looby]

That would concern me a lot, to be honest, because he comes across as doing the best for him rather than what's best for you, his clients. The suspicious side of my brain is wondering what he is up to - could be anything from meeting commission targets to something downright illegal.

The first question is why did he decide to change mortgage provider without consulting you? Big warning bell there.

The second question is are you sure this FA is getting you a decent deal? Are you keeping an eye on what's out there, to be certain?

I dealt with a FA for my current mortgage, he kept me informed about any changes and always asked me what I wanted to do. He carried out my instructions, I wasn't just along for the ride.

Lenders do quite often have to be changed for various reasons. When I worked for a broker it was often either the borrowers hadn't told us something or to do with the survey.

It's a bit odd that he didn't keep them informed but that could just be that he's a bit shit rather than anything shady.
They would at some point have to sign an application with the new lender though.

 

[equationgirl]

Lenders do quite often have to be changed for various reasons. When I worked for a broker it was often either the borrowers hadn't told us something or to do with the survey.

It's a bit odd that he didn't keep them informed but that could just be that he's a bit shit rather than anything shady.
They would at some point have to sign an application with the new lender though.

It's not the changing I'm concerned about, it's the lack of consultation. Also why hasn't the adviser said why the change happened?

 

[equationgirl]

Any luck with this, BMD?

 

[bmd]

We got it! We wore them down and they got sick of asking for new stuff I think. We got our little 2 bed flat for £75K, down from 85. It is completely refurbished, new neutral decoration throughout, new bathroom and kitchen, new windows, boiler and wiring. 100 yards from the seafront. No view as it's a basement flat but I can smell the sea in it, a sea whiff I think estate agents call it.

It's lovely that you asked, thanks.

 

[moomoo]

How lovely!

 

[Termite Man]

All I had to do was provide proof that I had the deposit, I didn't need anything to show where that money had come from

 

[Leafster]

Glad to hear it's all sorted. Good luck in your new home!

 

[stuff_it]

Spend the deposit money you're getting given on a canal boat.

 

[trashpony]

We got it! We wore them down and they got sick of asking for new stuff I think. We got our little 2 bed flat for £75K, down from 85. It is completely refurbished, new neutral decoration throughout, new bathroom and kitchen, new windows, boiler and wiring. 100 yards from the seafront. No view as it's a basement flat but I can smell the sea in it, a sea whiff I think estate agents call it.

It's lovely that you asked, thanks.

You'll be able to hear the sea too. It took me ages to realise what that distant roar was in the dead of night

Congratulations

 

[equationgirl]

Glad it all got sorted out

 

[bmd]

Spend the deposit money you're getting given on a canal boat.

I would love one but they would send my gf mad

 

[stuff_it]

I would love one but they would send my gf mad

What do you mean by 'they'?

(((boaties)))

 

[temper_tantrum]

Well done BMD Are you completed and moved in yet?

 

[Johnny Canuck3]

edit

 

[Johnny Canuck3]

Apparently they wouldn't have even considered the application if they'd known the deposit was a gift as it's not allowable in their criteria due to an FSA ruling about money laundering.

That's very very surprising to hear. It's not that way in this country, and we have money laundering laws as well.

 

[grit]

We got it! We wore them down and they got sick of asking for new stuff I think. We got our little 2 bed flat for £75K, down from 85. It is completely refurbished, new neutral decoration throughout, new bathroom and kitchen, new windows, boiler and wiring. 100 yards from the seafront. No view as it's a basement flat but I can smell the sea in it, a sea whiff I think estate agents call it.

It's lovely that you asked, thanks.

Where in the UK is it?

Congratulations btw

 

[moonsi til]

Congratulations on your new home......I'm in the UK and was not asked where I got my deposit from either. I just had to prove it was in my account.

I also made a overpayment of nearly £500.. which I got back as a surprise cheque last month.

 

[RaverDrew]

Nice one BMD £75k would barely buy a cupboard in London

 

[mrs quoad]

Nice one BMD £75k would barely buy a cupboard in London

And you'd have to live in London.

These = the reasons we're never going to live in London

(Though tbf, house prices are the same around here - only there are villages nearby that aren't half so bad.)