Finding a good adverse credit broker

Woodypuddy

Hi
Is anyone able to advise the best way of finding a broker that has experience in adverse credit.
We are looking to move property and, just in case my current lender will not port my current mortgage, I was wishing to contact a broker to discuss a remortgage with my poor credit history ( I earn 61500, my partner earns, 37500 however I have a DMP (my name only) I am currently repaying for 359 per month with around 10 years still to go)
We wish to move and release some equity to completely pay off the DMP and be debt free.
We would not be increasing the mortgage or the LTV (85%).
I have heard that I should choose a broker with experience in adverse however I don't know how to go about this.
Thanks in advance

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, particularly around adverse history and make sure you understand from the brokers you speak to what fees will be charged and at what point in the process. They can be fee-free or fee. Try to arrange a meeting face-to-face (at your home or their location) and ideally, after initial contact and prior to meeting, they'll email you a couple of documents:

• 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;
• possibly a Fact Find document that you need to complete to help them understand your full circumstances & requirements.

amnblog

I can't see you moving with a DMP and 15% deposit Woody - even if you are paying it off.


Is 15% your maximum deposit?

Woodypuddy

Hi, thanks for the responses

On the price range we are looking at on the new property it will be around 70-75% LTV.,it will be no more than 75. Is this likely to be more acceptable?
Thanks

amnblog

Here you have some possibilities with an experienced adverse broker Woody.

Woodypuddy

amnblog wrote: »

Here you have some possibilities with an experienced adverse broker Woody.

That's good to know but how do I know who is experienced - will they tell me if I ask them ? Or will they all just day yes we can help even if they are not experienced in this particular field. I did ask a broker who the estate agent suggested and to be honest he didn't seem to understand my issues.

Any advice? Family and friends don't know my situation so cannot ask for recommendations

Thanks again

amnblog

All you can do is speak to a potential broker Woody.


If they seem to 'get it' when you start talking to them you have a good bet.


If they are vague or evasive it is probably because they do not have sufficient experience of the adverse market.


If they do not charge a fee - they don't understand this kind of work.

Malmo

Woodypuddy wrote: »

That's good to know but how do I know who is experienced - will they tell me if I ask them ? Or will they all just day yes we can help even if they are not experienced in this particular field. I did ask a broker who the estate agent suggested and to be honest he didn't seem to understand my issues.

Any advice? Family and friends don't know my situation so cannot ask for recommendations

Thanks again

You really need to "interview" & discuss with 2 or 3 brokers from a shortlist and evaluate how they come across & respond when you explain your credit circumstances. I do not recommend estate agent based brokers/advisers, plenty of threads in this forum about that topic. Find a few using the method I posted earlier.

Dave_Ham

Much will come down to when you started the DMP.

If you can confirm this date, can be more confident on a solution (potentially at a higher loan to value than 75%)

I would just google adverse credit mortgage or bad credit mortgage or similar and phone 3-4 brokers and take a view who has the most experience.

Just ensure that any fee payable is on mortgage offer/completion, that way you will only pay once a solution is achieved to your satisfaction.

Any application or upfront fees and you could lose money and not achieve a mortgage.

Best of luck