My broker experience

Mummyto4kids

I thought I would post my experience of applying for a mortgage via a broker in case it helps anyone.


We found a house on the Help to Buy equity loan scheme that we love. We've been saving hard, have got a 5% deposit and reserved the plot two weeks ago.


My hubby has been running his own ltd company for 18 months and has only just filed his first year of accounts but he was also offered a permanent role with one of the places he contracted at and has accepted it with a start date of later this month. I'm employed full time, have been at the same place for 9 years.


We were given the brokers details by the developer and my experience with him has been great. He managed to get us a fixed rate mortgage with the Halifax despite an old settled default on my account, even tho hubby hasn't yet started his new job, and despite me taking maternity leave in 4 months time. The mortgage will be lower than the rent we currently pay, he has dealt with all of the queries from the bank, and when it looked like our decision was going to take 4 days to come through before the valuation could be instructed he somehow made a call and got a senior underwriter to agree our application (subject to valuation) over the phone, backed up seconds later via email.


I know that we aren't having to foot the bill for his services but I would honestly pay double what the bank will be giving him purely based on the level of service he has given us, for keeping us informed, for being quick to answer queries on our behalf or let us know when they needed further info. the bank wanted an explanation of my default, he sorted that out with me and them in less than an hour! When they queried why the name of the company that we pay our rent to on my bank statements isn't the name of the agent we rented our house from, he did the legwork in contacting our landlords for proof because I wasn't at home to do it.


Our full application went in on Friday and they instructed the valuation last night. He doesn't anticipate any issues with it and so we are hopeful to get our offer through next week once they have done the valuation which is already booked in for later this week.


I hope that this helps anyone who is debating using a broker - with all the questions and bits of paper and proof that the Halifax needed I don't think we could have done it without him - worth his weight in gold to us!!

rusty_f

I am completely with you here. My broker has been amazing. Because I'm a relatively new Ltd Company Contractor I had to go through a broker as I had no historical accounts. I chose one who had multiple recommendations on contracting forums and I paid a fee, but he has been brilliant from start to finish. He has calmed me down following multiple 'dramas' on my side (in my head they were dramas anyway, they probably weren't at all but this whole process is nerve-racking!) and answered all of my panicked questions, so I feel he has definitely earned his fee!

Glad you've had a good experience too!

ACG

I think a lot of what we do is hand holding and reassuring. Dont worry rusty, you are not alone. It can be a bit of an emotional rollercoaster so its not uncommon.

I find that when I do some cases, I know the initial decision will refer so pre-warning people to expect that I think takes a lot of the edge of it. Its just that reassurance and what to expect that makes a stressful time that little bit easier.

David_White

Most Brokers end up being amateur therapists during the application process don't worry