Help find a broker

LLE2019

I am a first time buyer and looking for advice on choosing a mortgage broker. I did speak to L&C briefly but to be honest i didn't find them very helpful, maybe because you get what you pay for, I have no objection to paying for a broker, but i am unsure what a realistic fee should be. I do have a default so looking for a broker who can help with this. I have googled whole market brokers and adverse credit brokers but its so difficult knowing who to put my trust in. I have read about simply adverse but have read that the fees are high. Does anybody have a recommendation? Any help in this minefield would be very much appreciated!!!

Livingthedream2019

Cls money, best by far x

ACG

Most experienced brokers will be able to overcome a single default.

amnblog

Review services like Trustpilot can help you decide who to use.

ACG

amnblog wrote: »

Review services like Trustpilot can help you decide who to use.

Were about 75th on there maybe even lower yet still have about 9.5/10. You cant have 100 firms rates 9 out 10 or more, it seems a bit too easy to get a good score.

Verix

I would agree with the above that a single default really shouldn't require the help of a specialist adverse broker. In fact I can't really think of any level of adverse that a 'normal' adviser couldn't deal with, I think some just don't want that kind of business.

I'm sure you've heard this before but the best thing is to get a recommendation from a friend or family member who you trust. Good luck, and try not to worry too much about the default.

dunstonh

The online services that this site promotes tend to cherry pick the easy stuff and fall down on the cases that require more knowledge and understanding. This is in part due to their factory line style approach (deal with you, off the phone and on to the next person with a target of so many a day). And part to do with staff experience. They tend to be a starting point for new advisers and many of them dont actually use advisers to do the admin.

Smaller localised brokers tend to have built their experience up over the years and that brings knowledge.

Personally, I am not a fan of trustpilot. We have seen scams with 9+ ratings and its too easy to manipulate. Plus it favours scale. In addition, many of the best local firms do not advertise in any way. They dont need to as business grows naturally through friends and family of clients.

ACG

Verix wrote: »

I would agree with the above that a single default really shouldn't require the help of a specialist adverse broker. In fact I can't really think of any level of adverse that a 'normal' adviser couldn't deal with, I think some just don't want that kind of business.

I'm sure you've heard this before but the best thing is to get a recommendation from a friend or family member who you trust. Good luck, and try not to worry too much about the default.

We do specialise in adverse, I am not sure I agree with this.
We had a case last month where each customer had a DMP. The broker submitted the case to 3-4 lenders and all declined for the same reason (they only accepted 1 DMP per application), so not only did they make a mistake, they made the same mistake a few times. One of the applications cost the customer £150 application fee (which by rights the broker should refund but did not).

We submitted the case first time and had it accepted - I am not trying to big ourselves up there. I am just pointing out that if you do something you are not experienced in, you are more likely to make mistakes. For that very reason we do not do SO/HTB etc. Even BTLs we limit to vanilla and existing customers. We do not get enough of those enquiries to make it worth our time to keep on top of criteria changes in that part of the market.

But many brokers who do not have much experience in adverse take a case on and use a packager. That then costs the customer more and adds another layer to the application process.

I do not class a 1 off default as adverse personally, but maybe that is because I am used to seeing bankruptcy, IVAs, 15 defaults/CCJs etc?

amnblog

ACG wrote: »

Were about 75th on there maybe even lower yet still have about 9.5/10. You cant have 100 firms rates 9 out 10 or more, it seems a bit too easy to get a good score.

There are around 225 and as one of that number we can confirm it is not 'easy' to get a good score.

The real value however, is not in the score, it is in the written feedback.

amnblog

Verix wrote: »

.. I can't really think of any level of adverse that a 'normal' adviser couldn't deal with, I think some just don't want that kind of business.

I'm sure you've heard this before but the best thing is to get a recommendation from a friend or family member who you trust. Good luck, and try not to worry too much about the default.

Hi Verix, Like ACG I cannot agree with you here.

Those of us that do a sizeable amount of adverse cases are often picking up the pieces from brokers who are still not through their first half dozen of the year.