RTB mortgage- do I need a broker?

Mokka

After reading posts on this forum I am beginning to get concerned about our ability to get a mortgage. We will have a £100k discount and saved a bit for a deposit so I thought getting a mortgage would be a walk in the park, but now I am not so sure.

Is there any point applying to direct lenders?

The flat is in a tower block owned by a local authority and above 5th floor. The block is in a bit of a state but due to be done up. The area is zone 1 and supposedly 'trendy', however i've seen a few ex-council flats in the locality advertised for cash buyers only.

Is there any way of finding out if the lender will be likely to give a positive answer before applying?
If we apply for a lot of mortgages and get rejected it might further lessen our chance of getting a mortgage.

Shall we just head straight to a broker?

andy.m_2

Personally I would always use a broker as they often have access to better than advertised rates.
They can also give you the benfit of a lot of experience.

Cash buyers can mean that the property is non mortageable for being in a state or having no kitchen or all manner of reasons, it may also just mean that the vendor wants a quick exit

Annisele

Mokka wrote: »

The flat is in a tower block owned by a local authority and above 5th floor. The block is in a bit of a state but due to be done up.

Service charges in local authority flats can be eye-watering. Do you have any estimates of how much the "doing up" would cost if you owned the place?

As to your question, I think a broker is likely to be the right approach.

Dave_Ham

If you call up or going into bank x and speak to an advisor where they can only offer bank x products, they are highly likely to give you false hope given targets etc.

You potentially have a home and £100k to gain getting this right and therefore a decent broker is better placed to select the most appropriate lender based upon experience, flexibility of criteria and we can check directly with the Surveyors and indicatively get a response.

You may still get a subject to surveyors comments and whether they deem it is suitable security, although there are very few Ex LA estates where no lender will lend.

I would imagine a broker would not charge just for checking this out for you in advance of an application.

All the best