refused after getting agreement in principle and survey

Last post Mon, Mar 16 2009, 7:36 AM by Somerled. 3 replies.
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  •  Mon, Mar 16 2009, 7:36 AM

    Re: refused after getting agreement in principle and survey

    You should contact this advisor again and ask him what he is going to do about this. Maybe threaten him and his company with the Financial Services ombudsman! They absolutely hate that! It most probably wont do any good but it may make you feel better.

    These people don't normally get an 'introducer' commission from lenders. They normally make their money from signing you up on mortgage related insurance policies. 'If' you have taken one of these out through this advisor then cancel it. The advisor will have to repay any commision he has recieved if the policy is not in force for a minimum of 12 months.

    Good luck.

    • Post Points: 5
  •  Sun, Mar 15 2009, 5:01 PM

    Re: refused after getting agreement in principle and survey

    Thanks very much for your answer and advice

    I forgot to mention another side of the story. I had a financial advisor who had all payslips and I told him about this overtime being "projected " for 2009, i.e. not yet materialised. He assured me everything will be OK, but now this happened. He is not answering my replies promptly as it was before getting the AIP. Could it be the case he got his commision now (his cimmision was piad by the lender, not by me) and he doesn't want anything to do with my case anymore?

    • Post Points: 20
  •  Sun, Mar 15 2009, 4:27 PM

    Re: refused after getting agreement in principle and survey

    This must be so infuriating for you but unfortunately your proposed 'lender' holds all of the cards! Unless you can get a letter from your employer guaranteeing you the overtime for this year I doubt whether they will move on this. I believe that someone at the lender should have forewarned you that you would need a guaranteed confirmation from your employer for your 2009 overtime to get this mortgage BEFORE actually going to survey.

    Because of the economic down turn throughout most jobs/industry in this country, lenders are very wary of words like bonus, commission, over time etc as a lot of these projected incomes will not now materialize. If your situation is different then as I said, try and get a letter from your employer/pay office guaranteeing this overtime. It really is your only hope.

    Very good luck to you.

    • Post Points: 20
  •  Sun, Mar 15 2009, 3:06 PM

    refused after getting agreement in principle and survey

    I am desperate for some advice please!!! I hwas told I have probelms getting the mortgage although I had agreement in principle all ok and payed for the lender survey and evaluation!!!!

    After getting the AIP and having the survey on the property and evaluation, the lender said I have a problem as they thought reference from my employer about my "overtime allowance". I gave them an approximate figure for my projected overtime in 2009, which of course I haven't been paid as it is still early 2009. After I got the agreement in principle and paid for the evaluation they said they asked my employer who confirmed the overtime for 2008, which is much lower than what I told the lender for 2009. I am 100% confident I will get this overtime but it takes time to build it up. My lender now is saying they won't be able to offer the loan I am asking for.

    What shall I do? they first said it was all ok and gave me AIP and charged for the survery and now they are saying they won't lend me the money? Please advice!!!

    • Post Points: 20