Broker advice

Ian_Griffiths_Halifax

He should have told you of any fee up front, and if he's allowed the lender to do a Credit Check already, without advising you of any fees payable to him then you can assume there aren't any and use this fact.

koexelek

boggie40 wrote: »

one thing really worries us is that his brother owns the estate agency that we are buying the house from, we are worried if we say to him we are going elsewhere we may lose this house as someone else has an offer pending that is also acceptable (just not as much as our offer)

I would walk away. I'd refused to be blackmailed, even if it meant losing the house

boggie40

Update
Went to see broker today and fired off questions suggested in this thread.
He could see we had done a bit of homework and looked a bit resigned to the fact that we were no longer green and an end to a little bonus for him prior to xmas.

Anyway we gave him a chance and he went through what he had done already.
Having done some digging myself MBS Lending were one of very few companies that would even consider dealing with us, without offering staggering rates of 10.6% +.
He is working on a commision based fee from the lender and the deal we have signed for is:

A fixed rate of 8.35% until 31/12/2010. At the end of the fixed term the rate changes to a variable rate of 4.25% above the BoE base rate.
Obviously in 2 years time following the fantastic advice off this site i will have got my credit score a lot more respectful. I know the main high street lenders will probably still not touch me, but with 2 years of being cautious with our money we will be able to strike a better deal with another lender.

Not sure if others would agree with my assumption that we have got a fair deal ? bearing in mind that i am only just over 2 weeks out of my bankruptcy.
We have a deposit of £39,800 so we are borrowing £119,962.00.
We had to pay the MBS a fee of £299. This was supposed to be for administration, but they state on the application that a fee of £299 is required for a property survey. So i think there has been a bit of a mix up, unless that is they are going to phone us 2morow and ask for another £299 ?? And i don't think a basic survey costs anywhere near £299 !!!

koexelek

boggie40 wrote: »

.
We have a deposit of £39,800 so we are borrowing £119,962.00.
We had to pay the MBS a fee of £299. This was supposed to be for administration, but they state on the application that a fee of £299 is required for a property survey. So i think there has been a bit of a mix up, unless that is they are going to phone us 2morow and ask for another £299 ?? And i don't think a basic survey costs anywhere near £299 !!!

I this day and age, that is a very reasonable fee for a basic survey.
They usually cost £300 to £400 and sometimes the surveyor never even goes round the house :eek:

feisty1

boggie40 wrote: »

A fixed rate of 8.35% until 31/12/2010. At the end of the fixed term the rate changes to a variable rate of 4.25% above the BoE base rate.
How much is the lender's arragement fee? (section 8 of the KFI)
[quote we will be able to strike a better deal with another lender.quote
You have no guarantee of this
quote We have a deposit of £39,800 so we are borrowing £119,962.00.quote = £159762.00 = 75% LTV!!
In the current climate I actually find this deal staggering, trusting this goes through ok & yr purchase completes I would say you have done very well for yourself........Good Luck

boggie40

The arrangement fee is £1195.00 being added to the main loan. so we went with our instincts in the end as i said and gave this broker a chance.

I still very much appreciate peeps input on this thread, been very re-assuring and would have no doubt cost us a little more for the broker fee if i hadn't run it pas you people first.
Many Thanks