Mortgage Offer From BROKER

Immy87

Any advice would be appreciated.

I have contacted a independent mortgage broker through unbiased.co.uk who told me he is whole of market, told him my situation and he came back to me and said he has a mortgage offer for me.

My situation is as follows: 25 years old, previous bad credit with few missed payments, a overdraft leading to closed bank account, just started a new job on 29/10/12 so has not even been a month, previously unemployed for over 7 months, also i have only been on deeds of property i wish to get the mortgage on for less than a month.

I own the property outright, previously my fathers, worth £350k mark, needed to raise £100k for debt consolidation/improvements.
Told my situation to the broker and he came back with the following: I HAVE BEEN ACCEPTED FOR:

39 year repayment mortgage with hbos group with 3 year fixed term, at 3.39% with a monthly repayment of £385.

Been told i will have to pay £355 valuation fee upfront to the broker, and the process will start, also he said normally valuation fee would be £500 as property is worth £350k he said he has downvalued it at £200k as it would mean a lower valuation fee.

just worried maybe after a more thorough credit search from the lender i may be refused and my £355 wasted. The broker will charge his commission of £995 when I actually get the funds,

Not sure what to do and what will actually happen

thanks

dunstonh

I have contacted a independent mortgage broker through unbiased.co.uk who told me he is whole of market, told him my situation and he came back to me and said he has a mortgage offer for me.

If you employ an adviser on independent basis then you pay them a fee and they will be true whole of market. If you dont pay a fee and employ them on whole of market basis then they will typically only consider commission paying deals. It will be one or the other not both.

The broker will charge his commission of £995 when I actually get the funds,

Is he charging a fee or taking commission? HBOS are a commission payer. So, if you employed him on independent basis then he would be rebating the commission. Not keeping it.

just worried maybe after a more thorough credit search from the lender i may be refused and my £355 wasted.

Do you have anything to hide or have you given full details?

kingstreet

Immy87 wrote: »

I have only been on deeds of property i wish to get the mortgage on for less than a month

Regardless of all the rest, many lenders will not accept a mortgage application until the property has been in its current ownership for six months. Halifax is one such lender, IIRC.

Immy87

thanks for replies, the £995 will be the brokers fee from me, this will only be paid by me once the mortgage goes through and funds are received.

in regards to being on the deeds, well i did mention this to the broker and was told not to worry and it shouldnt be a problem.

i dont think i have anything to hide, currently awaiting my credit report which i should receive in snail mail very shortly.