Landlord Products / Services
Dear Diary,
(Yes, yes, yes, I bloody know in my previous entry I said the Dear Diary crap was starting to feel stupid. It’s staying, okay?).
I haven’t checked in for a few weeks. Don’t worry, I’m alive and well, but my mortgage broker might be an idiot. Although, there’s a chance he’s not.
He probably is.
So, you remember that mortgage application I completed with my broker a few weeks ago? It got rejected by the lender, so I’ve been waiting around like a lemon, twiddling my thumbs, while my broker earns his pay cheque by getting that gigantically concerning issue resolved ASAP.
I’ve heard that the the process of buying a house can take anywhere between 6 – 16 weeks on average, and I confirm that the rumours are try, 99.99999% of that time entails waiting around for other people to do their job and get shit done. But the problem with that is, you’re relying on other people. And the problem with that is, other people are unreliable, and quite frankly, wallies.
Anyways, needless to say, I’m up shit creek without a paddle without the cheese.
So a few weeks ago I received a nervy call from Lee, my mortgage broker:
We might have a slight issue
I sit down and prepare myself for a stroke.
Okay, what is it? I’m sitting down.
Northern Rock are being a bit iffy about approving your application. I think they now need to take your yearly salary into account and therefore need further documentation from you.
I found that odd, because BTL mortgages are usually based on the rental return, not the borrower’s salary. I’m assuming lenders’ are starting to tighten up their game.
Left side of my face starts to droop and feel numb.
Great time to do that. Okay, so now what? Should we be worried?
Leave it with me, I’ll see what I can do. It’s not over.
That’s the spirit!
For the record, if Lee has to get on his knees and suck aubergine-shaped objects to make this happen, then I’m going to support him. To clarify, I’m talking about providing spiritual support, not physically supporting his head while his neck is thrusting back and forth like a chicken’s. That would be totally inappropriate, I don’t mix business with pleasure.
Two weeks later, I haven’t heard a peep. Is my broker an idiot?
Err… Lee… Hello?
Anyone home?
I’ve left two messages for him in the past two weeks. What’s going on here? Is this normal behaviour? Is ignoring the client protocol?
I’m not sure who’s to blame here (it’s certainly not me), but there is a definite breakdown in what I had hoped to be a smooth property purchase.
Where the fuck are you, Lee?
I’m going to try again (four days ago), even though I shouldn’t be the one chasing here. I look desperate. I am desperate.
He miraculously picks up, and my anxiety levels instantly drop to the ground like a granite boulder.
“Oh, thank God, you’re still alive, Lee”
Sarcasm!
He offered a vague and unconvincing story about the lender being excruciatingly slow at responding because it’s the Christmas period and apologised for the radio silence.
Oh, okay, right.
I played nice and told him I understand (I don’t), because right now I feel like he holds some crucial chips. But I did politely request for him to keep me informed of progress, even of the delays. I don’t mind delays as long as I’m kept in the loop. It’s the not-knowing that stings and clogs my arteries.
He graciously acknowledged my request.
In the back of mind, I’m still baffled as to why I would need to request being informed.
What an idiot!
This morning the sun shines!
After a lot of ass-scratching and chair spinning, I received the call from Lee this morning. He had an update for me.
IT’S BEEN APPROVED!!
Lee, you beautiful man!
You really aren’t an idiot! I’m so relieved!
How did you do it?
It turns out that Northern Rock requires three months worth of payslips and I only sent them one. So it wasn’t that they weren’t happy with your salary, or that they’re basing the entirety of the loan on your salary, they just needed more paperwork as part of their due diligence.
I waited around almost three weeks for that?
And my salary wasn’t even the issue?
Well, in that case, you’re an idiot.
But I’m happy! Mortgaged sorted.
Thanks, Lee.
Disclaimer: I'm just a landlord blogger; I'm 100% not qualified to give legal or financial advice. I'm a doofus. Any information I share is my unqualified opinion, and should never be construed as professional legal or financial advice. You should definitely get advice from a qualified professional for any legal or financial matters. For more information, please read my full disclaimer.
My lender makes me turn into a big green monster.
My husband is in iraq. We are first time home buyers.I believe that is the main reason he is not working. My lender waits two days before to let me know we need 1500 dollars more to close. I scramble to get the money. everyday he has me driving an hour to drop off some paperwork. I've been in this process for over 5 months. Yesterday we were informed big possibility we won't get the house. Tomorrow is our deadline. We need a miracle. I cannot believe after all I have been through we will end up losing about 3 grand. There has to be something illegal he is doing and I swear I will find it!