Reccomend a broker

Rob_Mogs

Hi folks,
Due to recent events we will most likely be needing a new broker and as he was the only one around us for probably 50-60 miles, we will need a national one/one that is happy to deal via phone and email.

Quick recap on our situation:


I earn £24k,
Partner earns £18k,


I have a default that started May 25th 2010, amount was £5305 which was paid off after complaint with financial ombudsman was ruled against us, which was 15th April this year.
Default was with Black Horse Finance.


All other records are squeaky clean.




Offer accepted on a 10ish year old, 3bed detached house with garage and garden for £132k - Was on the market at £147k.


We've got a £22k deposit (that we want to use - we do have up to £26500 available)
Meaning we would need to borrow a MAX of £110k






We'd prefer not to use a broker that asks a fee upfront as our current broker hasn't been the most helpful and has already had an application declined for us by applying to the wrong lender.


So can people comment on who they've used that was any good and kept you informed throughout the process, speediness is also a crucial factor for us atm, due to our current broker having already taken a month!


If We've forgotten to write anything then I will add them/edit this post as I remember.


Cheers Folks.

Malmo

PM'd a recommendation to you.

socmwils23

we were recommended two. london and country which had no fees and which mortgage brokers which does have a fee. We have ended up going through which and so far can't fault them.

cahill

Which? Mortgage advisors are great, total fees of £499 and whole of the market. Myself and several family members and friends have used them and they are faultless.

Rob_Mogs

Which will charge £250 upfront, which we ideally want to avoid unless we can guarantee we get a mortgage (before people jump on the 'nothing can be guarantied' speech our only problem is the default, which various sites tell us isn't a bit problem due to the age of it)


How quickly do Which work?

ACG

Im not plugging for business here, but I and I am sure many other brokers only charge on full offer or completion.
I personally do not think its unreasonable that you go to a broker and only pay on results. You dont go to tesco and pay hoping your shopping is in the bags when you get home. If a broker has any doubts then they should not be taking on the case.

The only exception to the above is if the applicant(s) have not been 100% truthful in the factfind.

socmwils23

Rob_Mogs wrote: »

Which will charge £250 upfront, which we ideally want to avoid unless we can guarantee we get a mortgage (before people jump on the 'nothing can be guarantied' speech our only problem is the default, which various sites tell us isn't a bit problem due to the age of it)


How quickly do Which work?

Well i spoke to them Tuesday, He took 24 hours to research what was available and spoke again on wednesday. He recommended what he thought was best for us and why. He then emailed us the application which we have now filled out and returned to him today. He will check this over tomorrow and expects the application to either go in tomorrow or monday.

I get what you are saying regarding paying upfront but i would say what is most important is getting a broker you can trust. like has been mentioned above as long as you are honest then they should be able to say whether they can help you. You can get advice from which without paying them (they only take payment when your application is submitted) so it may be worth a phone call to them just to chat. Shop around and see what you think after talking to a few.

Dave_Ham

Ok, so speed is critical. My opinion is that you need to ask the following questions:


What happens if the adviser you speak to is sick or goes on holiday
Typically with lender selected what is the average time to valuation/mortgage offer
Do they have the capacity to deal with your case in a time sensitive manner


Personally I think any broker fee is reasonable, or if on application then a refund if not offered.


Best of luck

Rob_Mogs

ACG wrote: »

Im not plugging for business here, but I and I am sure many other brokers only charge on full offer or completion.
I personally do not think its unreasonable that you go to a broker and only pay on results. You dont go to tesco and pay hoping your shopping is in the bags when you get home. If a broker has any doubts then they should not be taking on the case.

The only exception to the above is if the applicant(s) have not been 100% truthful in the factfind.

In terms of the factfind, I couldn't help laughing when we went in to check and sign ours as almost every single detail they had filled out was wrong! Ages, DOB - which didn't even match the age! Salaries etc.
We've been nothing by 100% truthful due to our circumstances, but mortgage broker can't even fill in a form 😟

mbmatey

We're first time buyers and have used London & Country - so far so good! Quick to respond via email and phone and have been helpful through the process so far.

Let_Us_See

ACG wrote: »

If a broker has any doubts then they should not be taking on the case.

Therefore a broker is 100% sure of every case they submit? Surely not?