Its a long windy road but finally got a mortgage - it is possible.

MortgageChallenge2011

After 6 weeks since applying and about 5 months since starting to source a mortgage it is possible albeit a rocky road. Gone are the days where you applied at start of the week and got an offer by the end!

As many brokers say on here it is essential to get a decent whole of the market broker. Dont go direct, they know from speaking to various companies underwriting departments what the score is and whether they are fussy are more relaxed with certain cases. My broker has bent over backwards as the questions they keep coming back with mean if you dealt with it yourself you would be constantly on the phone to them. Be prepared to explain where every chunk of your deposit has come from.

A mortgage with a default is possible but has to be historic and a clean history in the last 3 years, not even 1 late payment. I managed to secure a 85% LTV with a 3 year old default (£8k o/s) at a 2 year fixed 4.69%.

At times we thought of jacking it all in as they will keep coming back with questions, wanting proof, more proof etc but dig your heels in and you will get there.

I know many like me view this section looking for the inch of hope, it is there, find a broker and be honest with him. If everything is declared up front then there should be no last minute hitches.

Good luck :beer:

Wh05apk

Nice to hear you have got a good result, and are happy with your broker.

A couple of points, all lenders are an absolute pain wanting confirmation of everything, and then some, and you point about honesty - WELL SAID! lenders will find everything out, so tell us up front, and we can find a lender who will be happy with the situation, nothing worse than 2 weeks into a case after having spent hours and hours on paperwork, suddenly finding a skeleton that a client "forgot" to tell us about.

Senior_Paper_Monitor

Possibly the most constructive, concise and valid posting on this site that I have read to date - pleased it worked out for you.

GMS

Great post and great result.

Be prepared for the response along the lines of

'Could have gone direct and got it cheaper, quicker and not lined the brokers pockets with commission'!!

'My neighbour got a 2 year fix at 3%. Your broker has ripped you off'

Etc etc

Well done to you and your broker. Proves there is a need for us after all.

davstarr

congrats, in a similar boat and this is inspiring

TMoose

I'd just like to add my congratulations, and my thumbs up to this post.

I was/am in almost exactly the same situation, and having just secured a 4yr Fix at 5.69, my broker has been invaluable - talking me through my moments of panic (when the first lender turned me down) and making sure that my application was targetted at the best options, and all questions were correctly answered

Brokers can provide huge value in the non-straightforward cases - and it was also satisfying to be able to provide feedback to my broker to help him in placing future clients (information about which CRA Cov BS uses for it's credit checking!)

Good luck in your new home!

Moose

milliebear00001

I would agree wholeheartedly with this. I simply wouldn't have a got my mortgage if it hadn't been for my broker's knowledge of the market. Just about to go back for him for income protection insurance too.

GMS

milliebear00001 wrote: »

I would agree wholeheartedly with this. I simply wouldn't have a got my mortgage if it hadn't been for my broker's knowledge of the market. Just about to go back for him for income protection insurance too.

Didnt see the whole program but there was a piece on 'Rip off Britain' on BBC1 tonight where somebody was complaining about their life insurance premium increasing every 5 years, and it had almost doubled last time. Didnt get the finer details so apologies if incorrect.

Classic example of where an adviser can provide the correct product. Reviewable premiums are open to mad increases. Moneysupermarket etc will show headline premiums. £20 per mth may look cheap compared to an adviser quote of £35 for example but what if the £20 mth became £30 after 5 years, £40 after the next 5 then £60 the next? If the adviser £35 was guaranteed from the start then cheaper overall.

Good to see a positive thread on brokers. This site seems to be anti broker on the whole so nice to see a real review of great service.

KittyCat1

Congratulations! Can i ask who you got your mortgage with in the end? I've heard Santander are a little more leniant these days..