A vote for the brokers if you are thinking of a mortgage in the New Year

WillyWonga

As a lurker on the forums for some time in this section and I know many do the same after moving into my new build last month I cannot stress the benefits of a broker.

Yes it was stressfull, yes solicitors drag their heels.

Before applying make sure you have at least 3 latest payslips and your P60. If you intend to use tax credits, DLA etc etc just ring them up and ask for a confirmation letter which will come dated to aid the case (many can be 6+ months old).

Approach a broker. The papers nowadays are littered with tempting adverts which to a novice may seem great but only a broker will know if you stand a chance of getting an offer. My broker ran through my figs through the calcs of some lenders and the offers varied by £50k. Some would accept 100% tax credits others only 50% etc etc.

Be honest and up front to your broker. By telling him you have a clear history when in fact you have 2 defaults from last year will not only waste your time but theirs. Plus when the lender searches your file it will show up and will leave a search on your records.

Have a contingency in the bank to pay for valuation fees, solicitor search fees.

If possible scan your supporting documents so on file ready to be sent in an email should the broker need it.

Dont trust solicitors. We were in a chain of 3 and the FTB at the bottom of the chain got rejected for a mortgage and had to reapply for another one. We only found this out the day before exchange when they admitted it as thats when the mortgage offer finally arrived, their solicitor kept quiet praying that it would come through.

You will see from other posts the brokers know their stuff - HSBC picky, another bank may want 6 months payslips etc etc. Its stressfull but imagine if you went alone and applied direct whilst working. They had a query, left a message which you couldnt pick up till lunch, then spend on hold trying to get through to them etc etc.

Whatever your situation there may be a way. Speak to a broker about your options.

Good luck to all in 2015 :T

Jhoney_2

Great Post.

Would also like to extend my thanks to all of those brokers who contribute to this site and the forums - giving us their time, the benefit of their experience and valuable information for free.

Thanks to you all.

fairy_lights

Hi WillyWonga, I'm going to be making an appointment with a broker early in the new year and was wondering if I would need to take payslips etc with me to my appointment, or would I only need them later on when actually applying for a mortgage? Is there anything else I need to take with me to see the broker?

Senior_Paper_Monitor

Taking all your documents (inc credit report) to the initial meeting helps the broker help you no end.

lindens

I second the posts above. A good broker will save you loads of time but you need to be honest with him. He is on your side after all! Take all your docs with you on the first meeting - why wouldnt you? a good broker will scan them all in there and then so he has them ready and waiting for the mortgage app.

nubbins

I would second this, always use a broker if you can. Just for the record you do not need to ever meet your broker, he can be in Newcastle and you can be in Bournemouth.

FTBCONFUSED

I'm currently using a broker as they are worth every penny...100% would recommend one, however it shold be a good one!

Thrugelmir

WillyWonga wrote: »

their solicitor kept quiet praying that it would come through.

Nothing to do with the solicitor. Solicitor works for their client and the clients lender, no one else.

Jhoney_2

I do think it's a bit daunting sometimes. I'm trying to find one for next year (noone I know has a recommendation as they haven't ever used one/ so long ago they don't remember?!

It would be great if somehow we could informally highlight good ones on here..obviously at own risk, but it's a great starting point. Everyone (quite correctly) suggests unbiased, but then...it's just daunting!

AnnieBox

I must admit, I genuinely don't think I could have made it through this process without my mortgage broker, she has been an absolute dream to work with and has cleared up so many questions and taken away so many of my worries. She is worth every penny of her fee in my mind.

ACG

A lot of good info on here.
Having everything prepared does make our job a whole lot easier. The more we have upfront means the less we have to ask for down the line.