Anyone used Mortgage Taylors Ltd?

jennyc85

Hi there,

We are looking to apply for a mortgage, and have opted to use a broker due to a bit of an iffy credit history.. I entered some details online and a few minutes later got a call from this company. He seemed to think that there would be mortgages available for me at as low as 3.99% even given my history, and I agreed for him to visit me at home to discuss this. I have googled the company and they seem to be legit and their website states that they are authorised & regulated by FSA. I asked about fees on the phone & he said there would be no charge for the consultation, and that a fee would only be paid on completion. Looking at their website it would appear that this would 1% of the sale price, which to me seems a little steep given that an advisor I spoke to linked to an estate agents was only about £300.

Has anyone else heard of/used this company? I am prepared to pay a bit over the odds if it means I can get a mortgage this year, but I am a bit wary as I have read a lot advice about avoiding less than reputable companies geared at people with adverse credit.

Thanks very much!

EMac_2

At the start of the consultation the adviser will present there initial disclosure document and terms of business which will show their fee charging structure, You can get the brokerage fees confirmed then or ask they send you a copy before the appointment.

kingstreet

1% + commission from the lender is probably what they are expecting to get from you. Only you can determine if this represents fair value by talking to other brokers and people who have been in the same situation.

If you set out the loan to value, income multiple and the dates and registration amounts of these credit problems, a few of us should be able to tell you if the work required justifies the fee.

jennyc85

Thanks for your replies.. here are my details:

Joint income = £33,000 (mine = £22000, partners = 11000)
LTV = 75%
We are only looking to borrow about £95,000, where as based on affordability my bank were willing to lend me up to £175,000!

I have a satisfied CCJ on my credit file (2.5 years satisfied) for £600... however this only shows on my experian file.

On my equifax file I have a defaulted account (defaulted in 2006) which I didnt realise I had until I came to think about mortgages and registered with equifax (apparently I took out a credit card 5 days after my 18th birthday! - I am now 27 and my memory is pretty rubbish). This is for £1600 and I am paying them back in installments, which I know isnt ideal but this doesnt show on my experian file.

So I guess I am a pretty tricky case.. hence the broker.

What do you think? Thanks

kingstreet

A 2006 default should have fallen off your credit file by now - six years from the date of registration. When in 2006 was it registered? It may be worth contacting Equifax with a request that it be removed.

What was the registration date of the CCJ? It helps that is has been satisfied for so long, but again, it's the registration date which is most important here. Who was the creditor/reason etc?

jennyc85

sorry I just rechecked equifax - it was actually 2008 I am currently trying to raise funds to pay it off as a lump sum.. do you think it is worth my while trying to bargain with them and see if they will remove it from my credit file if I clear it in a lump sum??

The situation with the CCJ is it was in relation to the final months rent on a privately rented flat that I flee'd from an abusive relationship (it was soley in my name so ex held no responsibility for debt). I actually arranged to pay the landlord before the CCJ was issued but apparently it was too late to stop it as it had begun to be processed. It was issued in Feb 2009 and I cleared to debt (through private arrangement with the landlord) in June 2010.

Thanks for your help!

kingstreet

So, to clarify;-

it's a low income multiple
75% advance
CCJ - 2009 £600 satisfied 2010 (Experian only)
Default - 2008 £1,600 (Equifax only).

The lower loan to value helps, as does the appearance of each item on only one credit file.

I expect there will be options for you. Let others have a look and comment, before deciding on the broker fee you've been quoted.

jennyc85

yes that is correct - will do - thanks

GMS

If the only issues are the ones mentioned then you should be able to get a solution.

Do you have any credit commitments, i.e loans, credit cards etc? Any children?

1% fee is high in my opinion. Although not the most straight forward case it (on the face of it) is far from the most difficult either.

Make sure you agree any fees up front. If you are not happy then you should walk away. Be careful of how fees are to be paid. Any up front non refundable ones will be lost. Better to get the fees to be paid on completion only. That way no mortgage means no fees.

Wh05apk

Agreed should be possible, and for 1% + commission I will personally drive to South Wales from Essex! fees sound very high.

jennyc85

Thanks for your replies. I have a loan with my bank for £3500 which I haven't had very long, but the payments are very affordable. I have a credit card with the full balance available and an available overdraft of £2000 which I'm not using. Out of interest does anyone in know think it would look more favourable if I paid off the £1600 default with my available overdraft, or just stick to making the monthly repayments for now, save up as quick as I can and pay off the default with my savings and keep my overdraft as available credit if you see what I mean?

I will certainly make sure I have all the details of the fee's before agreeing to anything! Oh and I don't have any kids.