Credit ratings and Mortgages - advice please

[Deleted User]

Ah. Thought that might be the case. Estate agent brokers tend to be at the bottom of the quality pile. It also means that they, and the estate agents, will know the maximum a lender may give you. Which is quite useful information if they're trying to sell you something.

I would run as fast as you can elsewhere. You want your application to be placed with the right lender, not just banged into the first one in phone book.

robcyb

Deleted_User wrote: »

Ah. Thought that might be the case. Estate agent brokers tend to be at the bottom of the quality pile. It also means that they, and the estate agents, will know the maximum a lender may give you. Which is quite useful information if they're trying to sell you something.

I would run as fast as you can elsewhere. You want your application to be placed with the right lender, not just banged into the first one in phone book.

I've also found using them that it appears that they 'communicate' with the sales team as to how much we can afford/borrow. It really does hinder conversations when it comes to negotiating prices, if you follow?

I know this is the million dollar question - but do you happen to know of any 'good' brokers?

MrsTinks

Uhmmm yeah.... what zx81 said.

You want a truly independent adviser who acts in YOUR best interest. So I'd hop skip outta there.

As for deposit - ideally you need a much bigger deposit but you also need to reduce your debt - they are interlinked to a point when it comes to mortgages. Speak to a decent adviser and get them to go through ALL of it with you

robcyb

Thanks everyone for your replies - it really is an amazing community. I think it's safe to say we need to find a better mortgage advisor to help us with the largest decision in our lives.

Girlie89

Hi, I'm new to all this forum business so hope I am putting this in the right place!
I'm a first time buyer, I have had a mortgage in principle last week and went ahead with the mortgage application with my mortgage advisor who has been brilliant. Along with my other proof of income etc I also printed off my credit score from Experian which was 980 something (rated as excellent) no late payments shown on that. These were all sent last Friday. I've logged onto my Experian account to see 2 late payments on two separate credit cards. I have paid these cards off last week anyway before I realised these late payments (one had a balance of £103 and the other was £654) but it has significantly affected my score as it has brought it down to 854 which is "fair". The mortgage would be for 85% as I have a bit over 15% deposit. It is with NatWest. Do you think this will seriously harm my chances of the mortgage going through? Also one of the cards has refunded the late payment charge as a gesture of goodwill as I have never missed payment before. Any help would be really appreciated. ��

[Deleted User]

Although you can ignore the score, it's not good timing to miss payments.

Speak to your advisor.

DCFC79

Girlie89 wrote: »

Hi, I'm new to all this forum business so hope I am putting this in the right place!
I'm a first time buyer, I have had a mortgage in principle last week and went ahead with the mortgage application with my mortgage advisor who has been brilliant. Along with my other proof of income etc I also printed off my credit score from Experian which was 980 something (rated as excellent) no late payments shown on that. These were all sent last Friday. I've logged onto my Experian account to see 2 late payments on two separate credit cards. I have paid these cards off last week anyway before I realised these late payments (one had a balance of £103 and the other was £654) but it has significantly affected my score as it has brought it down to 854 which is "fair". The mortgage would be for 85% as I have a bit over 15% deposit. It is with NatWest. Do you think this will seriously harm my chances of the mortgage going through? Also one of the cards has refunded the late payment charge as a gesture of goodwill as I have never missed payment before. Any help would be really appreciated. ��

Should started your own thread BUT zx81 has given you some great advice.