First Time Buyer - Where to find a good mortgage broker?

lauravenue

Hello,

I am a first time buyer looking to buy a house next year with my partner. We earn £30,000 and £25,000 and are looking at houses at the £280,000/£290,000 mark. We have £100,000 deposit already, so actually would only need a mortgage for £190,000 maximum.

My partner has a perfect credit report, and mine has been excellent for past 4 years, only issues on report are 5 years old now, so nearly gone. I have a CCJ for £150 which is over 5 years old, but I am hoping that the large deposit and good credit use over the past 5 years after that will make up for the CCJ stil existing.

Am I correct in any way? We are only 25 and have a very large deposit for people of our age so I am hoping that will really play in our favour. Also my partner has a perfect credit report so I am also hoping that will make a difference. I just really want to understand will the CCJ counteract all of those good points, and will a mortgage broker be the right way for us to go, as I don't want to apply directly and the company say no, as obviously that doesn't look good.

Also, is it a good idea to use large broker companies, or look for a local one? If anyone could reccomment anyone that would be so very useful.

Thanks in advance.

kirtsypoos

Hi Laura,

I can only advise based on my experience but I would find a local broker (try asking friends/family for recommendations, or at least google reviews before contacting them)

I didn't have CCJs or defaults but do have a high amount of debt with only a 10% deposit, and I'm so glad we went with a broker - he pretty much held my hand through it. I may well have been able to go direct and have the same outcome but I'm happy to pay £500 for peace of mind and advice of someone knowledgeable.

Good luck!

csgohan4

Large broker companies will have it's own issues and there will always be bad apples both side of the pond, small or large.

Usually a local broker would be better in terms of personal service and going to see them face to face.

Others like myself do everything over the phone and email

Personal preference really, then there's the issue of fee free and fee (usually paid on mortgage offer, if not why not)

Whatever you do please avoid Estate Agent brokers, they are not all independent and whole of market. They are commission based. Saw a colleague who was given deals a full 1% more than the best buy tables for a non self employed application, funny enough the commission was over 1.3k.

We cannot recommend specific brokers due to forum rules, go to Unbiased.co.uk or PM one on here. My mortgage broker was obtained from these forums.

lauravenue

Thanks for advice, we have no friends or family in the area we currently live, or the area we are moving to so unable to ask others for advice. Have spoken to London and Country today to get a rough idea of what they do, to start the ball rolling potentially.

It's the CCJ issue, how much it will affect everything, but I guess I won't find that out until I apply!

Playing_with_Fire_2

The key is whether the broker is whole of market, how they are paid, and how good the individual is. It's easier to find out the first and second.

Ditto the warning about Estate Agent brokers. I've had them suggest fraud, offer a 'special' rate that was 3% higher than the mortgage agreement I already had, sell my phone number on to others, and be unable to do basic maths.