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Some advise on if I should change mortgage brokers?
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betweenarockandhardplace
Posts: 46 Forumite
Hello everyone
I’ve been using a mortgage broker to secure a mortgage for me and my partner, we chose an adverse credit broker as I have adverse credit 18months ago but all upto date since then
No CCJ or Bancruptcys on either report and utilisation is low on credit cards, only debt we have is car loan with £8000 remaining at £200 a month, Barclaycard £2500/4000 limit and very account at £1500/3000
We have a good income of £57k a year and have little outgoings and are saving £1200 a month for the house we want to buy plus paying £200 a month in debt repayments (all on 0% interest deals)
Due to bad credit on my part broker advised to try with precise mortgages, she did a DIP which was declined outright which shocked me if I’m honest, I didn’t think our situation was that bad compared to others I’ve seen who have got mortgages with bancruptcys, CCJs and DMPs
She told us we would have to lose the house we wanted and wait 6 months and try again
Out of curiosity I decided to apply for DIP with Natwest (one of my bank accounts) who instantly accepted our DIP with a recommended mortgage of upto £215k! We only need £97500 mortgage with 75% LTV
Does that sound right to you? Should we pursue ourself with Natwest or just take our brokers advise and wait 6 months and try again?
I’ve been using a mortgage broker to secure a mortgage for me and my partner, we chose an adverse credit broker as I have adverse credit 18months ago but all upto date since then
No CCJ or Bancruptcys on either report and utilisation is low on credit cards, only debt we have is car loan with £8000 remaining at £200 a month, Barclaycard £2500/4000 limit and very account at £1500/3000
We have a good income of £57k a year and have little outgoings and are saving £1200 a month for the house we want to buy plus paying £200 a month in debt repayments (all on 0% interest deals)
Due to bad credit on my part broker advised to try with precise mortgages, she did a DIP which was declined outright which shocked me if I’m honest, I didn’t think our situation was that bad compared to others I’ve seen who have got mortgages with bancruptcys, CCJs and DMPs
She told us we would have to lose the house we wanted and wait 6 months and try again
Out of curiosity I decided to apply for DIP with Natwest (one of my bank accounts) who instantly accepted our DIP with a recommended mortgage of upto £215k! We only need £97500 mortgage with 75% LTV
Does that sound right to you? Should we pursue ourself with Natwest or just take our brokers advise and wait 6 months and try again?
Good things come to those who wait...
House Deposit Savings: £450/£10,000
House Deposit Savings: £450/£10,000
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Comments
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Also would like to add she didn!!!8217;t seem to ask us any important questions, like when my partner plans to retire (he!!!8217;s 46 this year so 25 year term would take us past retirement age) she wasn!!!8217;t very knowledgable about how credit searches work, she was adiment soft searches affect credit score aswell as hard searches which I explained wasn!!!8217;t true, she didn!!!8217;t know much about help to buy ISAs I had to explain the concept of them to her as she didn!!!8217;t know?Good things come to those who wait...
House Deposit Savings: £450/£10,0000 -
What adverse, visible on what credit file(s)?betweenarockandhardplace wrote: »I have adverse credit 18months agoI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Your current Broker sounds inexperienced. Kingstreet is not, and is right to say the details of the adverse history is key, as is the timing, and how the credit reference agencies have registered the detail.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Current adverse is 6 defaults on all credit files all settled last one registered 18months ago, I know it’s not good but why did precise decline DIP but NatWest a high street lender accept DIP? Doesn’t make much sense to meGood things come to those who wait...
House Deposit Savings: £450/£10,0000
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