Multiple Brokers

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Hells_Belle

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Hey folks --

I need a sub-prime mortgage so I made the choice to go through a broker. I found a broker I was happy with on Monday, who told me "24 to 48 hours" to hear back from the lender he recommended for my circumstances.

He's taking my calls but is simply saying the lender has not got back to him yet. That's not really good enough and I'd like to call a different broker to see if I can get a faster response from the lenders he or she is in touch with. (We're under a lot of time pressure here and if I'm not going to get a mortgage, I need to know ASAP so I can make rental arrangements immediately.)

Is there any downside to this? I'm a FTB and not Irish, so the system here is unfamiliar to me.
 
Hells_Belle said:
Hey folks --

I need a sub-prime mortgage so I made the choice to go through a broker. I found a broker I was happy with on Monday, who told me "24 to 48 hours" to hear back from the lender he recommended for my circumstances.

He's taking my calls but is simply saying the lender has not got back to him yet. That's not really good enough and I'd like to call a different broker to see if I can get a faster response from the lenders he or she is in touch with. (We're under a lot of time pressure here and if I'm not going to get a mortgage, I need to know ASAP so I can make rental arrangements immediately.)

Is there any downside to this? I'm a FTB and not Irish, so the system here is unfamiliar to me.
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First off, as far as I am aware sub prime lenders only operate in the broker channel so you do not have a choice between using a broker and going direct.
24 - 48 hours is usually fine for a straightforward AIP on a straight forward case. However, as you are getting a sub-prime mortgage there are presumably some issues regarding your application that are not straight forward (usual reasons for sub prime being poor credit history or lack of proof of income). Without knowing the particular circumstances of your application it is impossible to say whether the broker is doing everything in his/her power on this.
There is nothing wrong with using a second broker (no law against it anyways) but you could peeve off the lender and the 2 brokers if 2 app's go into the same lender!
 
Yeah, my issue is that I'm self-employed and don't have 2 years of accounts. Thus, I'm in the sub-prime market.

I'm working with another broker now, who had guaranteed me an answer from one lender today and additional lenders on Tuesday, after the bank hols. So, if that actually shakes out as promised, then I think we know broker #1 wasn't on the ball. I'll update accordingly!

And whilst yes, I can see that 2 apps from 2 brokers for the same lender could be annoying, on the other hand there's no way I'm going to do a deal via an agent who promised me a 24-48 hour response and then hasn't rung 5 days later! He should at least keep me updated -- after all, this is a paid (and not cheap) service, right?
 
yes, you are right to expect good service and yes, afaik you will probably be paying an arrangement fee on top of legal fees and a broker fee - so its not cheap!
 
Hells_Belle said:
Yeah, my issue is that I'm self-employed and don't have 2 years of accounts. Thus, I'm in the sub-prime market.
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I don't want to pry but if you've paid your tax and everything's okay in that regard, you could get an accountant now to do up proper books for you for the last two years. The cost of the accountant would certainly be a lot cheaper than the extra interest you'll likely pay to a sub-prime lender. But like I say I'm not prying, if your tax situation is less than ideal, or if you're getting lots of undocumented payments then that's another story.
 
Ubiquitous, the thing is that if you tell me you'll get back to me with an answer within 48 hours, I shouldn't have to ring you every day twice a day to find out there's no movement still three days later. Pick up the phone; it's not that hard.

But it doesn't matter: broker #2 proved broker #1 was not doing the job. Broker #2 came through as promised with not one but two offers before 5 PM. Apparently, someone out there is more than happy to loan us a big pile of money and we can buy a house! :) :)
 
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