Going without a broker - opinions

amn_2

I'm thinking of finding my own mortgage deal as I think my situation is pretty straight forward and I don't mind investing some time in searching online. Had a recommendation for an IFA but they charge £295 and I wasn't sure whether the service would benefit me that much. So details of my situation are below, would appreciate opinions on whether what I'm planning is sensible or if I'm missing something that a broker would help with, details are for my wife and I.

Combined income: £65k approx
House price: £150k approx
Deposit: 10%
Credit cards: 1 CC @ £4k (0%) and 1 CC paid in full every month
Overdraft: Currently £1200 but expect to clear this in the next 6 weeks
Car PCP: £180 per month 2.5 years remaining
Other payments: Sofa @£45 month 0% finishes in July

I think that is all the important details, we currently have a property with mortgage that will be sold.

Thanks!

GMS

Speak to current lender?

amn_2

GMS wrote: »

Speak to current lender?

NRAM :eek:

GMS

amn wrote: »

NRAM :eek:

Scrap that then!!

Mokka

You can always go to a lender and ask them for a quote (make sure that they will only do soft search on you Credit File)
Tell them all of the above and see how they react.
Judging by all the info posted on this forum I would leave this until you pay off your overdraft completely.
For some reason being overdrawn (even with authorised OD) is a no-no.
One refusal is not a disaster- if you don't mind extra stress and waste of time.

amn_2

Mokka wrote: »

You can always go to a lender and ask them for a quote (make sure that they will only do soft search on you Credit File)
Tell them all of the above and see how they react.
Judging by all the info posted on this forum I would leave this until you pay off your overdraft completely.
For some reason being overdrawn (even with authorised OD) is a no-no.
One refusal is not a disaster- if you don't mind extra stress and waste of time.

Thanks, hoping to do this quickly so trying to avoid any unnecessary delays. The overdraft was my biggest concern as apart form the car we don't really have any large commitments. I'll get it cleared and have a look online at the deals. Can anyone suggest which lenders look less favourably on the overdraft or are they all the same?

Would the overdraft be an issue at the AIP stage or just at full application?

Dave_Ham

I think there is some doubt that your case is straightforward if you need to ask questions about lenders, typically that can only be answer by brokers on an informed basis.

I would suggest some lenders may have an issue with the overdraft, although by and large I would expect this to have a decent home.

The 64,000 dollar question is if you approach (your bank) for example, would the £295 fee to a broker be mitigated by less stress and a better product (potentially saving more than the £295 fee)

Good luck

amn_2

If a broker can get a better deal they would be without a doubt be worth their fee. The broker I spoke to wont charge until they secure a mortgage but I would feel guilty using there time if they find nothing better and I go it alone anyway.

Time for some research and a think, once the overdraft is clear I don't think there should be any issues with my application.

Thanks for your thoughts Dave Ham