Never give up!!!

hoops77

About two months ago my wife and I decided to sell our house for 350k
And wanted to buy a house a bit further out for 275k
The house we were selling, us and our two girl had completely outgrown
The house buying was three times the the size and two extra bedrooms.
Our circumstances
1. Had a mortgage with the halifax of 171k perfect record for 7 years on 80% intrest 20% repayment. Monthly payment £560.
2. My wife and I had two defaults each.
3. We instructed a broker to place a mortgage for us, we sent copies of our credit reports, to which he replied dont worry I've been in this game for 20years I'm quite simply the best and I have an underwriter who owes me a favour!!!
4. He completely sucked me in and proceeded to scatter gun applications to the subprime market to which we got several declines.
5. He then said this application is going nowhere and dropped us like a stone after 2 weeks.
6. With nothing to lose I decided to give our current lender halifax a go and asked to port our mortgage and after an hr on the phone I had a dip, I was honest told them about the defaults.
7. As this point I was very excited and let the mortgage advisor that had dropped us our good news, to which he replied you haven't got a snowball in hells chance of getting it through ill give you odds of 500/1 you get the mortgage.
8. Mortgage got referred and approved and then offer was sent.
9. At no point did the halifax do a hard check on our credit file.
10. We are now in our beautiful house.
11 mortgage 110k , monthly payment £630 over 15years on full repayment .
12 we have payed all our debts in full.
Thanks for everybody's kind words and advise through this journey.
Feel very lucky

hoops77

Also took great relish in sending the mortgage advisor a little pic of the keys in the door yesterday!!

zarf2007

melhuish77 wrote: »

About two months ago my wife and I decided to sell our house for 350k
And wanted to buy a house a bit further out for 275k
The house we were selling, us and our two girl had completely outgrown
The house buying was three times the the size and two extra bedrooms.
Our circumstances
1. Had a mortgage with the halifax of 171k perfect record for 7 years on 80% intrest 20% repayment. Monthly payment £560.
2. My wife and I had two defaults each.
3. We instructed a broker to place a mortgage for us, we sent copies of our credit reports, to which he replied dont worry I've been in this game for 20years I'm quite simply the best and I have an underwriter who owes me a favour!!!
4. He completely sucked me in and proceeded to scatter gun applications to the subprime market to which we got several declines.
5. He then said this application is going nowhere and dropped us like a stone after 2 weeks.
6. With nothing to lose I decided to give our current lender halifax a go and asked to port our mortgage and after an hr on the phone I had a dip, I was honest told them about the defaults.
7. As this point I was very excited and let the mortgage advisor that had dropped us our good news, to which he replied you haven't got a snowball in hells chance of getting it through ill give you odds of 500/1 you get the mortgage.
8. Mortgage got referred and approved and then offer was sent.
9. At no point did the halifax do a hard check on our credit file.
10. We are now in our beautiful house.
11 mortgage 110k , monthly payment £630 over 15years on full repayment .
12 we have payed all our debts in full.
Thanks for everybody's kind words and advise through this journey.
Feel very lucky

Congrats! enjoy your new home...

However, it just shows the number of cowboy brokers out there people have to deal with. While I appreciate Kingstreet and many others on here I obviously on the 'good' side, the fact that they are not allowed to recommend their services is a bit stupid in my opinion.....

having to advise people seeking a broker to 'google search for one' is similar to doing the same for a tradesman in any other area and you are more than likely to find a cowboy......considering their actions could screw up your credit file the consequences are just as serious..

I guess the only solution is to go with someone recommended but I think we need a 'checkatrade' or similar site for brokers!!

Senior_Paper_Monitor

Don't be totally convinced by checkatrade claims to ensuring quality BUT they do have 'www.checkaprofessional.com' as a sister site, however they only list 158 mortgage brokers (interestingly enough also covers hair dressers and martial arts instructors amongst others !).


' www.freeindex.co.uk ' has over 1200 on their site -= and is heavily orientated to customer reviews.

The most commonly referred to site is 'www.unbiased.com' but other than validate licences/approvals they do no quality checking.


There are many other sites but many simply sell on the enquiry to highest bidder.


In the OP's position own lender should always be considered - and they now don't need the above info but it may be of interest to others.

Thrugelmir

Did you reduce the size of your mortgage in the process?

hoops77

Yes mate by over 60k

dimbo61

Well done and I hope the whole family is happy in the new home :-)
You have a smaller mortgage on full repayment so build up savings Just in case and then overpay if you can afford too.

Thrugelmir

melhuish77 wrote: »

Yes mate by over 60k

Then in defence of your broker you were in fortunate position of having an existing lender willing to play ball. For the simple reason that they were reducing their risk exposure to you. A commercial decision nothing more. Other lenders in the market may not have been so keen to do business.

So best to keep matters in perspective.

blinko

great story, pleased for you

TLM_77

Great story, well done, enjoy your new life.

emcap

well done on reducing your debt