Should I and do I need an Independent Broker??

harpyboy07

Hi all,

Myself and my girlfriend are currently looking at purchasing our first property, but have yet to apply for a mortgage. I have had bad credit during my days as a student and have a default on my credit ref file (£500) which was settled just over 4 years ago. This has caused me problems over the years gaining credit, therefore I have 2 high interset credit cards which I'm using to strengthen my rating. I earn £35k and my G/F £25k and her rating is pretty good. Would it be realistic for us to gain a mortgage with a competitive rate? And also, what would be realistic for us to get - I was thinking £160k? We have about £8-10k as a deposit. Sorry to ask so many questions but I'm just desperate to get on the property ladder(we are 25 + 26 respectively).

I'd be grateful to hear from anyone whom has been in a similar position.
Thanks
H;)

Mr_helpful

This shouldnt be hard for a good broker. The adverse will affect some lenders but quite a few should have no problems. It might be a good idea to get a copy of your experian and equifax credit searches if you havent already.

harpyboy07

Thanks for the reply. I already have my CRF from both the main agencies and it's the default which is giving me a 1 star rating! Do you reckon a broker would still be able to obtain me something good? Where would I find a good one?

Mr_helpful

harpyboy07 wrote: »

Thanks for the reply. I already have my CRF from both the main agencies and it's the default which is giving me a 1 star rating! Do you reckon a broker would still be able to obtain me something good? Where would I find a good one?

Most brokers will have dealt with far worse than this. I would expect you could get normal rates from one or two high st lenders.
As for brokers I am not allowed to recommend any here but you want an independent broker will ing to work without broker fees. You can contact any you like on this site who you think gives good advice, or you could use the internet sites like google msn and yahoo or even your local yellow pages. If they want o charge you a fee you will be wasting ypour money, so move on to another

JoeK_3

Mr_helpful wrote: »

If they want o charge you a fee you will be wasting ypour money, so move on to another

Would you arrange a mortgage for this client with Britannia Building Society? Egg? HSBC? Yorkshire Building Society? etc. if the case fit?.

Your profound statement could get you into difficulties if someone picked up your gauntlet.

JoeK

The_Eternal_Optimist_2

JoeK wrote: »

Would you arrange a mortgage for this client with Britannia Building Society? Egg? HSBC? Yorkshire Building Society? etc. if the case fit?.

Your profound statement could get you into difficulties if someone picked up your gauntlet.

JoeK

I would, and I frequently do. The amount of referrals you get off these clients is unbelieveable and you mostly still get the insurance business as lender direct are so expensive on life etc. Just because there's no money to be had in the mortgage doesn't mean there's no money to be had at all.

JoeK_3

The_Eternal_Optimist wrote: »

I would, and I frequently do. The amount of referrals you get off these clients is unbelieveable and you mostly still get the insurance business as lender direct are so expensive on life etc. Just because there's no money to be had in the mortgage doesn't mean there's no money to be had at all.

Good on ya!!

Hope they keep the premiums up for the full 48 months on the insurances for you.

JoeK

toonfish

The_Eternal_Optimist wrote: »

I would, and I frequently do. The amount of referrals you get off these clients is unbelieveable and you mostly still get the insurance business as lender direct are so expensive on life etc. Just because there's no money to be had in the mortgage doesn't mean there's no money to be had at all.

spot on - we've even had referalls back from the HSBC adviser.

Mr_helpful

JoeK wrote: »

Would you arrange a mortgage for this client with Britannia Building Society? Egg? HSBC? Yorkshire Building Society? etc. if the case fit?.

Your profound statement could get you into difficulties if someone picked up your gauntlet.

JoeK

Yes. Find its great for referals and besides clever bit of poor old me sales talk gets the insurance anyway.
My clients always have the offer of pure fees anyway with rebate of commission but the never take me up on it.
I may lose out short term and certainly dont earn as much as many other advisers but Im not exactly poor you know.