Good Mortgage Broker Advice??

payless

IDD - Initial Disclosure Document, and I like most advisers issue them at Initial point of contact, although I went to a FSA run seminar where they said it does not have to be issued at that stage , but rather until basis 0f service discussed and agreed ( which may not be until after factfind!) .. not the way I work BUT perhaps unfair to say he's breached rules.

barney_1972

Many thanks for the responses...

Does this mean i should ask to see his IDD?

Is this a document that i can rely on (ie not easily faked)?

I have provided this guy with a copy of mine and my wifes credit file, i believe he is now going to look at whatever deals he can find.

Is this the 'fact find' part?

If so, like payless has said, the broker may show me this IDD then.

I'm assuming this guy isn't going off doing any more credit searches as he has already got my file.

jamesd

The fact find is asking about your circumstances and desires: income, types of mortgage that interest you, credit history. Those make it possible to search for suitable mortgages. It sounds as though the fact find has been done.

The IDD is created by the broker so the broker doesn't need to fake it - they can just put in what they want to charge. Things like whether they offer from the whole of the market are somewhat regulated.

If the broker seeks confirmation that a mortgage is likely to be available by doing an agreement in principle, that would trigger a credit search of several possible types. Can't say whether he will do this without asking you to agree first. Getting your credit histories directly from you was a good thing and should reduce the chance of extra searches being done.

Seems as though you might possibly get to see an IDD when he tells you that he's found a mortgage and asks you to sign a fee agreement before telling you what the mortgage is.

dunstonh

It would look something like: http://www.firstdirect.com/legals/mortgage_idd.shtml

barney_1972

I have just fired off an e-mail requesting that no searches be made without my permission. Is this enough or can he still carry out subsequent searches?

I have also asked to see the Key / Facts IDD too.

Hope this is enough.

I am awaiting a call back form L&C too so i can compare both broker serrvices.

Any more advice from you guys (or girls?) would as always again be welcomed warmly.

jamesd

That sounds good to me. He could cause searches but he's unlikely to after an explicit request.

MortgageMamma

Let us know how you get on. it was very unprofessional of him the way he went about telling you how much he needed to earn/the fact he bought your details, but in all fairness this guy could be a really good broker - some intelligent people who are good at their jobs are not really very confident or have poor social skills - it doesnt mean he wont do a good job. But do get a second opinion from L&C and perhaps one other as well. They may all come up with different recommendations but so long as they make you understand why/what the products are then you are armed with choice. Come back and let us know what was recommended