My first Mortgage Appointment over the phone (Please help)

ACG

I think you are over thinking the mortgage process with larger banks.
They have a process which includes affordability calculations and criteria checks. You either fit them and pass the credit score or you do not and the same rules are applied to everyone. That is why we (mortgage brokers) can typically sit here and give you a good indication of what you can get and whether you will actually get it. 

Imagine your job, from experience people will ask you questions and you will know the answers without checking. 

There are smaller lenders who do manual underwriting and even manual affordability checks but those are typically little building societies. 

IloveElephants

ACG said:

I think you are over thinking the mortgage process with larger banks.
They have a process which includes affordability calculations and criteria checks. You either fit them and pass the credit score or you do not and the same rules are applied to everyone. That is why we (mortgage brokers) can typically sit here and give you a good indication of what you can get and whether you will actually get it. 

Imagine your job, from experience people will ask you questions and you will know the answers without checking. 

There are smaller lenders who do manual underwriting and even manual affordability checks but those are typically little building societies. 

Thank you foe your kind reaponse, 
Now the question is where do I begin to find a mortgage broker and do I have to pay for doing a search and application with them? I am open to searching everyone brokers and banks 

Thank You

Windofchange

Just to add re: the student loan bit, our broker said for my other half that it doesn't matter about the total amount, just the monthly repayments. My partner pays about £120 a month on hers with a £30k debt still to go. Just as a point of interest, I had a play with the mortgage calculators (Halifax one is pretty comprehensive), and put £30k into the credit card debt bit rather than the student loan box. For our case, it only decreased the amount they would lend by £12k, and we still had plenty of head room taking this into account for what we wish to borrow. I also instead of doing that put 4 times that amount into the monthly debt repayments box (£500 per month as opposed to £120), and it made no difference. We needed between us about £1200 per month of debt repayments before it had any impact on what they would lend - about 4 x the amount we actually have. 

ACG

IloveElephants said:

ACG said:

I think you are over thinking the mortgage process with larger banks.
They have a process which includes affordability calculations and criteria checks. You either fit them and pass the credit score or you do not and the same rules are applied to everyone. That is why we (mortgage brokers) can typically sit here and give you a good indication of what you can get and whether you will actually get it. 

Imagine your job, from experience people will ask you questions and you will know the answers without checking. 

There are smaller lenders who do manual underwriting and even manual affordability checks but those are typically little building societies. 

Thank you foe your kind reaponse, 
Now the question is where do I begin to find a mortgage broker and do I have to pay for doing a search and application with them? I am open to searching everyone brokers and banks 

Thank You

Google/Friends & family? 
Some brokers charge, some do not. If they do charge, some charge upfront, some on offer and some on completion. 
For your circumstances I would expect fees to be anywhere from £0-500. 

[Deleted User]

Rather than spend an hour on the phone to tsb,  spend an hour on the phone to a broker and then you can get 50+ lenders searched and advised on at once (probably including tsb) 

IloveElephants

Deleted_User said:

Rather than spend an hour on the phone to tsb,  spend an hour on the phone to a broker and then you can get 50+ lenders searched and advised on at once (probably including tsb) 

I never knew that
Thank you for the tip

ACG

Deleted_User said:

Rather than spend an hour on the phone to tsb,  spend an hour on the phone to a broker and then you can get 50+ lenders searched and advised on at once (probably including tsb) 

I counted how many lenders we had last week... 84! I did not realise there were so many lenders out there. I think a few of those can be knocked as as they are more equity release, but even if you said 75. 

IloveElephants

ACG said:

Deleted_User said:

Rather than spend an hour on the phone to tsb,  spend an hour on the phone to a broker and then you can get 50+ lenders searched and advised on at once (probably including tsb) 

I counted how many lenders we had last week... 84! I did not realise there were so many lenders out there. I think a few of those can be knocked as as they are more equity release, but even if you said 75. 

Thanks, so what are the downsides or using a broker as opposed to a high street brick and mortar highstreet bank branch? Thanks for your kind tip

ACG

The only thing I can think is the fee if you pay one.
Brokers only get paid in the main if you get your mortgage. Branch staff get their wage regardless. To a broker you are a customer, I could go through all of my old customers and tell you something unique about them - as an example I had a lady call me up 4 years ago. She did not proceed at the time but last year she called me back, I knew where she worked, what she did and why she wanted the extra money on a remortgage... without looking at paperwork. Will the adviser be at the bank in 2 years? If they are, will they remember you? Everything is a lot more personal in smaller businesses. 

Even if the above is not true, because our income is aligned to you getting your mortgage, we still want the same outcome even if it may be for different reasons. 
Brokers are usually more experienced. Most brokers start in banks or estate agents and then go to work for themselves or proper brokerage firms. 
Brokers have access to 50-80+ lenders, banks only have their own products. 

IloveElephants

ACG said:

The only thing I can think is the fee if you pay one.
Brokers only get paid in the main if you get your mortgage. Branch staff get their wage regardless. To a broker you are a customer, I could go through all of my old customers and tell you something unique about them - as an example I had a lady call me up 4 years ago. She did not proceed at the time but last year she called me back, I knew where she worked, what she did and why she wanted the extra money on a remortgage... without looking at paperwork. Will the adviser be at the bank in 2 years? If they are, will they remember you? Everything is a lot more personal in smaller businesses. 

Even if the above is not true, because our income is aligned to you getting your mortgage, we still want the same outcome even if it may be for different reasons. 
Brokers are usually more experienced. Most brokers start in banks or estate agents and then go to work for themselves or proper brokerage firms. 
Brokers have access to 50-80+ lenders, banks only have their own products. 

WOW Thanks, I learnt so much from your post, the next step then for me is to look at some brokers and test if they can offer me the amount that I am looking for and give me a Mortgage in Principle, 
your post has been very beneficial to me,