Freedom Finance

eastlondongal

Hi all,

I was wondering if anyone has heard of a mortgage provider called Freedom?

Our broker was saying that they'd be the only ones willing to accept us. Apparently they're fairly new to the market.

I can't find much information on them on the web, so any comments would be very much appreciated!

thanks a lot!
eastlondongal

herbiesjp

On what basis are they the only ones that can help you?

Browntoa

not new as far as i know, seen them around for a while

maybe your broker gets better commission from them ??

payless

Freedom lending OR freedom finance ? ( the latter actually also have their own mortgage brokerage) believe the firm is now split

If you have seen a broker my guess is you are talking about the former - they are now a subsidiary of Merrill Lynch

Niche supplier, would be surprised if they are the only ones willing to lend - but they might well be the cheapest ( I have no idea) .. the fact you are asking the question here inplies to me that perhaps you don't have total faith in your adviser - so get a second opinion - of course declaring your full details, ( so you might prefer not do it here- although suppose you are anon by username !)

Be wary that in the "less than prefect mortgage market " not only are commissions higher , but also many brokers charge topup fees ....

UK007BullDog

Give us some more info on yourself
Age, incomes, loans, CC's
Any bad credit?
Deposit?
Purchase price?

Same with anyone you are buying

Then we can give a bit more info. Also tell us what product and the rate he offered you. It should be on the Key features document they gave you. Just so that we have something to compare it with.

Yes, Freedom have been around for a while and they pay out a nice fat proc fee for some brokers. They only deal with brokers, you cannot go direct and their market is the adverse arena. They are financed by Merrill Lynch. So I suggest you let us help you here a little or point you towards an alternative. I would also suggest you find a fees free broker (but not the large national ones, look for the little one near you).

eastlondongal

thanks for all your quick responses!

Well, me and my fiance initially applied for a mortgage with the Halifax, but they want a letter from my fiance's employer to confirm that he's permanent. He's been working there for 10 months and will only be made permanent if he gets promoted.
The Halifax won't send us our mortgage offer until they get that letter.

Apart from this small problem, we have no adverse credit and our combined income is 45K. The value of the property is 180,000 and we aim to put down 10% deposit.

We did try to apply for a mortgage with Nationwide and didn't pass their credit check.

The interest rate with Freedom (5.8%) is lower than with the Halifax (5.89%), which surprised me. According to our broker, they're the only ones who don't have a problem with my fiance's job situation.

I was just confused as there was so little information about Freedom on the web. I suppose our broker does get a good commission from them.

If anyone could suggest an alternative lender so that I can make some comparisons, that would be great.

many thanks again!

UK007BullDog

Well, if you are not sure find another broker. Do not go further on your own. You probably had 3 credit checks done during a short time. Any further checks could spell trouble as the damage the credit report.

What kind of employment situation is your BF in? Is he temping or on a contract in some sort of self employed basis? A broker would not have looked at your first choices. Nationwide is very picky when it comes to the credit record, and they would have known about Halifaxes job requirements.

As you are not telling us about the debt problems and how long ago they were we could point you in another direction.

I looked at Freedom Lendings rate card but could not find the product.

Anyway, if in doubt talk to another broker.

eastlondongal

many thanks for your comment. I guess our best bet will be to find another broker. I saw the product table on the Freedom lending website and I can't see our product either. There is a fixed rate deal at 5.88%, but they charge a high application fee.

We don't have ANY debts whatsoever. My partner's job is the only thing that keeps us from getting the mortgage. It's basically an open-ended contract, neither temporary or permanent. He works in TV production. I suppose once he's been there 12 months OR has been made permanent, we will get our mortgage from the Halifax. By then we'll have lost our property though!

I do realise that we can't shop around any more as we have 3 searches on our credit file within a short period of time.

UK007BullDog

If THAT is the only problem then quickly find an independent whole of market fees free broker.

I did a couple that worked for BBC on contract last year as well but cannot remember the lender.

There are non-adverse lenders out there willing to take you on. Its just finding them.

Check out your local yellow pages and look for the local small broker. Importance is on Mortgage Broking and hopefully fees free, and ask if they have a panel or not. if panel, keep searching.

herbiesjp

There are other lenders will look at this for you.

The figures look fine on the income multiple front, and you could be looking at rates lower than 5.89%

Before going nay further, do not carry out any more credit checks with any lenders.

Run the scenario past a fee free whole of market adviser and let them run the scenario verbally past a few lenders. They should be able to come up with some more options for you.

HTH

eastlondongal

Thanks guys, your input has been really helpful.

I really don't see why we should go with an adverse credit lender, and I think there are better deals out there for us, so I'll try and find a new broker!

many thanks