Finding a broker

luiza8

Thank you for your comments.

I may change to a different broker who does not charge me on application.

Guerillatoker

luiza8 wrote: »

The users name who messaged me was "Mortgage_Adviser"

Ha! This was the guy who tried to give me stick when I asked questions about brokers - I did say he had a bad attitude that will be harming his custom, judging by his latest method of picking up clients I think I must have been right!

luiza8 wrote: »

What is the "Whole of market" - as I said this broker compares 90 lenders but this other guy (who I am NOT going to use) has said he has access to 150 lenders, so what figure is an accurate representation of "whole of market"

Honestly I don't really know, I have mostly read that advice from the main site. I used a broker with ~95 lenders and he found me something with my less preferential situation, so I think that number should be fine.

Good point from ACG about how many of the lenders they actually use, as opposed to how many they 'can' use.

ACG

Whole of market can vary massively. There is a large chain of estate agents who are based throughout the country they have around 15 lenders and are classed as whole of market as they have lenders who cover vanilla cases through to adverse.

Most whole of market brokers will have access to the same 60-90 lenders. Realistically, once you start getting to around 50 lenders unless you have some really unusual set of circumstances, you are not going to need those more obscure lenders.

luiza8

Excellent, thanks for your replys!


What are your thought on online brokers such as Habito or LandC? I realise their compete against you as you're a broker but would you say they will/are starting to disrupt the market?

Thanks

ACG

People have made posts about them on here, they seem to be hit and miss. They both seem to depend on who you get.

I have no first hand experience of either to be honest, so I can only go off what I see on here.

Personally, I would say you are probably best with a smaller broker who will invest the time in you. L&C, large corporate brokers etc tend to go after the straight forward cases and with the lack of time in the country I am not sure you are their type of customer (but I could be wrong).

DD265

It might be trickier as I guess you would benefit from somebody specialising in your type of situation, but can you not ask friends and family for recommendations?

We found our broker through word of mouth, I found looking online to be a bit of a minefield as there was so much choice.

kingstreet

luiza8 wrote: »

The users name who messaged me was "Mortgage_Adviser" and his PM said:


The Fee was at 1%, however when we got to the end of the call, the gy said it would be around £550-£600. the mortgage will be around £119k with a deposit of £51k and a purchase price of £170k.

My credit rating is currently at 800 (Experian) simply because I've opened up around 6 bank accounts in the last 6 months. No other debt or defaults on my credit file. Squeaky clean apart from the last 6 months worth of multiple bank account openings.

Good point regarding the £149 application fee. Do many brokers charge this, or most charge on completion?

Time for action as our friend is back.

"Still no Mortgage Broker signature?

Still sending unsolicited PMs to members asking them to use you?

Please abide by the rules, or your brethren will have the rules applied to you."

dunstonh

Most mortgage brokers are small localised firms of 1-4 advisers. Very reliant on local reputation and standing. Most of them will do a perfectly good job. usually better than the factory line services mentioned.