Kensington versus precise

tiggy748_2

I'm splitting with my husband. House is in his name he is remortgaging to give me a divorce settlement which I'm using as a deposit for my house.

A broker got me an AIP with precise at 3.89 /70% LTV and put an offer in on a house but precise wouldnt lend on it. The estate agents put me in contact with amother broker who thought Halifax would lend on it ... no. Anyway found another house now. 106k with a 72k mort.

First broker says go with precise as Kensington will take forever to offer. I've signed paperwork saying I pay 1500 on offer or.completion of mortgage..obviously that has fell through so im assuming im able to move broker.

The 2nd broker says go with kensington at 2.89 and he charges 500 fees.

I've looked at the amount of underwriting Kensington ask for and it's vast. I e recently had time off work.due to surgery I've paid off credit cards etc and I understand Kensington would be a pain regarding paperwork.just for these two.things.

precise have already been quick and hassle free. So for the sake of £20 extra a month on mortgage im.tenpted to just ask 2nd broker to apply with precise for.me.to save the 1000 broker fee on this new house.

So first question Kensington or precise?

If i stayed with precise would it be classed as new application so need to pay fees etc again?
And do you think.i can move broker to save 1000 and still continue with "old application" with precise?

Thanks

amnblog

Kensington tends to offer the better rates but are painfully slow.

Precise are not covering themselves in glory at the moment, but will be quicker ('hassle free' is an ambitious statement).

When you need to use Lenders such as these expect matters to take some time as you have made your situation complex in the first place.

tiggy748_2

Thanks.
It an old 2 yr default of 250. I cancelled a mobile contract orange "lost" the termination paperwork so there you go.i found out about the defult too late. Orange wont even engage with cit advice to sort it. so i just have to ride it out for 4 yrs. Lesson learnt never to have mobile contracts. Other than that I've had 170k mortages and my history is perfect.

ACG

Kensington are without doubt the cheaper lender.
But I would rather put a rusty nail through my (insert body part here) than use them. Any broker who would deal with them for £500 needs a bloody medal!

They do normally get there in the end, but they typically send a list of requirements which is as long as your arm and includes the kitchen sink. After days of running around sweating and gettign it over to them they then send a new list of updated requirements and on it goes.

Precise are a little better.

The point of this post is not to put you off, but to let you know that your application may be bad with Precise but WILL be horrendous with Kensington so that when you are getting annoyed at your broker and stressing about not getting a Mortgage you know it is not your fault or the brokers.

Where a purchase is involved I would go with Precise personally, but it is easy for me to spend your money. It is you that has to pay the rates and fees on offer. If it were a remortgage, I would probably go with Kensington.

tiggy748_2

Thanks I think after digging around im going with precise.
I now have to hope i can do this with the 2nd broker and save £1000!