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Mortgage application- possible to have two brokers and two applications?

(6 Posts)
Count2three Tue 14-Mar-17 19:44:32

(Also posted in money matters)

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.

SnowGlobes Tue 14-Mar-17 20:27:48

Mmm? I think doing multiple applications can negatively affect your credit rating. I'm sure I've read this somewhere. But probably no different to being refused the first time. Broker B I'm guessing knows you've been refused so she/he can explain any adverse rating whereas broker A may find it more difficult if going back to original mortgage company. You may need to tell broker A.

Count2three Tue 14-Mar-17 21:09:43

Thanks Snow. I'm not too worried about credit rating as they both credit checked us at the same time a couple of months ago as we were originally going to go with broker B, the developer recommended broker but then chose broker A, a self employed specialist broker. I believe both mortgage in principles are valid for 3 months so credit searching should all be complete. It's all complicated but very tedious!!

SnowGlobes Wed 15-Mar-17 00:20:20

I think it'll be fine then. I'd be interested to see what the money thread say to you though. All the best!

wowfudge Wed 15-Mar-17 06:04:15

Hmm - I'm not so sure you won't get credit checked again by the second broker. A lot of MiPs are done on a soft check which doesn't show in your records. When you make a full application, a full check is carried out.

wowfudge Wed 15-Mar-17 06:04:25

Hmm - I'm not so sure you won't get credit checked again by the second broker. A lot of MiPs are done on a soft check which doesn't show in your records. When you make a full application, a full check is carried out.

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