would I need a broker for mortgage or go direct?

[Deleted User]

You could get this on the high street (or more likely with lenders that offer high street rates but arent necessarily present on everyone's high street)

The question would be Do you know which lender to approach?  Do you want to spend an hour with a lender to get a decline and then another hour with the next lender until you get an accept? 
Do you know which lenders are good for background properties? Historic debts? 

I think you should use a broker to find you the lender that fits best. You can do 1 appointment and then they can go research dozens of lenders for you.  Will save you lots of time

NatalieAGC

Deleted_User said:

You could get this on the high street (or more likely with lenders that offer high street rates but arent necessarily present on everyone's high street)

The question would be Do you know which lender to approach?  Do you want to spend an hour with a lender to get a decline and then another hour with the next lender until you get an accept? 
Do you know which lenders are good for background properties? Historic debts? 

I think you should use a broker to find you the lender that fits best. You can do 1 appointment and then they can go research dozens of lenders for you.  Will save you lots of time

Hello, yes I thought that I just wasn’t sure if any are reachable during corona so wasn’t sure if just do a few soft search applications but I think your right broker would make it much easier on myself 👍🏼

Thank you 

ACG

Most brokers are still working. We have been doing 95% of our cases remotely for about 2-3 years, we were one of the first to be happy with electronic signatures - I asked a few other brokers about it when we first looked at it and like most middle aged men they were a bit featful of change... oooo no you cant do that, what happens if.... 

I did a mortgage for a bloke who lives on the road behind mine. He had no idea we lived that close as my office is about 10 miles away, but I never met him. 

NatalieAGC

ACG said:

Most brokers are still working. We have been doing 95% of our cases remotely for about 2-3 years, we were one of the first to be happy with electronic signatures - I asked a few other brokers about it when we first looked at it and like most middle aged men they were a bit featful of change... oooo no you cant do that, what happens if.... 

I did a mortgage for a bloke who lives on the road behind mine. He had no idea we lived that close as my office is about 10 miles away, but I never met him. 

@ACG spoke to Lowell. They said they can offer me reduced payment  as a F&F but it shows as partially satisfied once submitted to credit agencies? is that better than none payed default for a mortgage?
the price he gave me is £560. unsure if it is just worth paying the full £800 for the sake of the 'satisfied' title rather than partially, albeit it may make no difference this close to mortgage shopping but surely better than unpaid?  

ACG

I think I would probably take the £560. It will show as partially settled but should be ok. 

NatalieAGC

ACG said:

I think I would probably take the £560. It will show as partially settled but should be ok. 

have you dealt with mortgage lenders regarding this in the past as in settled or partially paid.  do you know if either offers more options or is neither going to matter as its so close to me wanting a mortgage?  

ACG

You will probably have more options if it shows fully satisfied, but I dont think it will be a massive difference between the 2. The devil is in the detail with anything like this so you might be worth getting your credit reports infront of someone for them to give you specific advice but with Corona at the minute, things are liable to change. 

amnblog

The focus on this thread has been on the credit situation, but you are just as likely to trip up on the intention to let your current property in order to purchase the new one. Given that, and the fact the the market is not is a standard situation this is a 'Broker only' purchase.

NatalieAGC

amnblog said:

The focus on this thread has been on the credit situation, but you are just as likely to trip up on the intention to let your current property in order to purchase the new one. Given that, and the fact the the market is not is a standard situation this is a 'Broker only' purchase.

I spoke to broker briefly in the past and they did say if house is self Financing it should be ok plus 15% deposit most lenders accept for second property 

NatalieAGC

Update. they offered me £560 for partial payment, I opted to clear the full balance of £800 for the status of 'Settled'  on my file rather than part paid,   the default is 5 years old in July  and the only negative on my file. from reading some mortgage lenders criteria I seem to be ok as they seem to mention any adverse within 3 years.