The Broker Blues Thread

A question about : The Broker Blues Thread

Today, I've had a HTB - EL enquiry, I've had to turn down. He's got Ј200k deposit, wants to buy for Ј395k, but can't understand why he can't borrow Ј130k on a salary of Ј21k.

Halifax has told me I can borrow Ј130k.

The HCA calculator says 6X income and 53% debt to income ratio is a non-starter, before I start on lender affordability.

Another wants to buy on shared ownership newbuild. IVA ended in 2011 and LTV too much for any lender but one which won't accept the IVA.

Finally, another shared ownership case, fits only one lender again and without six months employment they won't touch it.

Anyone else having a plaiting sawdust kind of day...?

Best answers:

• My fun one is having to rewrite 25 mortgages on a newbuild site (shared ownership) because they were meant to move in nov 2013 but will now be may or june 2014 - flats are built and ready but problem with southern water so handover delayed. One or two have changed jobs so may not qualify for new mortgages and yes they have exchanged...
  oh yes and one this morning who want to borrow 198k on a remortgage (property value 220k so 90%) on salaries of 26k, 7k, 2 kids and Ј350 a month debt commitments and Ј100 child care. I am apparently the 4th broker they have asked. Hopefully they will get the message now.
• The biggest difficulty SO borrowers don't seem to grasp is their car loan, shared ownership rent and childcare costs all come off affordability.
  They seem shocked when I tell them they can borrow Ј30,000 when they thought a Ј60k mortgage would be a cakewalk.
  I know what you mean about build dates. Thank God for Halifax and its flexibility.
• Sorry Mr customer, but yes the payday loans do matter even if you paid them on time and didn't think you had to mention them !!!!
• Just had Nationwide on the phone.
  Applicant rents via a letting agent, so six months bank statements have been submitted.
  Why is there a page missing? - there isn't, there were no transactions between 2 Sep and 16 Sep. Check the account balances!
  What is the payment to Utility Warehouse for?
  If he rented straight from the landlord they wouldn't ask for bank statements at all, so why questions not about the rent payments?
  Nonsensical inconsistent approach.
• It's interesting to see the opinions of people on the other side of the desk!
• This thread makes me feel a bit better about our ongoing application, we are in a much better position than most
• About to send a self build mortgage application pack to the lender that weighs a kilogram.
  Looking forward to getting the first list of queries back on it!
• ..... and NO your Experian score of 9 million doesn't make a difference !!!
• Ahh. The rarity that is a paper application.
• We do shed loads of three people apps - nearly always (God bless Kent Reliance) paper apps - so at least a couple of those go out most weeks (at least we have a lady wot does the applications these days)
• The only regular stuff we do on paper these days is Nationwide ports, NewBuy and when their daft online postal address system decides the property has a different address to the one on the title deeds and it has to be done manually as a result.
• Could be worse. You could be constantly chasing a valuer for his comments on an electrical report he has had since last Thursday!
  Only Moyes' impending sacking keeping me smiling today!
• Had a client last night sign all TOBs, Decs etc. with a lender, and just before submitting the FMA decided to query whether or not their discharged bankruptcy would affect the application.
  Pretty easy to place elsewhere but when I ask if you've ever been subject to bankruptcy, IVA or had any defaults / arrears I should be aware of...
• - House down valued by Ј25k because part of the garden does not belong to the property.
  - Underwriter (on an adverse mortgage) being power hungry for client who has gone overdrawn by Ј3 for a day after outlaying Ј1400 for 4 peoples holidays who then paid him back.... common sense underwriting? 2 minute chat to my account manager and 20 minutes later a mortgage offer comes through.
  - Underwriter asking for 1 years accounts or SA302 - supplied SA302, then asked for 3 years - supplied, then asked for accounts as its no longer practice to ask for SA302s??? Doesnt have accounts - "Mortgage will be declined".... 5 minute chat with account manager, mortgage offer issued.
  Its been a week of losing a little bit more of that hairline i once had.
  On the upside, its sunny and i got to put my sunglasses on this week AND have the car window down - summer is on its way!
  EDIT:
  Just reading this back, this is part of the job the clients dont see. They dont see the issues we resolve without even mentioning it. Im not trying to "big up" the job of a broker but there was the potential for 3 cases to get declined had they gone direct and not had that "relationship" we have with lenders.
  But i love my job, i choose to go after adverse and complex mortgages and wouldnt change it.
• Nationwide underwriter - You need to supply full bank statements.
  Me - I have
  Nationwide u/w - No, the ones we have show transactions on 24th, then nothing until 27th
  Me - Err, those are December's statements. Last time I checked the 25th was Xmas day. I don't know about you, but I don't do much shopping on Xmas / Boxing Day
  I am an Independent Mortgage Advisor
  You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
• What a great thread! Definitely one for the "do I really need a broker?" brigade. Especially those with complex situations.