Mortgage Advisor Fees

Mortgage_Adviser

We are very vey specialist. So we have to charge on a higher scale but the conversion ratio is low.


But I woul've rather charged less if could afford so.

ACG

We specialise in the adverse market but we also have our fair share of first time buyers etc, sometimes the 2 overlap.

I am still a little surprised you are losing 80% but if you are "happy" (as much as you can be about losing any cases) I suppose thats fine.

Mortgage_Adviser

Well, it is not my business so I have no say in how it is run anyway... I am not happy but can't do anything about it.

Housebuy12345

@foxy was your second comment a snarky comment? Im just confused about it all....

MortgageMamma

I charge £275 for a residential mortgage across the board it doesn't matter how complex it is, whether its adverse, debt consol etc.

Some people may say its low for my level of experience but I make a decent living and can still be selective about work

To the OP. The best place to start is your own bank. If you are from abroad and have no credit history, it is honestly the best place to start. A mortgage broker can approach your own bank for you to see if you meet criteria. Sometimes the bank will look at your account conduct and spending and that will give them some confidence.

If this is not doable, there are a select number of mortgage lenders who do not credit score, you will pay a slightly higher rate with them but still fairly competitive. A lot of your barriers will be to do with your residency status, so without more information on that e.g. your type of visa, the country you have come from and how long is left on the Visa all have a significant impact on which lender would be chosen.

My advice is find a broker with a fee you are happy to pay, let them do the hard work - but finding mortgages for someone without a credit rating as such can be a challenge so pick someone with a decent level experience. Don't be afraid to ask if they have dealt with a similar set of circumstances before and how they dealt with the case.

If in doubt as to the brokers ability read their appraisals on social media sites etc.

mustiuc

I was googling last weekend after houses and had no idea how the system works in matter of buying/selling houses. I used unbiased(recomemended here by many) to find a broker (my wife has a sensible situation, agency worker with 0 hrs contract but working for almost two yrs with them more hrs a week than I do, and less than two yrs history in uk) and monday morning I was approached by a broker (of two selected by me).
Monday he sent our application for AIP with above "issues" plus 1.4k "debt"(0% @28mths) which our broker said to don't pay it in full yet(let's try like that).
Tuesday we got an positive AIP but my wife has got 1/3 of what she had every year on her p60. Also we need 15%deposit (we have more) and the max loan + 15% is exactly the same amount agreed by us to don't go above.
Now, after a week of searching and thinking, we don't know if is better to apply or wait.
Our broker charge us £500 which I found "quite more" at that time but after reading many posts here on forum I am happy with his services. Many estate agents tried to sell us their FREE MA's but we still want him.
I belive it depends a lot of everyone's personal circumstances and what are thr negatives on your file. For us having a "excellent score", a small debt kept only to be paid monthly by DD to "prove" we are good borrowers but with massive lack of employment and history the single way was using a broker (my bank gave me a CC aftet two yrs with them). Ah, btw, another reason for using a broker was our income/expenses; many people, including Martin recommends to spend less before your mortgage application. Well, we've been in holiday in Dec and 1 month between Jan and Feb. And we spent a lot of money abroad and here paying bills. Our last 3 months of statements are awful IMO.

If I would prepare for a couple of mths for an application and know exactly how and what to do to be successful, I would go firstly to my bank. If I have many disadvantages on my file I'll happy pay someone to help me.

[Deleted User]

If you have any friends of family who work for the Police I can highly recommend the Police credit union mortgage advisors, which are whole of market and fee free.

Housebuy12345

I reread the forms she gave me and it was £600 in disbursements and broker fees before completion, plus £1100 at offer stage. So I would have to be paying her £1700 and whatever my solicitor charged for conveyancing and I guess the bank?

ACG

Val fee - could be free, could be around £400 or under for most first time buyers.
Broker fee - £0-500 assuming no major issues.
Solicitors fee - £1,000 including searches and vat assuming freehold property and first time buyer.

You should only be paying more than that if you want a more thorough survey, your circumstances are complex or you are not a typically first time buyer (ie you want to go and buy a property worth more than half a million).

miss_undastood

I have never used a broker. I have never found the need to - but I have always been sensible with the 2 applications I have made.

My first mortgage was 60% LTV borrowing < 3 times my income
My second was with my husband at 70% LTV borrowing around 5 times our joint income.

We had no bad credit and I wanted to stay with my existing lender so a broker wouldn’t have helped me in the situation we were in.

However if I thought a broker would have been useful I would have used them - depending on circumstances they can be worth their weight in gold. As you are self employed I would definitely consider one. They will be able to direct you to a lender who will be more sympathetic to your employment history and the fact you’ve been living abroad.

You will be able to get a mortgage. But a broker can direct you to the right lender.