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

Options
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
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Comments

  • Jhoney_2
    Jhoney_2 Posts: 1,198 Forumite
    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.
  • 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?
  • Taking all your documents (inc credit report) to the initial meeting helps the broker help you no end.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • lindens
    lindens Posts: 2,870 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    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.
    You're not your * could have not of * Debt not dept *
  • nubbins
    nubbins Posts: 725 Forumite
    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.
  • I'm currently using a broker as they are worth every penny...100% would recommend one, however it shold be a good one!
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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
    Jhoney_2 Posts: 1,198 Forumite
    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
    AnnieBox Posts: 116 Forumite
    Debt-free and Proud!
    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.
    Paid off my debts, saved up my cash and now I'm finally buying my own home!
  • ACG
    ACG Posts: 24,551 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    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.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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