Need a mortgage with high income multiple

The_Bear_6

JoeK wrote: »

The Bear, are you from L&C?

JoeK

Sure looks like it.

windowwindow

Thanks for the advice all.

Just started in a job where I get bonus this year so no long term evidence.

Between calling banks direct and talking to 2/3 brokers over the last 4 weeks, I've had a fair few credit searches done lately. Could this be an issue? None of the lenders have mentioned it. Keep wondering if there is some problem!

The_Bear_6

No. This number of search issue is not really a problem.

Unless it's Abbey and they turn you down. Then you know you're a mortgage leper.

windowwindow

I bet they would have - think they don't go to 95%.

I feel like a leper!!

The_Bear_6

Yeah you wouldn't even have got to that stage. Portman would do it without a HLC but they wouldn't even go near 5.4!

homer_j_3

If you have had 4 credit searches done and still not found a lender, I would consider your next move very carefully.

It should not have got to this stage in my opinion.

Just out of curiosity The Bear, why shouldnt L&C be recommending the C&G at the moment?

herbiesjp

As stated previously be very careful when approaching banks directly and make sure they are not carrying out any credit searches.

Are the brokers you have spoken to truely whole of market, or do they work off a panel of lenders? They should surely be able to come up with some options for you

Which lenders are they coming up with?

windowwindow

I had spoken to a broker that was recomended to me, who I assume had a panel, Alliance and Leic passed me onto them, (They recommended a 7% rate!), and L&C.

The names L&C mentioned were C&G, Northern Rock, RBS... Can't remember any more than that, but there was a list.

The other people were hard to get info out of, eventually I found out the provider behind the 7% offer was First National, and I just wasn't happy with the company never mind the rate.

From the sounds of things I shouldn't call anyone else direct, just get a good mortgage broker to minimse credit checks? Should I try one of the other big names? Or are there more niche brokers that would be better placed to help me.

Someone mentioned a 5 year fix, I would def take a 3 year fix, a 5 year I would have to think about. I don't consider 5.79% crazy!

kingkano

You might want to get hold of your credit file and check how many searches you've had then...

toonfish

I'm also interested in why London and Country "would not be recommending C&G at the moment" - pretty sweeping statement for an "independent" brokerage.