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  • Mortgages & Finance

    Broker failing to deliver - need alternative

    Hi,
    I have handed over a £10k non refundable deposit to 'lock in' a vendor, under a legal agreement, The agreement allowed 6 weeks to put in place a formal mortgage offer, and go on to exchange.

    I assumed 4 weeks for the application process.

    However I am on my second broker, and two weeks and two days into the 6 week period - I am still struggling to find someone reliable enough to do what they say they will do.

    Cash buyers are waiting in the wings, and am concerned that I may lose not just my deposit, but a great devellopment opportunity.

    Each broker has been given clear instructions at the outset - that I require a very fast turn round on the application.

    I know what I want, and from whom, a mortgage with Kent Reliance and bridging with Shorebrooke or Precise, I have had in principal offers.

    (a formal offer by Kent Reliance for the mortgage was given last year - but due to family bereavement it could not be taken up).

    There has been one rejected application with BM due to a lack of knowledge of the product by the broker, and now more time being eaten into by a lack of response, he has had 3 days to submit the application to KR - but nothing has moved, and my calls being ignored in the last 24 hours, I have heard nothing.

    I will require immediate action,not promises.

    Can anyone recommend a fast acting reliable broker?

    Thanks

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    Hi Rob99,

    I would class myself as knowledgeable and fast acting (25 years in the business); the lenders you have chosen, presumably for low rates, would not be the ones I'd choose for a fast completion. All three have varying degrees of service issues and/or onerous offer conditions.

    Having said that, six weeks should be plenty of time to get bridging finance completed to purchase. Why do you need a term loan from KR and bridging finance to be arranged at the same time?

    I'd be happy to help, PM if you'd prefer.

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    I agree with nickkineticmoney. There are lenders specialising in fast completion. You have had two weeks and little progress. Do you know what the hold ups are? Are there issues you are unaware of or which may concern a lender. Dialogue is often the best way and of course there are lenders who specialise of speed of execution and you may have other security with a mortgage and you can just seek a top up.

    If you feel there is a big risk it won't happen consider flipping your position to one of the cash buyer. You at least would get your £10k back. Obviously that's a last resort.

    Best of luck.


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    Chartered Accountant, Tax Advisor and Mortgage broker

    (and BTL portfolio owner)

    stuart@johnsonsca.com

    02039077022


    Hi Rob,

    I'm happy to help. If you would like to call on 07581794922 and give me some more information on what has happened so far I may be able to offer some insight?

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    Jenny Reeves

    Property Tribes Financial services

    You can contact me via Direct Message, or 07581 794922 or call the team on 01206 654444 for personalised quote and advice

    Sorry to hear that Rob,

    Why are you waiting for an offer from KRBS, if bridging from precise is in the wings?
    They are typically happy to proceed as long as they are happy that you will be able to obtain an exit (to krbs).
    If you can go straight to KRBS they bridging wont be required.

    Just so you are aware though - KRBS is taking 4 days to underwrite submitted cases, if they come back with additional requests this can take up to 2 more days.
    Bearing in mind there is a valuation in the middle of that, which can take a few days as i'm sure you are aware.

    On another note "I know what I want, and from whom" is a difficult one for mortgage advisers, as that is "execution only". The adviser needs to recommend the best option, you can refuse there recommendation and on written confirmation they will then go to whom  you want.

    The adviser should not be ignoring your calls, regardless. You could talk to the head office, I know if I received such call id be having a word with the adviser. I try to instill in our team that communication, even if its "we have nothing to update you with yet" is better than none.

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    _________________________________________________________________________


    My posts are not financial advice but often me rambling - passing time on a coffee break.
    Our team at Bespoke Finance offers Limited Company Buy-to-Let and Cheap Life Insurance.

    _________________________________________________________________________


    Thank you all for your replies, very helpful.

    I have now engaged someone from this forum who is acting swiftly, they have even found better rates with other lenders -  applications will be submitted Monday.

    Shifting broker, yet again, is not something I wanted have happen, I have all the information to hand, can't see any reason for the delay, but I seem to have been plagued by my contacts taking days off and/or not returning calls/emails.
    In view that I came to them on the specific instructions that they act swiftly, - although they were quick to act to start, the lack of their ability to then follow through and keep me hanging - I found unacceptable.

    Hopefully I can get it nailed this (3rd) time. I hope.

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