Would you use a broker?

jodiebabes

Mrs_Bumble wrote: »

Jodie the lender does it on a case by case basis, it is purely down to their discretion and whether they like your profile and how much they know of you as an existing customer, not a written down criteria.

I have found some do. For example, I spoke to one lender who because my partner isnt a graduate, wouldnt talk to us.

Other lenders I have researched dont want borrowers who havent been in their job for less than 6 months,who have been in their overdrafts etc.

I was just wondering if HSBC were the same and had criterias we had to meet.

Looks like we'll see tommorrow when we go into the branch. Fingers and toes crossed!

koexelek

jodiebabes wrote: »

I have found some do. For example, I spoke to one lender who because my partner isnt a graduate, wouldnt talk to us.

Other lenders I have researched dont want borrowers who havent been in their job for less than 6 months,who have been in their overdrafts etc.

I was just wondering if HSBC were the same and had criterias we had to meet.

Looks like we'll see tommorrow when we go into the branch. Fingers and toes crossed!

these days, lenders look for reasons not to lend

jodiebabes

koexelek wrote: »

these days, lenders look for reasons not to lend

Yes and rightly so.

Been to see the Mortgage manager at our local branch and although we havent applied for the mortgage because the offer we have made on the house hasnt been accepted yet (its a repossession), we have been informed that we should have no problem with borrowing the money from them.

So again fingers crossed.

before_hollywood

i went to a broker because it was a case of it cost nothing to ask, in the end i had to get a lender that could complete quickly as my place was a repo and i had a deadline, my bank wouldnt and one the broker found was cheaper and completed in 22 days

jodiebabes

before_hollywood wrote: »

i went to a broker because it was a case of it cost nothing to ask, in the end i had to get a lender that could complete quickly as my place was a repo and i had a deadline, my bank wouldnt and one the broker found was cheaper and completed in 22 days

Thats good. No it dont hurt to ask I suppose.

The man we spoke to at HSBC has been really helpful. He said he could get a decision on a mortgage application within 48hrs and the survey done with the next 2 days after that. Which is quite good as we will want to mve fast!

blueberrypie

jodiebabes wrote: »

Is there a list of criteris you need to meet somewhere on their internet? Not been able to find it.

I think that's where a broker can be really useful. A good one is aware of what the various lenders are looking for - they'll know which lenders are most likely to look at borrowers in particular situations.

benjo

I used a whole of market, fee free broker and I genuinely hope he earned some nice commission - he did a great job.

There are some deals that are only available via an intermediary, so definately worth making contact.

treliac

We have taken an HSBC Ratematcher mortgage. As it doesn't look good to have multiple credit checks my plan, if turned down after going to them direct, would have been to then go to a broker.

koexelek

benjo wrote: »

I used a whole of market, fee free broker and I genuinely hope he earned some nice commission - he did a great job.

Most of my clients don't care how much I earn for arranging a mortgage, as long as the lender is paying me and not them.

However, the prospect of them paying a fee is a completely different matter....:rolleyes:

However, as a broker, I don't really have a problem with that. I would not pay someone to do something for me I was able to do myself either.
However, if a service is free, I will take advantage of it.