Adverse lenders... recommendations please!

Debtfreestudentnurse

Has anyone got any recommendations for a broker to try?

We have defaults, which will be satisfied by the time we apply, and a DMP, which will end around 6 months before applying.

Thanks!

MortgageMamma

Hello

Adverse credit mortgage lending is a highly specialist area. There are lots of lenders out there and they all have their own parameters regarding what they will and won't accept and how much you can borrow.

Its not really possible to recommend all specialist mortgage lenders without knowing your very detailed circumstances. A lot of specialist lenders also work only with brokers and not with the general public.

Be warned, there are lots of brokers who will make you think you have to pay an extortionate fee due to your credit history. This is not the case, anything over say £695 is a rip off in my opinion. I charge my adverse clients exactly the same as my mainstream clients in the interest of fairness.

Debtfreestudentnurse

How do I find a reputable broker?

It will be our first ever mortgage, so I’m totally clueless!

ACG

I agree with MortgageMamma that it is highly specialised, 90% of what we do is adverse and our customers pay anywhere from market leading rates through to 7%(ish). The devil is in the detail.

I do not agree anything over £695 is a rip off however. Our average fee is below that, but there are times we charge more than that. There is a member on here who has been PM'ing me for reassurance on their application via another broker because their broker does not know what to expect and a few of the issues could have been pre-empted from a more experienced broker in that field. Some of these lenders want the kitchen sink when it comes to underwriting and it is that experience you would be paying for. We know some of the adverse lenders quirks far better than we do the likes of Santanders for example.

With a DMP still in force your options are going to be limited to a handful of lenders. I would expect rates to be in and around the 3-4% mark but it will come down to the finer details (when it started, how it appears on your credit file, level of deposit etc).

Any broker who does not charge upfront presumably has some confidence in their experience so I would use that as a starting point.

Debtfreestudentnurse

But I don’t know how to find a reputable broker 😂

The DMP was started 5 years ago so I’m hoping by the time we do apply, it won’t be a massive issue.

foxy-stoat

Just do a search on google for whole of market brokers near you and see what comes back. Ask them if they have placed ex DMP's and defaults.

Debtfreestudentnurse

Thank you!

ACG

Or for Mortgage brokers who can help with DMPs.

The brokers who are putting posts about DMPs on their website will be the ones who are comfortable with that type of mortgage (you would hope).

csgohan4

I got my mortgage broker on here and happy with the service, worth every penny