Advanced search

Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

Advice needed on mortgage application - 2 brokers and applications at once

(4 Posts)
Count2three Tue 14-Mar-17 18:15:12

Really need some advice, this is so stressful.

Buying a new build and window to exchange contracts is long gone due to time taken to get a mortgage.

DH is self employed, I'm a shareholder of the business. Went with broker A who took a life time to apply for a mortgage. Constantly requesting more info etc. Found out last week we were rejected. Gutted but desperately want property so went to broker B (who can use a credit check from 6 weeks ago) and apply to another lender. They're confident they can get us a mortgage. So I ask broker A for a refund of their fees but didn't tell them we're going with another broker.

Today broker A calls to say they've found out why we were rejected. Basically the lender considered only DH's share of the business despite it being a joint application. Broker A suggests with one more bit of information from accountant, we can ask lender to re-consider.

Can we pursue two applications with two brokers, unaware of each other? Are there any pitfalls apart from double valuation and broker fees?

If you're still awake after reading, would be grateful for advice.

UncomfortableBadger Wed 15-Mar-17 06:21:41

Every mortgage application will show up on your credit report and several applications within a short space of time really won't look good to any lender.

I think your anger is possibly misplaced - it's not Broker A's fault that the underwriters requested more information. This is completely normal & lenders now require a huge amount of info to demonstrate that they are lending responsibly - for those who are Company Directors or self-employed without guaranteed employment income, this is even worse as the risk to the lender is perceived to be higher.

I'd get the original lender to reconsider in the first instance; this won't leave an additional footprint on your file. Underwriters make errors all the time.

VacantExpression Wed 15-Mar-17 12:59:34

Agree with Badger. Good luck. IME builders can be patient when they can see you are actively trying, not just wasting time.

gemsie009 Thu 16-Mar-17 11:18:11

I would only stick to one broker due to our previous problem. My DP is self employed and we went to a broker 4 years ago, took ages and it was becoming clear he had no clue about how my DP's earnings worked out, kept being asked for more info, we were running out of time and eventually the broker said to stop going any further and go direct to a different lender as he felt our application would be rejected and this would look bad on our credit file when applying again, we went direct to a bank, applied online and no problems with him being self employed, mortgage offer within a few weeks!

Join the discussion

Registering is free, easy, and means you can join in the discussion, watch threads, get discounts, win prizes and lots more.

Register now »

Already registered? Log in with: