Mortgage Broker

Foolishone

Hello,

I am looking for a mortgage broker specialising in adverse credit in Swansea South Wales. I have saved a deposit of £17,000 and i'd like to discuss my options, I have a settled default on my credit file from July last year for £314.00 which I believe puts me in the adverse group when it comes to lending.

Im having difficulty finding a broker that specialises in the adverse field, I have asked about and scrolled through numerous adverts but im a bit confused by it all! Can any decent broker help me? Does he/she necessarily have to advertise themselves as being an "Adverse credit broker"? Better still, does anyone have any experience of a reputable broker in this particular area?

I appreciate its a long shot.

Thanks in advance for your help.

Malmo

Try starting a local broker search at unbiased.co.uk.

On the home page, next to the search box, select Mortgage Adviser and enter your postcode and hit search.

When the search results are displayed, in the filters on the left hand side:
Un-tick the Only show sponsored results box
Expand the heading More filters and under Adviser restrictions, tick the box for Mortgage Broker (Whole of Market)

This should give you a list of potential brokers to contact in your locality.

Ask about their experience with adverse situations and make sure you understand from the brokers you speak to what fees will be charged and at what point in the process. Ideally (based on my personal experience), after contacting them, they'll email you a couple of documents;

1) their Terms of Business or Initial Disclosure Document (IDD), which will outline/summarise the service they provide and their fees along with how they are regulated by the FCA etc;
2) possibly a Fact Find document that you need to complete to help them understand your full circumstances & requirements.

Good luck.

ACG

Im not in Swansea but 90% of my business is adverse so I can probably help to point you in the right direction in terms of whether its possible or not.

Is the default showing on all 3 credit reports? (Equifax/noddle/experian)
What type of company was the default with? (credit card, loan, communications etc)
Chances are your going to need a 15% deposit but there could be exceptions.

Foolishone

Hello,

I'll take a look at the link now thanks

My default was with Shop direct (Catalogue) I had forgotten to change my address and bank details over after a relationship break up (Grrr!). It does appear on all 3 reports, aside from this my report is clear.

Thanks.

ACG

Assuming everything else is fine I would be confident with a 15% deposit - rates would be around 6%.
Depending on he rest of the application it may be possible to do it with less of a deposit or at more normal rates, but I think I would be working on worse case scenario for now.

Foolishone

Thanks alot for your help ACG. I have contacted a local broker and arranged a meet next week.

In your experience - Is my situation one that you have managed yourself previously? I think if we are looking at 6% rates we would have to be honest with ourselves and delay this venture for a few more years.

Thanks again.