MORTGAGE WITH A DEFAULT? possible?

YHM

What you get with a broker is a person on your side fighting for your mortgage to be agreed. Brokers cannot guarantee acceptance, but seen as 'most' broker are paid based on a successful outcome, it is in there interest to present a case to a suitable lender and to try to ensure it gets agreed.

It is likely you will end up with a lender that you could have approached directly, but thats the same with most walks or life. I could in theory change an exhaust, but I would still pay a mechanic to do it for me!

Its up to you how you source your broker, unbiased is a good tool though. I would expect to pay a fee of circa £495 based on what you have said though by the way (loan size, complexity).

heston2014

YHM wrote: »

What you get with a broker is a person on your side fighting for your mortgage to be agreed. Brokers cannot guarantee acceptance, but seen as 'most' broker are paid based on a successful outcome, it is in there interest to present a case to a suitable lender and to try to ensure it gets agreed.

It is likely you will end up with a lender that you could have approached directly, but thats the same with most walks or life. I could in theory change an exhaust, but I would still pay a mechanic to do it for me!

Its up to you how you source your broker, unbiased is a good tool though. I would expect to pay a fee of circa £495 based on what you have said though by the way (loan size, complexity).

I second this! My other half had just cleared his IVA when we first applied for a mortgage 4 years ago! We approached a couple of brokers at the time and both were free but they were absolutely useless and were going directly to lenders that naturally would never consider adverse credit. Subsequently, found a very good broker than specialises in adverse and was able to secure us our first mortgage within a week with Halifax! It pays to use a good broker who knows what they're doing, who and how to approach lenders.

The same broker is helping us with our remortgage and onward purchase and so far, he's making good progress. If you have a squeaky clean financial background, good income, reasonable deposit, sure go direct but given your circumstances, it is worth paying the broker fee for at least a good shot / proper due diligence in placing you with the right lender. Plus, most brokers only charge upon mortgage offer. So no mortgage offer, no fee. Of course, things can still fall through up until contracts are exchanged and there's the risk of losing monies already paid e.g.valuation, solicitors etc.

I haven't used unbiased but I found the broker website from this forum many years ago.

Good luck!