Martins View On Using Mortgage Brokers...

Dave_Rowtree

I didn't see this thread at first, but I know how unbeneficial the wrong mortgage broker can be, I've a little rant here about The Money Group

k1mmie

I need to know of the best (and reputable) company to go to for a remortgage. We have a poor credit rating and our equity is going to be eaten up with repaying secured charges on the property. Any advice greatly appreciated in pointing me in the right direction.

tiswas

Hi, I'm a bit confused and wondered if anyone could help me? In the last 8 months I have bought and sold my very first flat and am now buying a house. I read the re-mortgage guide as i need to switch the mortgage to the house and I needed extra borrowing too. When I initiallty priced this up I went direct to the lender who offer me additional borrowing of £11k. I sorted the deficit for the deposit and within 2 months managed to get a buyer for my flat. I was recommender a broker by an IFA so I used him to complete all the paperwork. After a very fraught 6 weeks I am back to square one and can only transfer my existing mortgage with no extra borrowing. Backing out of the house is not an option for various reasons so I have had to fund the deficit myself. I wondered if this has occurred because I used the broker instead of going direct to the lender?? My circumstances haven't change and the LTV had gone up with my initial deposit amount. I have been told that the lender has changed it's mortgage calculator which is why there has been a change but I'm not so sure about this as it all happened within the space of 3 months. I wondered if any one else had suffered this? At one point during the last few weeks there was some debate as to whether the lender would let me have a mortgage at all despite having an existing product with them! If anyone could make any sense of this I would truly appreciate it...

payless

It is possible that given interest rate rises that a lender using an affordability model have reduced their lending against income... although if you enquired earlier and being an existing customer I would be tempted to ask for the case to be reviewed if you need the extra.. a good broker would look at this for you or you could go direct to see if you get a different answer.

I assume you are using a postable product ( hence reason stayinmg with same lender ) if not could you go elsewhere

NOTE : portability does not guarantee they will port - you must still meet criteria ( which can change!)

tiswas

Hello, it had to be underwritten and took so long for each decision to come back I can't go back to them again as I now have the offer in writing. All I want to do now is just own my new house and will review it again when the term comes to an end dec 08. It was a portable product, i just thought it was rather odd how 3 months ago i was offered £11k more and now nothing at all... the redemption fee was extortionate so out of the question as my finances are tight. The broker told me that if the lender had offered it 3 months ago to me then he would definitely be able to get it for me. As soon as I involved him they said no-way, then had to have it underwritten just to transfer the existing mortgage and this was debated over 2 weeks!! I wondered if I have used someone inexperienced which is where the problem has arose. I can understand things changes as int rates increase but not by £11k... having read other posts I am forming the opinion that there's no hard and fast rules to anything and many differences. I can also understand why people say moving house is the most stressful experience of any ones life!

alant1000

not one to name drop - but i used Dot financial who are brokers via the Townends estate agent group, although they are "independant". The chap was extremily helpful, he was very open about things and displayed all of the results on the screen for me to see, and genuinly wanted the best deal for me. He made sure my rate was frozen as this was about 3 weeks ago when Nationwide increased their rate, so i got it 0.40% lower after he made a few calls... all in all a great experience. I did call some others of course, and i admit some sounded a bit wooly and clueless, bearing in mind that i am in a 2 yr fixed interest only which i plan to bunk out of after 2 years, one tried telling me £748 x 24 was cheaper than £695 x 24 (these figs include arramgement fees. I think they try to blind us with too much jargon. :rolleyes:

dunstonh

reported that last post as spam. Looks and smells like self promotion. Breach of FSA rules as well.

Browntoa

just deleted their other post from referrals

sisyphus_2

Hi, hope i've got the right thread here.

Martin's article (http://www.moneysavingexpert.com/mortgages/best-mortgages-cashback) describes Charcol as a "true ‘whole of market' operator". According to their website (http://www.charcol.co.uk/find-a-mortgage/mortgage-advice/) they're not. They're panel based, with 35 lenders.

That *may* be only for Charcol on-line, but the information doesn't make that at all clear.

dunstonh

reported above post (and the other he made) as spam.