help please

gaz36uk

i have just had a prices to buy my house "right to buy" .being a first time buyer don't know much really about mortgages.now i have got a company "total mortgage solutions" ringing me all the time.i think they are a broker.now they says they can sort me a mortgage out but are wanting £3,632 to sort everything out that inculdes £2500 for them.i know there are
alot of others way to get mortgages but here is the problem.i was released from bankruptcy 04/2005 just over a year ago and this company keeps going on about this saying that i have to go though i broker to get a mortgage,is this true?.or is there another way?.

homer_j_3

Please do not go with this broker. Walk away now. There is no need to pay 2500 to get this.

Any whole of market broker will be able to look at the same products that they can, if not better. Clearly fee free would be ideal and you should aim for that but even if they are fee based, I cant imagine the fee bing that amount.

I would suggest a broker for your situation because you need to be placed with a lender that will accept your specific situation and this could be fairly difficult for you to gain this knowledge and information.

Could you supply the following info so we can try and give you some indication? Please include your partners details if they are to be included on the mortgage.

What is the value of the property?
What mortgage do you require?
What is your income?
What is your employment status?

cheers

gaz36uk

hi .thx for the reply.

1) the vaule is £75,000. i can have it for £51,000

2) the mortgage is £51,000 but i have saving and can put upto £10,000 towards it.

3) my income is £20,000 before tax yearly.

4) i am self empolyed.

cheers.

homer_j_3

gaz36uk wrote:

hi .thx for the reply.

1) the vaule is £75,000. i can have it for £51,000

2) the mortgage is £51,000 but i have saving and can put upto £10,000 towards it.

3) my income is £20,000 before tax yearly.

4) i am self empolyed.

cheers.

:mad: So this company are trying to charge you a fee of 2500 for a 51k mortgage????:wall: Thats like 5% broker fee. Martin suggests a max of 1.5% is as about a far as you should pay should a fee need to be levied.. Definitely stay well clear.

How long have you been self employed, can you show any accounts?

I am sure that a Whole of Market adviser will be able to source you something and it shouldnt cost you 2500 for it.

gaz36uk

hi .nope car'nt really show any accounts but i have been told that i can sign some sort of paper/form and this will not be a problem.most of what i do is cash and i sort my own vat.

homer_j_3

its called self certification and this really doesnt change the fact that a whole of market broker should be able to offer the same product if not better.

gaz36uk

thx .might sound daft but how do i get a whole of the market broker.cheers

homer_j_3

recommendation is the best way to be honest. If you have no one that can recommend anybody then check your local phone book and call. When you call them ask them 2 questions

1 - are you whole of market? If they say yes proceed to Q2 if they say No then thank them for their time.

2 - do you charge a fee? If they say no then make an appointment and ask what they want you to bring with you or if they are coming to you, what you need to have prepared. If they say that they do charge a fee, make a note of the fee (and dont accept a brush off - ask them what their Initial Disclosure Document says).

You can then go back to the cheapest fee based advisor should a fee free on e not be found, which is highly unlikely.

When you meet with your advisor then you will be given the IDD - this should confirm their status - i.e. that they are WOM and also that they do not charge a fee.

If you are a busy kind of chap and do not have time to sit down with somebody then you can get telephone based advice. MSE Martin recommends London & Country, however, the service and feedback have been very mixed recently and I wouldnt want you to be put off getting professional advice by having a bad experience on your first visit to an advisor.

Another way to possibly gain a recommendation is to put a post out asking if anybody can recommend a broker in your area, clearly you will need to post your location.

gaz36uk

hi homer_j.
thankyou for the information ,just spoke to a company who charger £495 for bad credit person's and they do whole of the matket.they are going to give me some figures.so i really want to thx you ,you could have save me a couple of grand .cheers gaz

homer_j_3

I think you could save yourself the 495 if you do a bit more searching.

Dont worry about the help, I get great satisfaction on driving business away from these cowboy companies.

herbiesjp

Well done homer_j :T

I couldn't agree with your more - these companies do tend to take advantge of the vulnerable.

Gaz - as homer rightly says, just because you have adverse does not mean you have to pay a broker a fee - scout around and see if you can find one that is fee free