Do mortgage brokers have specialisms? Potentil tricky affordability

DiscoDog

I took out an Abby mortgage over a 33 year term late 2012 with the intention of living here for at least 10 years. I am on a portable tracker @ 85% LTV.

I am moving further North so an equivalent property is about 40k cheaper so in an ideal world I would like to try to port the mortgage rate to my new purchase. Failing to do so would incur me 7k of ERCs which I would like to avoid if at possible.

I haven't made any money on my current property (new build) so with EA fees and stamp duty I would be sticking at 85% LTV.

My affordability was very tight when I took out the mortgage and my options were limited as I needed to include my guaranteed flexible benefits package in my salary. My broker tried nationwide first who declined me and then he settled on Abbey. Since I took my current mortgage out my salary has remained the same and there have been no negative marks added to my credit files.

My broker is no longer in business so I was wondering if there are brokers out there who specialise in slightly tricky affordability or whether this is just regarded as par for the course and any Broker should be able to help me place it back with Abbey?

My house is SSTC and I am doing viewings on potential properties for me at the weekend.

I don't know if it makes any difference or not but I'm in Sussex. Any advice would be really appreciated.

silvercar

Do you still want the 85% or do you want the same amount in £££ ?

To be honest as a re mortgage, you may as well just contact Abbey direct. brokers are useful placing a mortgage, but I don't think there is much money in it for them in a remortgage.

Shoppadolley

Dave Ham on here is very good for that kind of thing x

DiscoCat54

The amount would be about 40k less at 85% LTV. My mortgage advisor appeared to do a lot if 'negotiating' in order to get it through the affordability checks so I was concerned that if I went direct I might mess it up.

I thought it was treated as a new mortgage and therefore the advisor would get the same fee?

Thrugelmir

Will be a new mortgage application. Though if you are porting then dealing direct is the way to go.

Your employment status is obviously a issue. Are you transferring within the same Company.

Wh05apk

This will be a new mortgage but porting the package, it will be important that your income is presented correctly with confirmation of what is/is not guaranteed/regular.


Most brokers should be able to deal with this, and will get paid just the same as if it was a new deal.

DiscoDog

Hi Thrugelmir

Employment remains as is. I am a home worker for a large outsourcer and my role won't be changing, employer has agreed that I can work anywhere in the country as long as I have an internet connection. My base location details will just be amended to new home address.

amnblog

silvercar wrote: »

Do you still want the 85% or do you want the same amount in £££ ?

To be honest as a re mortgage, you may as well just contact Abbey direct. brokers are useful placing a mortgage, but I don't think there is much money in it for them in a remortgage.

This case is less likely to trip up if a broker is consulted.

silvercar

amnblog wrote: »

This case is less likely to trip up if a broker is consulted.

Ok I stand corrected, I thought there was no money in porting mortgages and sticking with existing lender, so brokers weren't generally interested.

Let_Us_See

Some lenders do, others don't. However, there is nothing stopping you paying a one-off fee to a broker to assist with the whole process.