...to be so upset but mostly angry that I've been turned down for a mortgage

[thebiggestloserinthenorth]

Hi all... Single mum here. I've been saving for years to try and get some money for a deposit as so much bad luck with renting. Was gifted some money by a relative.
Finally got a 'yes' decision in principle from a lender through a mortgage advisor (shared ownership) and so happy as just want stability for me and my child. Today I heard that they've now refused the mortgage application based on some of the deposit being gifted?
I have zero debts, a decent job and am so upset about this.
How are you meant to get on the properly ladder if you don't get gifted money?
Feel so deflated now.
AIBU to feel so angry... also have shelled out nearly £1000 in fees (holding fee & mortgage advisor fee..)
😢

@Jasmine11 very very complicated situation for a remortgage!
It's payable on completion. I've been trying to remortgage since Feb 2020, and had two brokers go AWOL on me
This company got me a DIP within 48hrs and have been outstanding, my adverse credit prevents me using high street/mainline companies

Should add its 2k for a new mortgage, mine is higher as it's a remortgage

[quote NotMyCat]@Jasmine11 very very complicated situation for a remortgage!
It's payable on completion. I've been trying to remortgage since Feb 2020, and had two brokers go AWOL on me
This company got me a DIP within 48hrs and have been outstanding, my adverse credit prevents me using high street/mainline companies [/quote]
Wow that's still a lot of money for a broker even so - sounds like they are taking advantage of your situation and 4.11% seems a very high rate they have got for you. But if you think they are worth the money then that's all that matters!

Sorry to derail slightly but I’m shocked so many people pay for a mortgage broker!!! I’ve been a homeowner since 2003 and have never had to pay a broker… we’ve moved house/ changed deals/released equity etc all with mortgage brokers involved and have never paid any of them!! I’m stunned this is considered normal!!!

@Jasmine11 they are specialists so.. it's very much if they can't get you a mortgage, nobody else can!
The rate is fairly average for a sub prime lender

@AssemblySquare

Sorry to derail slightly but I’m shocked so many people pay for a mortgage broker!!! I’ve been a homeowner since 2003 and have never had to pay a broker… we’ve moved house/ changed deals/released equity etc all with mortgage brokers involved and have never paid any of them!! I’m stunned this is considered normal!!!

Same here. I've had amazing brokers who have held my hand through 3 purchases and I've never paid a penny!!

@thebiggestloserinthenorth my current fixed term rate is 1.6% 4.11% seems huge.

[quote CrimeJunkie01]@thebiggestloserinthenorth my current fixed term rate is 1.6% 4.11% seems huge.[/quote]
That would be a great rate - but I'm not eligible for a mortgage with a high street bank, these are adverse credit companies so it was always going to be around 4%

*Years ago when I 'nearly' got a mortgage through an adviser, it was 1.5 % higher than the one I found for myself at the Halifax!!

Why didn't the adviser tell me about the Halifax - BECAUSE his commission would have been lower!!*

This is not allowed to happen anymore and if the FCA reviewed a file where there was no good reason annotated for the use of a more expensive lender there would be serious consequences for the broker.

Having said that commission is paid on how much is lent, not the rate at which it is lent.