the *perfect* remortgage lender

Axieros wrote: »

@getmore4less:

The debt is quite old, slowly reducing, and I moved it from a long-term 0% promo rate that was ending to 0% transfer cards with £0 transfer fees. I wouldn't add it to the mortgage, but if I don't do that, I believe I cannot borrow the extra needed for renovations. This debt coupled with some childcare costs reduce my affordability a bit. Childcare costs will reduce to nil next year.

Regarding affordability I put my numbers in several calculators online (Nationwide, Halifax, Barclays - I actually got an AIP from Barclays for the amount I need) and most of them say affordable IF I don't enter anything in the debt box - even at 20 years mortgage terms, which I prefer. I can always go to 25 years if needed, then overpay. Or, I can halt my own pension contribution for a couple of months prior to remortgaging; I'm contributing a hefty % of my salary at the moment, believe that's also reducing affordability.

waffle, no facts.

Axieros wrote: »

So basically after several messages I didn't get any lender names and also have no idea how much I should expect to pay in broker fees, is it £300, £500, £1000, more? A range would help.

Thanks though, it's an informative discussion nevertheless :-)

--Most who have already posted have been here a very long time helping a lot of people but doesn't guarantee that they will have an answer for your situation. They are not obliged to either.

-- Its a weekday and most have a life outside of the forum so worth giving the post some time. If you get nothing further then it suggests that none of the people who've read your post are able to help. That said you have already received some advice even if you don't see it as such/or isn't what you want to hear.

-- As for how much brokers cost, you'd need to get that info from the broker you go with as pricing structures can vary. Based on colleague experiences they can have different pricing structures depending on the complexity of the case. My ex and colleague used same broker for a London property of similar price (£320-350) . It cost my colleague £750(remortgage and btl purchase using equity from remortgage) but cost my ex over £1000(complicated remortgage) but this doesn't really help you... see where I'm going?

The thing is, going to a middleman with no knowledge whatsoever about what you might obtain going to the market directly exposes you to a greater risk that the middleman might recommend a product that is in his best interest, rather than yours. This could be any combination of him getting paid more and/or him having to do more work. This risk applies to any service in any sector, not just mortgages. The risk will of course be greater or lower depending on a number of factors, like the regulation in the sector, competition, how transparent the sector is, etc.

I am using a broker right now because the inefficiencies of the mortgage lenders when I applied directly have caused me to lose my will to live. E.g. Nationwide’s online system crashed because it didn’t like my address; I should have gone to a branch or booked a telephone “consultation” – first slot available in 2 weeks. Thank you, but no thank you – my time is more precious than that. In my case, the broker doesn’t give me any specific advice (I don’t really need any), doesn’t give me access to deals I would not have been able to apply directly (my situation is very straightforward), but simply saves me time. Time is precious. More precious than money, in a way – I can borrow money but I cannot borrow time!

As for specific names, have you done any research yourself? A quick search on price comparison websites will easily show multiple lenders with 5-year fixed rates < 2% for 60% LTV. Have a look at their criteria, and start from there.

Axieros wrote: »

@SouthLondon: yes - I used the comparison on this site, also several calculators, even got an AIP. There are quite a few lender names with <2% rates for 5-yr fix but I don't know which ones are happy for me to 1. add the existing CC debt to the mortgage and also 2. which ones include bonus and child support in affordability calculations.

If you want to inform yourself before seeing a broker then you need to go on to a lenders website and read their lending criteria and you will then easily find what they say with regards to if they accept bonuses etc etc...
Otherwise if you can't be bothered to do that then go straight to the broker.

SouthLondonUser wrote: »

The thing is, going to a middleman with no knowledge whatsoever about what you might obtain going to the market directly exposes you to a greater risk that the middleman might recommend a product that is in his best interest, rather than yours. This could be any combination of him getting paid more and/or him having to do more work. This risk applies to any service in any sector, not just mortgages. The risk will of course be greater or lower depending on a number of factors, like the regulation in the sector, competition, how transparent the sector is, etc.

Regulated sector.

A Broker has a responsibility to recommend a more suitable product where it is available. A Lender does not.