Mortgage broker - ask me anything

spongeh

haras_n0sirrah said:

I have my own question. Purely for research (being nosey) purposes.

Those of you who are getting mortgages now did you go
1) direct to lender
2) via a fee charging broker
3) via a fee free broker 
4) via an estate agency broker
And what made you choose the route you chose? Would you do anything differently next time?

 For those that chose a broker what made you choose that broker (were they the cheapest, most responsive, friendliest etc)

We chose number 2 a fee charging broker this time for the following reasons.

Back in the 90s I got badly burnt by a couple of different IFAs (Endowment mortgage & Pensions) and swore I'd never use a fee free broker ever again as I felt they were driven more by their own commission rather than finding the best product for me and my situation.

When I bought again in 2003 I went direct with the lender and while it went smoothly back then I felt due to the current global situation, banks stricter lending requirements, etc that it would be beneficial to employ a broker to help us through the mortgage process.

I spent lots of time on here & researched what I needed and I believe I have chosen a good broker who's looking after us very well.

Cheers 
Martin

GN2020

haras_n0sirrah said:

I have my own question. Purely for research (being nosey) purposes.

Those of you who are getting mortgages now did you go
1) direct to lender
2) via a fee charging broker
3) via a fee free broker 
4) via an estate agency broker
And what made you choose the route you chose? Would you do anything differently next time?

 For those that chose a broker what made you choose that broker (were they the cheapest, most responsive, friendliest etc)

I found a broker through work, we have access to many different services and we get some good deals on things. 

My partner and I had absolutely no idea where to start with mortgages so we knew we wanted to use a broker.
The guy we’re using had some great reviews, I knew he charged a fee but didn’t know how much at first. 

We had a good lengthy chat, he said what he could do and he was totally upfront and honest, he doesn’t mollycoddle which is what I prefer so that’s what nailed it on for me. 

He’s been an absolute godsend and I’m so glad I found him. I would do the same all over again. 😊

trackboy

Hi,

I am currently looking at the properties on Aston Fox website. Most of the properties descriptions read "Please be aware this is a Sale by Tender property and the prospective purchaser will incur a fee to Aston Fox." Why would buyer need to pay a feee to estate agent 🤔 

mowgliisaG

For all the MBs out there..how many self employed cases which are agreed at DIP are you seeing then declined given the current climate??

haras_n0sirrah

trackboy said:

Hi,

I am currently looking at the properties on Aston Fox website. Most of the properties descriptions read "Please be aware this is a Sale by Tender property and the prospective purchaser will incur a fee to Aston Fox." Why would buyer need to pay a feee to estate agent 🤔 

Avoid Avoid Avoid!!!
They get double the fee as they charge both the vendor and the purchaser. It is legal but shouldn't be

trackboy

haras_n0sirrah said:

trackboy said:

Hi,

I am currently looking at the properties on Aston Fox website. Most of the properties descriptions read "Please be aware this is a Sale by Tender property and the prospective purchaser will incur a fee to Aston Fox." Why would buyer need to pay a feee to estate agent 🤔 

Avoid Avoid Avoid!!!
They get double the fee as they charge both the vendor and the purchaser. It is legal but shouldn't be

Thanks.. Legal scam 

GrahamsHill

I’ve been reviewing my credit report ahead of a mortgage application next year and I’ve got a couple of issues that I’d like to get some advice on.
We had mortgage arrears on our mortgage in January 2017 which we paid off by March 2018 meaning when we come to apply for a mortgage in May or June next year the arrears will be overs 3 years old (4 plus years since the original missed payments). It was down to me suffering from depression following the sudden death of my dad. 
In March 2017, I got a default on a Vanquis credit card for £631 for the same reason. This was paid off in full in September 2019 and is showing as satisfied on my report. What impact will the missed payments / default have on our mortgage application given the length of time 3 – 4 years since missed payments / default? 
Our income is good (combined £80k+) and we have had no missed payments on anything since the mortgage arrears were paid off. 
We're looking at a new build priced at around £260k with a £45k deposit (approx 17%) but have quite high debts in term of loans (around £20k between us). Other than that we have credit cards with £0 balances and our credit utilisation is good. 
Would we have a good chance of obtaining a mortgage in your opinion? 

haras_n0sirrah

Bm1937 said:

Hi
Within the next couple of months my boyfriend and I will be applying for a mortgage with help to buy. We will be using 10%(£19100) of our own money and 20% (38000) from the government to purchase our £191000 new build. 

We chose to do this because of issues over the past year in trying to get a normal mortgage due to COVID.

I work as a full time as a veterinary nurse and pay is 23.5k, his 27k. However, I have recently started a part time postgrad masters degree which will last 5 years, I have been given a maintenance/loan or grant to help with paying course fees and general things for uni such as books. Will this affect my mortgage? It is roughly £1500 paid directly to my bank account every 3months. I will not be leaving work or reducing hours as this is an online course to help further my career. I don’t pay anything at the moment on previous student loans but I know that if I was to earn £23.5k it would be around £3 a month! I have already told the broker about my previous loans and that I don’t pay anything, but I only just found out about the maintenance one today. I don’t want lenders to see this money as boosting. 

This will not be contributing to the deposit, fees or mortgage in anyway. We already have the deposit plus an extra 2k and our fees set aside and have regular savings set aside of approx £800 a month between us.

does anyone have any info on this, I’m just really hoping it won’t affect us. I will literally be putting the money into savings as we are planning on using some of it to pay off the help to buy loan in the future as well as books and things I need for uni.

thank you 

The maintenance loan shouldn't be an issue as long as you can work and study. Any repayment would need to be factored in. Cannot be used for deposit

haras_n0sirrah

mowgliisaG said:

For all the MBs out there..how many self employed cases which are agreed at DIP are you seeing then declined given the current climate??

Honestly - not many but I am anal about checking the last 3 months business bank statements to ensure they reflect the income being declared

haras_n0sirrah

GrahamsHill said:

I’ve been reviewing my credit report ahead of a mortgage application next year and I’ve got a couple of issues that I’d like to get some advice on.
We had mortgage arrears on our mortgage in January 2017 which we paid off by March 2018 meaning when we come to apply for a mortgage in May or June next year the arrears will be overs 3 years old (4 plus years since the original missed payments). It was down to me suffering from depression following the sudden death of my dad. 
In March 2017, I got a default on a Vanquis credit card for £631 for the same reason. This was paid off in full in September 2019 and is showing as satisfied on my report. What impact will the missed payments / default have on our mortgage application given the length of time 3 – 4 years since missed payments / default? 
Our income is good (combined £80k+) and we have had no missed payments on anything since the mortgage arrears were paid off. 
We're looking at a new build priced at around £260k with a £45k deposit (approx 17%) but have quite high debts in term of loans (around £20k between us). Other than that we have credit cards with £0 balances and our credit utilisation is good. 
Would we have a good chance of obtaining a mortgage in your opinion? 

3 years is the magic number with most high street lenders. As long as things don't change too much criteria wise in the meantime then you should be ok