Mortgage Broker advice please

boring1

Hi
Can anyone advise what I need to look for in a Mortgage Broker.
Credit file not too bad 2 closed accounts from 2 years ago showing arrangement to pay (dmp)

I know I need one but don't know where to start!

Also do I pay up front or after they sort a mortgage.

Any advice greatly received!

Thank you.

amnblog

A DMP on the file means you need a mortgage broker with experience with poor credit history.

The majority with that experience will be independent or whole of market (offer advice on nearly and the lenders out there).

Some will ask for something up front (we do so you show us some commitment), some will take all fees on offer or completion.

Most will charge between £300 and £1,000. Above that is unusual, as it below.

Finally you need to decide if you want face to face, which means local, or over the telephone or internet, in which case the broker can be based anywhere.

boring1

The accounts were settled 2 1/2 years ago and now come under the 'closed accounts' section and there are not any defaults on the report. I know credit scores are not worth much but ours are all very good. So I am hoping this will not impact too much.

ACG

Brokers tend to vary on their fee structure, some will charge up front, some on offer, some on completion, others will be a combination. We charge on offer, but there is no right or wrong way, it is just whichever works for you and the broker.

Fees will vary, I would expect it to fall somewhere between £500-1000 ball park. It is not the worst adverse so should be possible to overcome at reasonable if not normal rates.

Have a chat with a broker, discuss the adverse and see how confident they sound when you mention it. You need to get on with them and trust them as it can get a little stressful if things done quite go as smoothly as you would hope.

Edit: I stopped typing half way through so amn beat me to it, but it is more or less along the lines of what amn says.