Should I switch brokers?

LMJ10

Hi all I am getting really upset with my broker a month ago he was trying to get us a DIP it failed due to the criteria, I was a little annoyed as to why he put us thru it on the first place I also had to point out a few mistakes along the way also. 

We are trying to go for a HTB mortgage and he originally said Kensington were the only ones available to us, but the criteria says we need to wait until Nov now, I asked the broker to keep his eyes on the market for changes, new products etc coming back on. 

So today looking round the web I see precise, Vida all now do HTB, ( this is on their website) assuming it’s up to date!  and I fit the criteria!! and now I see Kensington are only doing HTB for FTB. 

Ive paid an amount to my broker already but surely i shouldn’t have to be doing all this research myself? He knows our story etc which is why I stuck with him but feel he’s not really interested!?

Thrugelmir

How do you know you meet all the criteria?  Why did Kensington say wait until November. What's lurking in your history? 

LMJ10

Thrugelmir said:

How do you know you meet all the criteria?  Why did Kensington say wait until November. What's lurking in your history? 

I looked on the other companies website. 

I have a missed payment that Kensington wanted to be 24months old. It’s 21momths old. But he put me forward to them anyway thinking it will go through. 

tim_london

Where did you find the MA?  How much did you pay?  Is the MA tied to lenders or totally independent?

Calmly ask the MA if they have experience with Vida/Precise.  Actual underwriting is different from what they advertised on the website so I would give benefit of the doubt.  If they have no experience or you find out your MA is not truly independent and can't apply for you then switch.

I also agree with the above that something else is might be lurking in your credit history.  Missed payment is not the same as 'unsecured loan arrear' unless you missed 3 months in a row and your report clearly indicate you failed to keep up with payments. 

Ealing1977

Be careful with brokers, I have used many of them over many years. They give you a good idea of what’s available, mortgage criteria etc but on the odd occasion when I have bothered to do the research myself , I have always managed to beat the rates they have found. Best advice is use a broker but also do research yourself.