mortgage calculator not even enough to buy a house...

kellaree

My experience of brokers has been great! I would highly recommend the two I've used.

Especially if you are a FTB or a stress-head like me

deaston

kleapatra wrote: »

I just borrowed over 5 times my income, not particularly high earning or a huge deposit.

And anyone who thinks a broker is a waste of time has either never met/used a good one or is just stupid

I stand corrected - 4.7x was the best I managed and a lot of people on here said I'd never get more than 4.5x, but well done for getting 5x.

In my experience, I still think brokers are a waste of time, but maybe I've never got hold of a good one. Although it's far more likely I'm just stupid.

kingstreet

Sorry deaston, I should have remembered you.

You're the one who got shafted by HSBC so my references to HSBC must have stung a bit knowing you had to settle for second best from Halifax to get the loan amount you needed with your self-employed income lower than the year before.

After all of us on M&E telling you to go broker route, what happened? Halifax have flexible underwriting and we probably do 30% of our business withe them, but their rates aren't great and you tend to use them despite their rates, not because of them.

Which brokers did you approach and what was the outcome?

deaston

kingstreet wrote: »

Sorry deaston, I should have remembered you.

You're the one who got shafted by HSBC so my references to HSBC must have stung a bit knowing you had to settle for second best from Halifax to get the loan amount you needed with your self-employed income lower than the year before.

After all of us on M&E telling you to go broker route, what happened? Halifax have flexible underwriting and we probably do 30% of our business withe them, but their rates aren't great and you tend to use them despite their rates, not because of them.

Which brokers did you approach and what was the outcome?

Yes, unfortunately, HSBC would only look at my profit, not my profit and salary. I only went with HSBC initially because that's who I bank with. I went on a seven week holiday last year which meant my turnover was lower, so HSBC automatically ignore all other years.

Tried a couple of brokers, but they were slow and a bit rubbish. Although I'm not surprised - they're just low-paid, wannabe accountants who failed their course, doing the boring things that no-one else wants to do with endless paperwork and boring phone calls. How very dull. Best rate came back at 2.29% and they said I wouldn't be able to borrow enough. So I made an appointment at Halifax who have helped me out before. The rate was actually the same as HSBC at 1.99%.

Another plus, we've moved our joint account to Halifax and got £100, my partner is a FTB, so we got another £250 and now I'm moving my personal account from HSBC to Halifax, so that's another £100. Not following the advice of a broker was the best thing I've ever done and I'd recommend everyone else does their own homework, too.

ethank

There is good and bad everywhere. HSBC who I bank with, initially referred me to Lending and then turned me down for a mortgage as I did not have disposable cash left over every month. What the actual truth was - I put my disposable cash into Leeds BS every month.

I found a really good broker - they were really honest and they told me exactly which lenders would/would not be interested in me. First AIP - Mortgage promise, 2nd AIP - mortgage promise! I ended up going with the 2nd one with Nationwide....... I will always use a broker in future.