Mortgage newbie

HarveyB

Hello all.

Me & my partner looking to get a mortgage next month or so.

We have saved up 10% deposit.

We are both employed with no real adverse credit apart from few missed payments over 3 years ago.

I would like to ask based on your experiences who would you recommend to apply for a mortgage with.

What providers are less stressful don't take too long etc.

As its the biggest financial commitment one can make.

To qualify for a mortgage of £148,000. Our joint income PA (gross) £43,000. Is this enough?

I thought it be a good idea to ask.

Few mentioned Halifax.

But I would really like to know everybody experience.

Also looked at one broker but don't know if they worth it or not? My broker wants to charge me flat fee of £1,400 is this average fee seems high on property in price of £150,000.

Malmo

A very open ended question. Their is no ideal or best or recommended lender. It depends on your specific requirements and circumstances.

The broker's fee to me seems on the higher end of the scale. I would expect a "reasonable" fee to be up to £500 for an uncomplicated case, payable upon either a) confirmed mortgage offer or b) completion and never before either stage. My advice is to contact several more whole of market independent brokers.

Ensure that the brokers you speak to provide you with their Initial Disclosure Document (IDD) before starting their research.

HarveyB

Hey Malmo,

Thanks for your comments..

What is this document?

ACG

£1,400 seems high for what it is, but it sounds like they charge a flat 1% of the mortgage amount.

IDD is a document we used ot use, it has changed to a terms of business now - it explains fees, the lenders available (ie whole of market, tied etc).

HarveyB

Thanks for that valuable info