How to find a good broker

Red-Squirrel_2

...and what should I expect to pay one?

I know there are a few brokers on here so hoping for a bit of advice for a beginner! I've gone direct to lender with my previous two properties but back then I had a good deposit and a spotless credit history. This time round I still have the good deposit but the credit score is not quite what it was!

I have no defaults, but about £12K in credit card debt accrued while I was back at uni retraining for current job, no other debts besides that and current mortgage.

No defaults, no CCJs, no late payments, on electoral roll, no unauthorised overdrafts (am in an authorised one quite frequently but that can be stopped very easily).

I also have quite a few recent searches on my file, completely my fault as I was looking for ways to reduce the cost of the CC debt and didn't realise the impact of too many applications, oops. I am also using about 80+% of my available credit which I know doesn't look good.

I was planning to spend a year getting straight, clearing the CCs and letting the searches drop off and move 2016, but a house has just come on the market that may be too good to resist, a real fixer upper in a nice area.

Do the experts on here think a broker would be able to sort something out with my situation or should I stop tormenting myself on RM and just wait? :rotfl:

The property is up at 100K, if I sold my current place (and it would go quickly) I'd have about 55-65K equity but would want to retain a good chunk of that to do the renovations. I earn 21.5K per year basic plus antisocial hours payments that bump it up to the equivalent of about £24.5K.

amnblog

Sounds to me like this is placeable all day/every day


Via a competent broker of course!

Red-Squirrel_2

amnblog wrote: »

Sounds to me like this is placeable all day/every day


Via a competent broker of course!

I'm probably overthinking it, I was always very debt averse until the last few years when I had to embrace the concept a bit!

Any tips for how to find a competent broker? How does it work in terms of fees/payment? Its not an option I've ever considered before so I wouldn't know where to start!

Do you think I'd stand a chance at a decent rate?

ACG

first of all, ignore the score. Its worthless.

You have no bad credit, so the only thing pulling your score down byt he sounds of it is the number of searches.

You will have a decent deposit, income should be fine - although it is a lot of debt for your income.

Avoid estate agent brokers.
Ask friends/family?
Take a look on google for some local brokers,only pay fees on results (either offer of a mortgage - not a decision in principle - or completion). That way you can be sure their eyes are on getting you a mortgage and not throwing in an application anywhere to get some quick easy money.

amnblog

ACG wrote: »

That way you can be sure their eyes are on getting you a mortgage and not throwing in an application anywhere to get some quick easy money.

I'd like to think the Lenders and or the Regulator would spot that sort of pattern ACG.

Red-Squirrel_2

Thanks, are there any professional bodies etc. that brokers can join that are a good sign to look out for? Any warning signs or red flags I should be aware of?

Quite reassuring responses really!

amnblog

Red-Squirrel wrote: »

Thanks, are there any professional bodies etc. that brokers can join that are a good sign to look out for? Any warning signs or red flags I should be aware of?

Quite reassuring responses really!

Forget professional bodies - we are all regulated.


Look for a broker that is whole of market not one that works from a limited panel of lenders. One conversation should tell you if you have found someone sensible.

Red-Squirrel_2

amnblog wrote: »

Forget professional bodies - we all regulated.


Look for a broker that is whole of market not one that works from a limited panel of lenders. One conversation should tell you if you have found someone sensible.

Ok, thanks very much for your advice, if you happen to know anybody good in Manchester feel free to drop me a PM.

Oh, last question, if the rates they find for me are not good enough to make a move worthwhile and I do decide to wait a year, is there a fee to pay as lack of offer/completion would then be my fault?

amnblog

Red-Squirrel wrote: »

Ok, thanks very much for your advice, if you happen to know anybody good in Manchester feel free to drop me a PM.

Oh, last question, if the rates they find for me are not good enough to make a move worthwhile and I do decide to wait a year, is there a fee to pay as lack of offer/completion would then be my fault?

I know one

ACG

Red-Squirrel wrote: »

Ok, thanks very much for your advice, if you happen to know anybody good in Manchester feel free to drop me a PM.

Oh, last question, if the rates they find for me are not good enough to make a move worthwhile and I do decide to wait a year, is there a fee to pay as lack of offer/completion would then be my fault?

Im in Manchester but not allowed to PM im afraid... also not sure if im classed as good :P

With regards to the question it will depend on the broker.

kingstreet

It might have an "M" postcode, but Sale is Cheshire, not my idea of Manchester.

Now Eccles is more Manchester, but that's been in Salford since I was eight.