Mortgage with bad credit

AndrewSmith

herbiesjp wrote:

Please please please Ken can we just answer the OPs question and leave it at that?

I have reported this thread to the moderators and have PM'ed Martin as this thread has, unsurprisingly I have to say, gone down the same road as a couple of other recent ones, all ending up with the same person on the same soap box with nothing informed to say. The credibility of said individual now lies in tatters due to incredulously ill informed statements and an argumentative attitude with no particular point.

It is a real shame that genuine posters cannot ask for help when they need to without being subject to this sort of downright rubbish.

Let us hope that instead of simply locking the thread, which is grossly unfair to the original poster, the matter is dealt with in a more fitting way.

kenshaz

If this website helps remember they charge no fee,i was unaware of its existence ,brilliant www.lcplc.co.uk

kenshaz

MortgageMamma wrote:

Try and google it, I'm sure you will have no problem finding it.

I have and I am sure that this will help the original poster www.lcplc.co.uk

kenshaz

Kenshaz is quoting the advice that Martin gives in his book as well as in
Sneakily get the best advice for free plus possible extra cashback. We have all debated this many, many times before, not least in one of the very first threads I contributed to; but Martin's advice still stands.

Martin has clarified his position in this sticky Martins View On Using Mortgage Brokers... , so none of has any reason to feel undermined by the advice he gives.

Kenshaz actually suggested using the services of the 'big boys' to do the shopping around, and I for one believe that they are big enough to cope with kenshaz's advice to MSE'ers.

The above might help you SexYDevil,I appreciate your thanks,and I have replied to your PM,with details from Martin's book,this an older print that I have ,and it is on page 207 and 208

SeXyDeViL

Well.. Cant leave you guys alone for a second can we?? :rotfl:

I appreciate the comments (I think) guys.. Na of course I do
Plus the banter provides a little light hearted reading during a working day!

Im taking each persons advice into consideration & am looking up links, websites etc. given as each of you suggested.

If I was to approach each broker (Big & small) would this leave potentially harming footprints on my credit file?

God knows it doesnt need any further damaging!

I look forward to reading relevant reviews :A

kenshaz

SeXyDeViL wrote:

Well.. Cant leave you guys alone for a second can we?? :rotfl:

I appreciate the comments (I think) guys.. Na of course I do
Plus the banter provides a little light hearted reading during a working day!

Im taking each persons advice into consideration & am looking up links, websites etc. given as each of you suggested.

If I was to approach each broker (Big & small) would this leave potentially harming footprints on my credit file?

God knows it doesnt need any further damaging!

I look forward to reading relevant reviews :A

YES if a DIP was carried out (a Decision in Principle,)that is in a consideration,but we are talking about potential savings of a not insubstantial sum,by shopping around ,just ensure that you enquire about their fees.

Remember London & Country have no fee ,only take commission from lender,the decisions are yours,but would you buy car insurance on your renewal quote www.lcplc.co.uk

Read Martin's article on credit rating.

Mainstream lenders

the Mortgage This is a link to Martin's article for first time buyers wanting a mortgage

Arch-Angel

SeXyDeViL wrote:

Well.. Cant leave you guys alone for a second can we?? :rotfl:

Don't worry - this latest "disagreement" has been quite polite :rotfl:

jamesd

SeXyDeViL, there are two ways approaching multiple brokers could leave multiple searches on your credit file:

1. The broker might do a search to get your details to help in selecting the most appropriate lenders. Smaller brokers are more likely to accept a copy of the statutory credit report that you ask for yourself, that leaves no visible record for lenders to see. I suggest not proceeding with any broker who will not accet that from you: if they don't get your record, they can't make a suitable recommendation; if they get it with a search, they harm your credit score. Neither of which would help you.

2. Multiple agreements in principle are likely to leave one search per AIP. Again, smaller brokers are more likely to ask the lender to do the AIP with a "quotation search" rather than a normal credit search. Both quotation searches and credit searches can be used in credit scoring but the quotation search is supposed to not indicate actual lending and to have reduced negative effect, or none. Asking for AIP via quotation search is the approach recommended by Experian in their Ask Jill consumer advice column when commenting with respect to discharged bankrupt:

"Don't go it alone, find a reputable and independent mortgage broker, give them all the facts, and let them find you the best deal possible. Make sure you or your broker asks each lender you get a quote from to do Quotation Search with the credit reference agency and not a full search. This will mean you can get several quotes without clocking up too many searches on your credit report - too many searches can lower your credit rating".

With respect to kenshaz' campaign, there's no harm in asking the brokers he suggests whether they can assist you, provided they do look at your credit record, supplied by you, first and don't do any agreements in principle until you've considered all of the recommendations.

herbiesjp

SeXyDeViL wrote:

Well.. Cant leave you guys alone for a second can we?? :rotfl:

I appreciate the comments (I think) guys.. Na of course I do
Plus the banter provides a little light hearted reading during a working day!

Im taking each persons advice into consideration & am looking up links, websites etc. given as each of you suggested.

If I was to approach each broker (Big & small) would this leave potentially harming footprints on my credit file?

God knows it doesnt need any further damaging!

I look forward to reading relevant reviews :A

You should get a copy of your credit file from either Equifax or Experian

Armed with that information you should to go to a whole of market mortgage adviser and let them look for the best mortgage possible based on your current scenario.

You should not apply for an AIP/DIP until you are 100% certain that the lender should be ok with your application and you are ok with all the details of the scheme. Too many DIPs/AIPs can harm your credit file.

HTH

Arch-Angel

Totally agree with the last two posts - if you can show a broker your credit files then he/she should be able to eliminate the lenders that you would be illegible for.