Is a broker necessary for us ?

SaraD1980

We have got our house on the market for £290k and want to purchase a property for £410k . Currently we have a £90k mortgage and need to increase this to £270-£280k.

My salary is £36500 per annum and my husbands is £46500 which is made up of shift allowance , bonuses and overtime.

I have a CCJ which was issued May 2014 for £1900 and was settled in full June 2017.

All credit commitments have been honoured since although a couple of late payments on a mail order company where DD was set up late last year.

We have a personal loan each both around £4000 which we pay with no issues.

I have looked at many lenders criteria’s and we look to fit Halifax’s but I don’t want to apply and get refused .

With the above in mind is it advisable to go through a broker ? Our current mortgage provider is Bradford & Bingley so that isn’t an option.

Would like to hear people’s experiences if in similar position to ours .

Many thanks

djphig

I would always advise any of my friends to use a mortgage broker, no matter what their circumstances. A brokers knowledge is invaluable when knowing where to place an application

muhandis

Unless you have an absolute slam dunk case, need to borrow only 2-3x your income, no affordability issues, no credit history problems, buying a freehold house, PAYE income, etc etc, there is (in my mind) no excuse to not consult with a broker.

Even if you are absolutely against paying a fee, there are still options available to get advice from fee-free brokers (though they might not be able to help in complex cases).

redman1989

Hi,

Me and my wife have just gone through a broker, i have 5 defaults 4 years old+ she has excellent credit, we have £46k equity in the property we live in but opted to go with a broker.

I would always recommend it, would you rather not just pay the fee and leave it in the hands with someone experienced who will (if they are good) be realistic with your options and get the best you can possibly get?

the CCJ along with your husbands wage breakdown should tell you that it's best to use a decent broker, they will know how to present everything and give you the best chance.

You could always try your self if you are dead on certain you will be able to do it, but failing multiple times will just have searches all over your record.