Martins View On Using Mortgage Brokers...

Meeper

It's rather difficult I'm afraid. All you can do is speak to a few and see what they come back with, and get a feel for which you have some trust and faith in I guess. There's no science to it.

MrChandlerBing

Can anyone recommend a broker in manchester for first time buyers with a good deposit? We're a little blinded by all the different companies/options.

GMS

If you cannot get get a recommendation from friends or family then you can search google, yell etc.

How much are you looking to purchase for and what deposit do you have?

travel_bug

Hi, I'm hoping a broker on this site may be able to offer some advice, I appreciate it will depend on many different circumstances, I'm just looking for a guide...

I am looking for my first mortgage..
will be just me on the mortgage, my salary is £38,500 (I do also earn £200 extra approx a month through overtime and on call rate but this is not guaranteed)
I do not have any credit cards to pay off, no loans (other than student loan) and no outstanding debt
Looking to put down a deposit of £40K-£50K and based on the properties I have looked at will be roughly 15-20%

I have a good credit rating and have always made payments on time

I'm 31, I am open to interest only or repayment mortgages..
no dependants

I have looked on a few different websites and the mortgage amount has differed hugely so I was hoping a broker will be able to give me an approx amount I will be eligible for based on the above info..

If anybody can help or need more info please let me know

Thanks

GMS

The only way to find out with any great accuracy is to complete a fact find and look at the lender numbers.

As a rough guide look at around 150k. May be more but could also be less depending upon the lender.

Interest only will not be a real option as over 75% Loan to Value.

As you have found out there are huge differences in borrowing from lender to lender.

You need to find the right product for you, not just the one which offers the biggest loan

AndrewSmith

berniedewsbury wrote: »

The situation with IFA's is a nightmare. The new rules on IFA's from 2013 will make things better for consumers and squeeze the bad IFA's out of the market..

Actually I don't necessarily agree. What is going to happen in reality is that a large number of highly experienced more mature long standing IFAs approaching the latter end of their career are not going to bother taking what is effectively a university degree to continue practising for maybe another few years until they retire. Meanwhile the young flu by nights who are good at information retention and passing exams will replace them but will have very little experience.

It is estimated that there will be a drop out rate of approx 30-40% of IFAs from the marketplace with the onset of RDR in 2013, I agree that some will not be the most ethical however the industry is setting itself up for an exodus of some good and very experienced professional practitioners.

Also with the fees, I work closely with a number of IFAs and IFA networks who are all saying the same as me as above, but are also concerned that it will indeed create an environment where only the more affluent in society can afford the services of an IFAanywhere the less fortunate (some could say the ones that need the help and advice of a specialist professional the most) will be left at the mercy of bank advisors.

Without going too deeply into the whole thing there are 2 main and immediate issues with RDR. Good experienced long standing IFAs will leave the industry and IFAs will see a reduction in their profitable client banks as many of their existing clients cannot afford the fees.

think of it like this: just because you pass a driving test doesn't make you a good driver. That only comes with experience...........

susanmarie

My experience has been good with using a broker. I thought going direct would be the best idea at first as I was prepared to do the calling around, but the lenders just didn't seem to want to know because I didn't have much deposit (just 10%) my own bank wanted 40%!!! Even though I have excellent credit history and a lond standing bank account.

PS : Mr ChandlerBling - I used Ascot Mortgages (www.ascotmortgages.co.uk) they very quickly came up with a few good deals for a 10% deposit in the end, I went with a capital repayment. I would certainly recommend.

Tigerseye_2

Hi, I wonder if anyone can help …….
Quick rundown of my situation:
31/01/2007 - Sequestration date 31/01/2010 - Satisfaction date
(Which is detailed on my Experian Credit Expert Report)

I was led to believe during the Sequestration period that it would be in effect for 3 years and that all would clear after that. However, today I’m gutted to find that it’s not looking that simple. (Bearing in mind that I’m now FIVE years down the line………!)
I have worked full time in a good job, good salary, debt free, now with savings/deposit for a house, and, this week, a great house comes on the market, perfect house, perfect spot, perfect price etc etc.
A friend who happens to be a financial advisor started looked into it for me and tells me that its looking like my credit details will not be clear/suitable/acceptable for mortgage companies until July 2012 (My perfect house fades away……………..!!) Anyhow, can anyone shine a light on this at all? Maybe I’m naïve but surely my circumstances are perfect in the current climate – No chain/house to sell, ready to sign on the dotted line, Proof of Rent paid through the bank for 5+ years in excess of what my mortgage is likely to be!! Surely there are mortgage companies out there that will take this logic into account? Especially now with the recent changes that bankruptcy will be “clear” in a year (allegedly….?)
By the way I’m in Scotland and only want to borrow £120,000! Also, is it right that all mortgage companies all require a MINIMUM of 15% as a deposit these days?
ALSO, most importantly, does anyone know any mortgage companies that would help?
Much appreciated…….

duncan-c

great advice, thanks

sj17_2

Hi there,

I'm just looking for some advice on getting a mortgage. I contacted a mortgage broker and explained that we got turned down for a mortgage with HSBC because my husband does not have 'fixed' number of hours at work. He is in 'continous employment' I assume that means 'permenant'. Even though we provided a letter from the manager confirming that he does get 40+ hours a week anyway for the past four months that still wasn't enough? What can I do about this and is there any mortgage available at all for us? we have 20% deposit and are looking to borrow around £64,800.:(