I think we won't be able to buy at all. Please help.

mrsmortgage

No he's not local, they're some brokers I. Manchester which came highly recommended. L&C could only get us around £150-160k thus why we went with him.

[Deleted User]

mrsmortgage wrote: »

Well now I remember that I actually asked him to go for a 10% one as it didn't really make a difference in APR, but that was a couple of months ago so I don't quite remember what I told him

Sounds like you just need to find out why the broker couldn't get you a 15% mortgage. Without any info about that then no one can help you here

MortgageMamma

mrsmortgage wrote: »

No he's not local, they're some brokers I. Manchester which came highly recommended. L&C could only get us around £150-160k thus why we went with him.

That demonstrates exactly what I mean, L&C have some of the best market access but they employ quite inexperienced brokers who just churn customers all day long. The local firm did better, but not quite what you needed. A lot to be said for the individual skill level of a broker when it comes to cases that are tight on affordability.

Many of the smaller building societies are often overlooked for 90% and 95% mortgages in favour of high street lenders. Sometimes it can just be lack of knowledge for brokers, some brokers don't like using them as they generally take longer to process mortgages and some are still paper based. I had a client last month who swore he needed a 10% deposit according to another broker, but I got him a 95% mortgage with a little known building society.

If your current broker can't do something, there is nothing stopping you getting a second opinion, but check your fee agreement first to see if/when a fee is due for the work to day. We don't charge until offer is made, but some charge as soon as the application goes in.

[Deleted User]

mrsmortgage wrote: »

No he's not local, they're some brokers I. Manchester which came highly recommended.

ACG very quickly checking his client files to make sure its not him :rotfl:

mrsmortgage

Fee is only on approval, so I wouldn't owe him a penny.

MortgageMamma

Deleted_User wrote: »

ACG very quickly checking his client files to make sure its not him :rotfl:

I thought the same thing! haha! but I think he knows his stuff he seems very thorough on this and other forums!

mrsmortgage

Broker is busy so will get back to me ASAP. Any advice on what to tell / ask him?

MortgageMamma

mrsmortgage wrote: »

Broker is busy so will get back to me ASAP. Any advice on what to tell / ask him?

Just be honest and say you really need a 90% mortgage not an 85%, what are the chances, if he cannot achieve that what is the issue that is stopping it happening. Try and work with him as much as you can on it, especially if he's put a lot of work in for you, but if he can't bring up the goodies look elsewhere discretely.

ACG

My heart did sink a little when I seen Manchester (you know because we are clearly the only broker in Manchester!). I would be absolutely gutted if one of my customers came on this site for help. Could you imagine finding out your customer would prefer to ask the internet?

Thats not a dig at you OP btw, that is more of a dig at the broker, you should feel comfortable calling your broker to ask questions.

But yes it is definitely not me, I am busy but I have not told any of my customers that I am busy so can not take their call and the other 2 who work with me and female so I know we are safe I can carry on being judgemental about your broker

mrsmortgage

I'm hopeful as there's no much difference between a 10 and a 15% LTV mortgages.

I quote verbatim from MIP

"Maximum Lend at is £175500 subject to max LTV 85%"

Now I realise that means the 85% LTV rather than what I understood.

regardless, I think it could eb worded a bit more clearer.