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Concerned about broker
13 replies
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Hi,
I just wanted a few opinions on the broker that I have been speaking to as I'm slightly concerned that he has placed me with lender but hasnt seen mine or the wifes credit reports and has only taken a few details over the phone. I have a few historical defaults over 4 years old but he hasn't asked how much these were for etc.
Should I be a bit concerned by this?
Many thanks
I just wanted a few opinions on the broker that I have been speaking to as I'm slightly concerned that he has placed me with lender but hasnt seen mine or the wifes credit reports and has only taken a few details over the phone. I have a few historical defaults over 4 years old but he hasn't asked how much these were for etc.
Should I be a bit concerned by this?
Many thanks
0
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Replies
Perhaps you should ask him if he needs the details of your defaults or why he think's they're not relevant?
My broker was a pay on offer broker which I find is reasonable and benefits both of us
Didn't even do a DIP until full application as not needed
G_M/ PIxie RIP
Where in the process are you? basic quick and dirty enquiry? nailing down a lender/rate as you have a property etc?
Do those defaults appear on your credit file?
Is the broker obtaining a credit report so they wont need any you supply?
What does the broker say when you ask them why they are not taking details?
How much over 4 years are they?
Please explain what you mean by this. It would be normal for a broker to issue example illustrations based on his knowledge of which lender(s) is/are most likely to lend to be able to give you approximate rates and costs.
You'd be surprised by the number of people who go from wanting to know if they will get a mortgage one minute to wanting to know the monthly costs of two and five year fixed rates over 20, 25 and 30 years with and without product fees the next.
Sometimes it's easier to answer questions before they are asked. Often we will issue illustrations for a most definite lender/product like Precise then we try to get a high street lender and rate using the "under promise, over-deliver" concept.
Only your broker can tell you what they are doing and why.
Last year around 35% of our customers with adverse ended up with normal rates.
Where did you find your broker? And how much are you paying for their services?
― Daniel Crosby