Mortgage Brokers help!

jonny411

Hi guys,

Me and my partner have recently received a AIP from the mortgage bureau however the best quote we got was for a eye watering 5.4%.
We are looking to borrow around £163,000 with a £30,000 deposit on top of that.

Now i have decent credit with a score of 622/710 on Credit Karma.  However my partners isn't as good with a score of 510/710.  She has a defaulted payment of around £1500 from December 2018 which was paid off in full not long after the default.  This is the only discrepancy.
Even with this i was surprised how high the interest rate was.  

Do you think if we went to another broker we would potentially find a better deal or is that the best (worst) we will get? 
Also we are based in Newcastle upon Tyne so if anyone has any suggestion for who to go and see or anyone that deals with mortgages for poor credit then that would be great!

Cheers

Whats_your_forte

5.4% - Ouch!

If incomes are okay, then no need to go this route. People like Pepper would go under 4%. In saying that, some High Streets could maybe do this and piggyback off your credit score too. Sitting at 81% LTV, you might see about squeezing it to 80% to see if that helps at all but 5.4% should only be for much more severe cases than yours

As for who, some offer non face to face options for these deals so no need to keep it local as a lot of us are able to work remotely on such deals.

jonny411

Whats_your_forte said:

5.4% - Ouch!

If incomes are okay, then no need to go this route. People like Pepper would go under 4%. In saying that, some High Streets could maybe do this and piggyback off your credit score too. Sitting at 81% LTV, you might see about squeezing it to 80% to see if that helps at all but 5.4% should only be for much more severe cases than yours

As for who, some offer non face to face options for these deals so no need to keep it local as a lot of us are able to work remotely on such deals.

Our income is £2950 combined each month after tax.  

I did expect the rate to be high but after doing some research it does seem excessive.

Yeah your right it doesn't have to be in Newcastle, we did our initial one over the phone anyway so your right it doesn't where we are.

Any advice from anyone on who to try for this kind of scenario would be much appreciated! 

Whats_your_forte

Hard for us to say as forum rules mean we cannot recommend or contact!!! 

What I would say is that don't use the ones like L&C or Habito. They like vanilla cases and tricky ones just get discarded as they are all about volume

ACG

I know exactly who the broker has gone to on that rate and from what you have said, they have gone to completely the wrong lender. Find a new broker, they have used the hammer to crack a nut.

Whats_your_forte

Yes. Looks like Bluestone and a lazy solution.

Retired_Mortgage_Adviser

It just sounds like an inexperienced broker who took the easy way out. On the face of it, it doesn't look like something that would force you to those kind of rates.

Having a copy of your credit files to hand will be useful if consulting with a new broker.

Brokers aren't allowed to tout on the forum but there's nothing stopping you from PMing one of the helpful brokers on here to potentially engage their services. Just to be clear, that's not a hint to contact me, I'm long retired!

jonny411

Whats_your_forte said:

Hard for us to say as forum rules mean we cannot recommend or contact!!! 

What I would say is that don't use the ones like L&C or Habito. They like vanilla cases and tricky ones just get discarded as they are all about volume

Sorry, i wasn't aware of the rules.

Its a relief knowing we could potentially get a better deal and that we have something to try.

I know its all hypothetical but based on the information provided, what kind of rate do you think we would be able to get? 

Whats_your_forte

Until someone really looks at the rest of the detail, very hard to tell but a fair bit cheaper!!

ACG

Worst case scenario would be 1% lower plus a saving of around £500 on fees from what you have said. 
Best case scenario could be normal rates. 15% deposit and a 1 off default is borderline normal rates.
As Whats your forte says, it is difficult say for sure as there could be other issues to overcome but on the face of it, that is what I would expect. 

jonny411

Retired_Mortgage_Adviser said:

Brokers aren't allowed to tout on the forum but there's nothing stopping you from PMing one of the helpful brokers on here to potentially engage their services. Just to be clear, that's not a hint to contact me, I'm long retired!

Thanks for that as i was wondering if i was allowed to do that!