Do I use a broker?

MortgageMamma

Hsrainscough wrote: »

He said Halifax is the benchmark and if we weren’t accepted by then we wouldn’t be accepted by any. I don’t know why my broker would proceed with Halifax when I’m going to get auto declined

OMG this broker is a right tool! He is a liability to himself and whichever firm he works for!

Hsrainscough

Update, my mortgage advisor just rang and said Halifax have redone the credit check and nownwill only lend us 65% and it’s because our credit report has gone down.

I’m so upset and angry and it’ll take until Monday to get an answer apaptnely

dunstonh

and it’s because our credit report has gone down.

You are being given BS by this mortgage adviser. Credit report scores are meaningless. No lender works by them.

It is the information on the credit report that matters. So, unless that has changed or didnt support the application details, you wouldn't expect that to be given as a reason.

ACG

I agree with a lot of what has been said but not everything.
AMN is right, you appear to be getting wrong information from both broker and bank. We (brokers) can get cases through that do not strictly fit criteria. That is not bending the rules, it is just being in a position to discuss the case upfront and where the rest of the case is a good one, asking the lender to see if it can be agreed as an exception to the rules - there is nothing too uncommon with this, we do it on a fairly regular basis.

In terms of the fee, it is more than we charge but our fees are also more than those quoted by the other brokers, we would be looking at somewhere around £750-999 depending on the details. We primarily do a lot of adverse and around 50% of those adverse cases end up on the high street. Many brokers would punt it with halifax and if it fails go to an adverse lender, which is just a ridiculous way of working and a lazy one.

The reason our fees are higher than most local brokers is that we have spend the time to do the research from scratch on every case - we do not assume we know something. I am not suggesting cheaper brokers do not do that, but age, experience and cost all play a part in how your case is handled. If you have a fee free broker for instance, are they really going to sit there for hours calling quirky lenders for say £300 commission? It is a tricky one as price is also no assurance of quality either - as seems to be the case with your broker.

Personally I think one of the smartest brokers I know is on this forum (I wont mention their name as I do not think he would want it mentioned) but the prices at his firm are very much at the lower end going off what he has said on here in the past.

I suppose like anything, if they appear confident they can do the job and get you a mortgage you are happy with then hopefully all is well. You seem to have been confident this broker would have got it through and £1400 for a decent mortgage and a stress free application is potentially money well spent, even if it is at the higher end and possibly not the absolute best mortgage available to you.

Hsrainscough

Nothing has changed on my credit report at all

dunstonh

Hsrainscough wrote: »

Nothing has changed on my credit report at all

So, the reason you were given is bogus.

The "score" is purely a marketing thing by the credit agency. The lenders neither see it or care about it. It is the raw data they are interested in.

So, the fact your score lowered means nothing to a lender as they wouldnt know what it was from one month to the next.