Borrowing more on the mortgage broker or direct?

RGW123

We are looking to borrow more on our mortgage for home improvements (kitchen) & also consolidation. We used a broker to get our mortgage which is with Halifax.

We need a decision quickly as we will need to look at other avenues if we are declined. We have gone to our broker but she's taking her time in getting the application submitted. So my question is, it better to go to Halifax direct or stick with my broker. I don't have a great credit file & so my thinking is the broker can maybe help with that - in getting Halifax to look into it more but my kitchen is 40 years old & is literally falling apart day by day

Thank you

Thrugelmir

What's in it for the broker in terms of fee? What's stopping you applying direct?

Neutrinno

If you're already with Halifax why didn't you apply directly? What's wrong with your credit file? Maybe the broker would be more useful and worth the money if Halifax couldn't help after speaking with them first.

ACG

Can you not get a 0% credit card? Repayments might be more each month but you are then paying it off in say 2-3 years rather than however long is left on your Mortgage.

amnblog

Have you let your Broker know that speed of response is a concern for you?

RGW123

Broker came back to me half hour after this post & they've said they cant lend anymore currently due to affordability

We were asking for £12,000. According to the broker it was only £55 per month extra. We needed this to sort our money & kitchen out. Am totally gutted. £55 per month is nothing for us & we could afford it - especially after the consolidation too. I may give Halifax a call and explain about the consolidation (doubt that would help).

Our credit files have some missed payments on there - I started self employment last year & things have been difficult to juggle money wise. The business is doing great now but just needed this to sort us out.

Thanks everyone

ACG

That is probably the issue, being self employed. They will go off your self assessment and typically need 2 years (although can potentially look at 1 years).

So the combination of £55 more and possibly less income?

Credit card/second charge loan might be the way forward?

Thrugelmir

RGW123 wrote: »

£55 per month is nothing for us & we could afford it - especially after the consolidation too. I may give Halifax a call and explain about the consolidation (doubt that would help).

Our credit files have some missed payments on there - I started self employment last year & things have been difficult to juggle money wise.

To summarise. You are juggling money. Wish to consolidate existing debt. Also wish to take on further debt to replace the kitchen.

Besides lending on an affordable basis. Lenders have a regulatory duty to lend responsibly. House equity is not an ATM machine to be drawn on. This is what caused many financial issues for people a decade or so back.

Suggest you pay a visit to the Debt Free Wannabe board. Lots of advice and support on there. As firstly you need to get to grips with your current issues.