Mortgage advice - a million questions....

holbrook99

Conrad wrote: »

You probably need 25% deposit, and I would expect the rate to be circa 5% from the info you impart.

Beacon homeloans is the cheapest lenders for adverse credit as far as I know, but they are still fussy and will still want to be sure the mortgage is suitable and affordable.

A decent broker is throrough in thier approach and might charge a samll fee such as £99 up front to ensure they aren't wasting thier time on a wild goose chase.

A 'free' broker might be just as thorough, but they tend to be keen on selling you insurance, but you might find it a lot cheaper online.

Best of luck.

The broker is a family friend that deals with all my family's mortgages etc, he has however mentioned selling insurances...ill mention beacon homeloans to him and see where that gets me.

For those that wanted to know my income, i am on £20k per year and my partner is on £10k per year..i think my dad will stretch to paying about £25k as a deposit.

Conrad

You can get cheaper insurance online as some firms rebate commision to make the premiums cheap but the cover just as good. Norwish Union and Legal & General are often cheapest. Companies that offer lots of complex options such as Scotish Provident are a nightmare when it comes to claiming and unravelling the complex definitions.

No need for me to tell people thier insurance needs, other than a quick reminder. People aren't stupid. If we say we have a moral obligation, then what about our equaly moral obligation to inform them they should cut down on fat, take more excercise - on wait a minute, that doesn't pay me any commission, so no imperative to mention it springs into my head.

herbiesjp

Conrad wrote: »

No need for me to tell people thier insurance needs, other than a quick reminder. People aren't stupid. If we say we have a moral obligation, then what about our equaly moral obligation to inform them they should cut down on fat, take more excercise - on wait a minute, that doesn't pay me any commission, so no imperative to mention it springs into my head.

Er..no


People do not come to me for health tips.

They come for mortgage and protection advice.

If people want health tips they will go to suitably qualified people and pay for for their services if needed i.e. private medical, gyms, fitness instructors etc

holbrook99

ill scrap the garauntor idea then because i dont want it to affect my dads credit history...ill mention beacon homeloans to my FA and see where that gets me..thanks for the advice so far..

herbiesjp

To be honest you should not mention any deals to your broker - this way you will see if he is coming back with the same information without your prompts.

He should know what to look for without giving him a hand - that is after all what he is getting paid for.