Question for Mortgage Brokers could I ask some advice? Which adverse mortgage company?

onthemend88

Hi everyone!

I hope this is ok but I just wanted some MB advice on which adverse mortgage companies they would choose over others based on experience.

We have been placed with several companies which include

Precise
Kensington
Bluestone
The Mortgage Company
Vida Home Loans

They are not dissimilar in what they offer but based on experience, which of these companies are usually easier to deal with in terms of document turnaround times, customer service, ease of process, reliability etc?

Hope this question is ok to ask and would really appreciate any kind of feedback.

Thanks

Retired_Mortgage_Adviser

Sorry, what do you mean by "We have been placed with several companies".

Are you using a mortgage broker?

ACG

onthemend88 wrote: »

Precise
Kensington
Bluestone
The Mortgage [STRIKE]Company[/STRIKE] Lender (TML)
Vida Home Loans

They all have their pros and cons.

A lot depends on what you want - Cheapest, quickest, easiest.
What is the issue - Defaults, CCJs, Bankruptcy.
When is the issue from - 6 months ago, 6 years ago, somewhere in between.

There is no "best" as such, it is which is best for you.

TML and Bluestone are at opposite ends of the spectrum in the adverse world. TML will typically look for customers who dont quite fit on the high street where as Bluestone are not really interested in that part of the market.

Hows that for an answer that does not answer anything

onthemend88

Retired_Mortgage_Adviser wrote: »

Sorry, what do you mean by "We have been placed with several companies".

Are you using a mortgage broker?

Sorry for the late reply.

I have made enquiries with Impact (through Habito), due to our previous adverse credit and these are the companies that have been suggested to us.

Between us we have several defaults and CCJ's (the last being early 2017) so almost years old but all of which have been paid off for over a year.

onthemend88

ACG wrote: »

They all have their pros and cons.

A lot depends on what you want - Cheapest, quickest, easiest.
What is the issue - Defaults, CCJs, Bankruptcy.
When is the issue from - 6 months ago, 6 years ago, somewhere in between.

There is no "best" as such, it is which is best for you.

TML and Bluestone are at opposite ends of the spectrum in the adverse world. TML will typically look for customers who dont quite fit on the high street where as Bluestone are not really interested in that part of the market.

Hows that for an answer that does not answer anything

We have several defaults and CCJ's, the most recent being almost 3 years old and they have all been paid off and showing as settled.

Haha its a very, kind of informative answer :rotfl:

ACG

onthemend88 wrote: »

Sorry for the late reply.

I have made enquiries with Impact (through Habito), due to our previous adverse credit and these are the companies that have been suggested to us.

Between us we have several defaults and CCJ's (the last being early 2017) so almost years old but all of which have been paid off for over a year.

Their job is to make a recommendation based on your circumstances not tell you about most of the lenders in the adverse world, some of which are not really suitable (in the sense of using a sledgehammer to crack a nut).

Their job is to understand what you want and at least narrow it down to 1 or 2 options.

Retired_Mortgage_Adviser

Thanks for the reply.

That is a bit worrying. I wouldn't be surprised if Habito/L&C had given you this kind of (practically useless) reponse (because I wouldn't expect them to know how to place an adverse customer) but the job of a specialist broker like Impact is to analyse your circumstances and recommend (ideally) a specific lender and a specific product.

Even giving you a choice of 2 lenders would be acceptable if that came along with an explanation of what the relevant differences are.

Out of interest, what does Habito/Impact now expect from you? That you tell them what lender you want to go with? If so, that's not really advice is it.

Edit: I just realised that when you say "I have made enquiries with Impact", it might not necesarily mean that you have talked to an Impact broker and received advice on how to proceed.

onthemend88 wrote: »

Sorry for the late reply.

I have made enquiries with Impact (through Habito), due to our previous adverse credit and these are the companies that have been suggested to us.

Between us we have several defaults and CCJ's (the last being early 2017) so almost years old but all of which have been paid off for over a year.

csgohan4

OP adverse brokers usually charge for their services due to the complexity of being adverse.

Using fee free you do get what you pay for and I would not do so if i was you. Only if you had a clean credit file I may use them

SonOf

I have made enquiries with Impact (through Habito), due to our previous adverse credit and these are the companies that have been suggested to us.

What do you mean by "suggested"?

Mortgage brokers are there to narrow the options and tell you which is best. Not put a menu of lenders in front of you.

To be honest, this sort of thing is better with a local broker in most cases and not an online/direct service.

millwalls

It has to be that, a general enquiry as to what adverse lenders are out there.

Fee or no-fee, there is no way a regulated broker would risk their business by giving a sub-prime customer a choice of 5 lenders and call it advice!

Retired_Mortgage_Adviser wrote: »

Edit: I just realised that when you say "I have made enquiries with Impact", it might not necesarily mean that you have talked to an Impact broker and received advice on how to proceed.

ACG wrote: »

Their job is to understand what you want and at least narrow it down to 1 or 2 options.

ACG

I could be being a bit harsh, but I think everyone is being a little too nice.

If a customer calls, our process is to have a chat and give them an indication of rates - not lenders - until we have more information.

There are 2 reasons for that:
1) The obvious one... Being purely selfish and mercenary, if I tell you who the lenders are, there is a risk you will go direct or via another broker.
2) The important one... If I give you a list of lenders without knowing enough about you, it can still be deemed as advice. I am still on the hook for it if a complaint comes in. By saying "these lenders may accept you" without having enough information to make that assessment, I would not have a leg to stand on when trying to defend a complaint.

This thread is a perfect example of that, customer goes off and tries to find out which is "the best". But with not enough information it is impossible to say.

I have used all of those companies as we do a lot of adverse and they all have their own part of the market and their own pros and cons.

From this thread it appears (happy to be corrected) that Impact have either said here are some options, you pick OR given some potential options based on limited information - either way I can not see how that is compliant or in the best interest of the customer.