Mortgage Broker required?

riyaz_7

Hi

Me and my partner are looking at buying our first property together. We have a combined annual salary of £37k and a deposit of £40k.

We are hoping to buy a property for maximum £175k. So with a £40k deposit, we would be looking at a mortgage of £135k. Do-able?

I also own a property outright which is rented out on an AST. My partner has a default which is due to fall off in September 2019. Other than this default we have no other adverse entries on credit files.

I did obtain a DIP via a fee free broker for a 5 year fix with Skipton back in March, however this has expired and unfortunately the broker has had to take some time out for personal reasons.

Due to the default and the rented property, I think it would be easier to do via a broker. Are there any brokers in the West Yorkshire area anyone can recommend?

Any help is appreciated. Apologies for the long post.

ACG

Without knowing the details of the default it is difficult to say, but there are a few things that need navigating as you mention. You probably do not need a broker, but I do not think it would be a bad thing having one.

It should pass affordability easily.

riyaz_7

Thank you for the response. What is the difference between a mortgage broker and a mortgage advisor?

Any recommendations for someone local to West Yorkshire?

amnblog

'Adviser' is generally the term used by individuals employed by the Bank or Building Society to give advice to borrowers on that institutions products only.

'Broker' is generally the Term used by individuals or firms who give advice to borrowers across multiple lenders.

Or course this is not set in stone and some Brokers may have 'adviser', 'consultant', 'partner', 'director, or 'superhero' on their business cards.

ACG

amnblog wrote: »

Or course this is not set in stone and some Brokers may have 'adviser', 'consultant', 'partner', 'director, or 'superhero' on their business cards.

I once worked for a firm who decided we were not mortgage advisers/brokers but "family advisers" as we helped with more than just mortgages.

I ended up being the first person with these new business cards. I walked in one day to a box of condoms on my desk to hand out to our customers.