How to find a good morgage broker

susieanne

I little background I have a really bad credit rating missed payments ect ect ( no CCJ)
My husbands credit rating is better than mine but still not great . We currently have an interest only mortgage that needs to be changed to a repayment asap and is really worrying me as we are getting older with no means of paying the mortgage off


We both work earn a decent wage so affordability wise that would be fine , no worries there


We sort help from a local mortgage advisor who basically after seeing both our credit files said he could not help us .


He said it was due to me having a pay day loans companys on my file he said no mortgage company would touch me if it shows I have had to use pay day loans .
( I was really silly I used them one year over Christmas because I needed money fast , I regret that now )


This seems so unfair because these pay day loans will be on my file for another 4 years before they come off
Surely there must be a mortgage available to us somewhere ? .


As my husband has a good credit rating could we not just do the application in his name ? He is the main earner ?


So my question is I hear people say find a good mortgage broker does any one know where I can find a good one or anyone who can help us ? or am I wasting my time ?

ACG

You do not need a good mortgage broker, you just need one who isnt useless. 2 year old pay day loans are not in the slightest a deal breaker. They will be with some lenders, but certainly not all.

Who is your current mortgage with? If you are on a good rate with them, you could just make overpayments to your mortgage and bring the balance down that way.

haras_nosirrah

I just got someone a mortgage offer who took out a payday loan and paid it off within the last 6 months. Subject to affordability and the rest of the credit file that isn't a deal breaker

susieanne

I have rang a mortgage broker online who contacted me yesterday . He said he charges a fee of £799
£299 pay upfront well when we have got a mortgage in principle then the balance to be payed once mortgage has gone through


I wondered if this was the norm ? I know the mortgage broker will not do work for nothing but does £799 sound about right ?

ACG

It seems a bit top heavy.
Some brokers do not charge, others would charge closer to £1500 but personally, I think anything more than £500 is probably a little on the high side.

LawAbiding

I've paid £250 fee for my broker.

Nothing upfront and fee was due when offer came in and we accepted.

I have payday loan usage from about 2-3 years ago.

excelwizard

I paid £400 for my broker for reference. They initially stated their fees were £700 but when I made it obvious I would be looking elsewhere suddenly they were able to drop their fees. Might be worth a shot to try and haggle if £800 is too expensive for you anyway

[Deleted User]

If the mortgage is currently in joint names, I doubt many companies will let your hubby go to a sole name - that's clearly gaming the credit scoring.

PDL over 12 months ago shouldn't be too much of an issue as others have said.

RE: Fees - I've seen fees charged of over double that for people with just a few late payments!

I'm not saying it's right - I'd agree with £500 to probably £750 as an absolute max - and ideally payable only upon offer/completion. But it's not the worst deal in the world if the broker has good recommendations etc.