Seeking a 'specialist' mortgage advisor

ferry

I understand I can't ask for specific broker recommendations but need some pointers on how to seek out a broker that can help with our specific circumstances.
We would like to look at the possibility of moving but we have existing credit issues -not in IVA or DMP but make only agreed token payments to our creditors at the moment.
We have tons of equity but no real cash put away.
The idea is to move to free up some of this equity by either downsizing or to an area that would allow us to achieve this.
Our current broker is a family friend and dont feel comfortable divulging details of our personal situation to him now which I hope you understand.
As our situation is more complicated than the usual straightforward cases, I feel we may need advice from a broker specialising in this area.

Any advice on how to search for these appreciated.

F x

Mortgage_Mark_2

Search for a broker experienced in adverse credit, although prepare yourself for every eventuality, perhaps that there may be no mortgage options for a little while. It depends on how those credit agreements are reflected on your credit report. Before you speak with a broker, obtain a copy of all three credit reports (Experian, Equifax and Call Credit/Noddle), so that you and him/her know the full picture.

One final thing, when you get the reports, IGNORE the 'score' at the top. It's worthless.

Good luck.

Malmo

ferry wrote: »

Any advice on how to search for these appreciated.

One suggested method (as well as Google), is to follow the steps in this post.

ACG

You will probably find a lot of brokers tell you no chance when you speak to them anyway - so that should help to weed out the ones who do not really deal in the adverse market. This wont be easy but should be possible I suspect - although as ever it will come down to the detail.

Maybe have a look for adverse credit or bad credit mortgage brokers?

Dave_Ham

First thing a competent broker will ask in this area is exact dates and values, for which you will require your Experian, Equifax and/or Call Credit reports.

Start here then have a chat with a few brokers.

Best of luck

Thrugelmir

May well be worth speaking to your existing lender to see if they can assist. If in the process of downsizing you clear your debts entirely and also reduce the size of your mortgage. Lenders are in business to lend money not judge you. So enquiring won't harm you in any way.

ferry

Thanks guys for the advice so far.
Can I ask what the process actually is if we decide to move as we are currently 18 months into a 2 year deal?
I've just noted that our mortgage is portable so I guess that means the rate?

Will we need to even reapply for a new mortgage if we are moving or do we stay with current lender?

F

Dave_Ham

Who is your existing lender, a port requires a new application and subsequent underwriting. When down sizing, your lender may accommodate although this is being dealt with inconsistently at present

ferry

Dave_Ham wrote: »

Who is your existing lender, a port requires a new application and subsequent underwriting. When down sizing, your lender may accommodate although this is being dealt with inconsistently at present

Santander. I'm starting to think we might become mortgage 'prisoners'....

Dave_Ham

You will get a new mortgage (from what you have said) although it wont be with Santander.

May want to wait a few months before you execute anything given the fixed deal remaining.

Good news is that with your deposit, new product probably will be less than the Santander SVR rate of 4.74% even with a specialist lender.

All the best

ferry

Just out of interest how much does LTV count towards a lenders decision these days?
We have a £130k mortgage balance against a house worth £310k if that makes any difference?