Martins View On Using Mortgage Brokers...

_Andy_

sj17 wrote: »

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.:(

Well what did the broker say?

dunstonh

sj17 wrote: »

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.:(

HSBC cherry pick mortgages and have a tighter criteria than most other lenders. What does the broker say about your chances elsewhere?

jonathan2340

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Woodyrocks

sj17 wrote: »

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.:(

I am a freelance portfolio worker myself and a FTB buying on my own albeit with a sizeable deposit of 70% (due to a tragic loss unfortunately...) and I have found a broker that has ironed out all my initial concerns about getting a mortgage for the amount needed. He has found me a great deal with the Halifax and even though he does charge (750) and gets a small commision from bank (111) I now know because of this thread that it is because of my relatively small mortgage that I am taking out (to top up his cost). My working situation is unusual and for being able to get me a mortgage, I would have paid twice tbh. Also he will be dealing with the EA and solicitors as I need him to. He doesn't get paid until completion by me so I know he shall continue to be motivated to do a great job. It really is about what the service of the broker is worth to you. I am happy to share details via pm if you would like to check the advisor out for yourself.

scw1

I need some help please.

We need to remortgage. We are currently with Halifax and have had a letter saying the cmp will be going up from next month. We arent tied into any fixed term contract as this expired early last year and we have not changed or looked into it tbh.

I dont know where to start really! Where would I find a broker? Is it possible to do it ourselves? For the past 5 years we had a financial advisor company which done it for us (we had an agreement with them when we bought our first house), however, this run out last year and tbh they were pants towards the end very poor service so would rather not use them.

I am off to look through this thread between feeding my baby and looking after my poorly 6 year old so apologises if I dont get back to you asap.

Sam

Dave_Ham

Hi Sam,

Put your details in the mortgage and endowment section as a new thread and you will get lots of help there.

If you want to share a little more information about mortgage value and valuation then you can get more tailored information.

Good luck



Dave

shum55

Hi
My Mortgage term time is ending shortly, after been stuck in a mind bending 5yr step 3.99% for 1yr 5.89% for 2yrs then a 5.99% for the remainder 2yrs. mortgage set up of £799. For 2yrs i have trawled the net in search of good impartial advice to seek a better rate. MMM...should i buy out of fixed rate???....no it would cost us almost 4k and the savings would be nil...After listening to work buddys all they say is get a Mortgage Advisor.. Good Advice....NOT!!!!!!! I enlisted a Advisor. My requirements were simple, NO BOOKING FEE'S..CHEAPER FIXED RATE..GOOD SVR after term time...Not alot to ask for..Does he charge ..yes..is he whole of market..to quote "I have nothing to gain"...is he regulated ..Yes....Like a dog with a bone off he went...1 week later woof woof here's your deal..No Fee's fixed for 2yrs 4.19%..then 3.99% SVR Halifax= £495 for Advisor....Wow just like that...MMM...Now being me i need to beat that quote...So off i went back to Santander (whom my mortgage is with) They offered me 4.19% no admin fee of £100 (i bank with em..its a perk) but also key...No £225 closing mortgage fee ie moving to Halifax. BOOM (need to talk to wife now) 1 week later after discussions called Santander back.. i will have that deal..Sorry sir you will have to pay admin fee of £100..Ok then i am still saving Vs Advisor we will go for it...(paperwork came,i thought about it for a week) What a crap deal i thought....NOW..back onto Santander mortgages..Told them i wasnt happy with deal they offered..Guess what they waived the £100 admin fee..its on there site they do (result 1) then they offered me 3.99% 2yr fixed (result 2) NO BOOKING FEE'S (result 3) Reduced mortgage by 3.5yrs.& saved over £50 a month (which will go into a yrly overpayment). After Reading this site MSE for several yrs i belive in DIY...Bearing in mind £495 fee for advisor £225 swapping bank to bank.£100 admin fee (cos i would be swapping providers & closing mortgage account) £825 total ....ARE THEY WORTH IT???...Sorry not for me...You read the site you search the net you spend hrs reading DIY.

Dave_Ham

I am pleased you are pleased with yourself, although not sure where you searched??

BOOM - could have saved you a load more without incurred costs (No result - all bets off!) Now to tell your wife your DIY is not up to scratch

shum55

Dave Ham
I am sure you are right that i could have saved a lot more...But this deal was from a mortgage advisor whom is searching for a great deal for me and charging £495, for the privilige of drinking tea? ...This was the 1st time of using one ...hence the saying once bitten...My search came from hours & hours of searching each individual bank/building site website..Comparison websites and good old bartering...Yes i am pleased with myself because i dont think he tried hard enough. He offered at best 4.19% 2yr fix Booking fee... then the whole of suveyors solicitors etc etc...I found a Rate of 3.99% fix 2yrs No fees No surveyors No solicitors..Start to add up the time off work to deal with paperwork etc etc...TBH am pretty chuffed with myself

I am not knocking Advisors ...They are just not for me..
Why spend a pound to save a penny

dunstonh

I am sure you are right that i could have saved a lot more...But this deal was from a mortgage advisor whom is searching for a great deal for me and charging £495, for the privilige of drinking tea?

How you have written it, the £495 the mortgage adviser was getting was from Halifax. So, how are you paying it? If you were to go direct to Halifax, they keep it. They dont give it to you.

Had you gone independent and not whole of market, then I suspect that the Santander deal would have been beaten. Not saying it would be right for you but perhaps a whole of market adviser wasnt right for you either.

My search came from hours & hours of searching each individual bank/building site website..

For many people, they dont have the time or inclination to do that and indeed, the cost of them doing that would be more than the cost of using an adviser. it depend on how you cost your time. For something that takes hours and hours, I would rather pay someone than DIY. For something that takes 10 minutes and I can do DIY well, I will DIY.