Mortgage broker - ask me anything

teleport3

This is a very odd question, I've just went to use checkmyfile the website that lets you check your credit report across all credit comapnies. 3 of the companies are accurate. One of them is showing my identical twin sisters information, as reported by Equifax? We live at the same address but have different names. I can view and see all of my identical sisters creidt history, from bank loans to credit cards to payment times etc. Isn't this a huge data breach? How do i begin to go about fixing this? Interestingly the equifax online website just has my normal information under my own name.

K_S

teleport3 said:

This is a very odd question, I've just went to use checkmyfile the website that lets you check your credit report across all credit comapnies. 3 of the companies are accurate. One of them is showing my identical twin sisters information, as reported by Equifax? We live at the same address but have different names. I can view and see all of my identical sisters creidt history, from bank loans to credit cards to payment times etc. Isn't this a huge data breach? How do i begin to go about fixing this? Interestingly the equifax online website just has my normal information under my own name.

@teleport3 I am not entirely sure. Hopefully someone else will respond or might be best to post this question on the Credit File forum here https://forums.moneysavingexpert.com/categories/credit-file-ratings

MsPennyMinder

Hi
Sorry if this is a silly question but I am looking to buy my first home soon and so need a mortgage. I technically work part time (currently)so am I best going through a mortgage broker/adviser? How do I know which or who is best suited for me? Is it  better if they charge a fee or get a cut from the mortgage provider or what? Thank you.

muddabir

e submitted our advance borrowing application on existing mortgage by HSBC on 24th Nov 2020 for our second home, on 19th January after valuation the application was approved but th funds aren’t released yet. It was a broker initiated application, so everytime I called HSBC regarding they don’t have any answer and they said they don’t have access to broker application and it’s a separate system and it can’t be seen by the team. Even calling the broker line they told that they will only speak to the broker only.  I also went to the branch there are unable to help ? My broker say he has done everything now it is down to HSBC and they are doing background check before they transfer the advance borrowing funds . Experience with this broker is also painful as he is not helping much interms of follow up ,So what should I do in this case? My moving date is next week and still funds aren’t released yet

K_S

MsPennyMinder said:

Hi
Sorry if this is a silly question but I am looking to buy my first home soon and so need a mortgage. I technically work part time (currently)so am I best going through a mortgage broker/adviser? How do I know which or who is best suited for me? Is it  better if they charge a fee or get a cut from the mortgage provider or what? Thank you.

@mspennyminder Like MSE itself does, I would always recommend at least talking to a broker (but then I would say that wouldn't I )

Irrespective of whether they charge a fee to the client or notthe above, as long as they are 'whole of market' brokers, they all have access to largely the same products and rates, and the mortgage rates available to you will not change depending on whether they charge a fee or not. How brokers are paid is as follows -

• All brokers will get what is known as a proc-fee (commission) from the lender which generally speaking is around 0.3-0.4% of the loan amount for mainstream residential mortgages.
• On top of the proc-fee, some brokers will charge a fee, some will not (the fee-free brokers listed on the MSE broker page) and some will do so depending on the specific-case (I fall in this category).
• The smaller the loan or more complex the case, the more likely it is that the broker will charge a fee.

MsPennyMinder

@K_S Thank you   

K_S

muddabir said:

e submitted our advance borrowing application on existing mortgage by HSBC on 24th Nov 2020 for our second home, on 19th January after valuation the application was approved but th funds aren’t released yet. It was a broker initiated application, so everytime I called HSBC regarding they don’t have any answer and they said they don’t have access to broker application and it’s a separate system and it can’t be seen by the team. Even calling the broker line they told that they will only speak to the broker only.  I also went to the branch there are unable to help ? My broker say he has done everything now it is down to HSBC and they are doing background check before they transfer the advance borrowing funds . Experience with this broker is also painful as he is not helping much interms of follow up ,So what should I do in this case? My moving date is next week and still funds aren’t released yet

@muddabir If I understand it correctly, you are moving home and have applied to port your HSBC mortgage with additional borrowing for the new purchase. It isn't clear in your post, has a mortgage offer been issued or not? Usually, funds will only be released a day or two prior to completion.

hopeitwill

Hi everyone, a stupid question probably but at what point do we need to pay for the mortgage broker's fee? We have received our offer and it's been sent to the solicitor etc. but completely clueless to when we should pay the broker's fee?

K_S

hopeitwill said:

Hi everyone, a stupid question probably but at what point do we need to pay for the mortgage broker's fee? We have received our offer and it's been sent to the solicitor etc. but completely clueless to when we should pay the broker's fee?

@hopeitwill Not all brokers charge a fee to the client. Where they do, they usually make it very clear upfront as to when it will be due.

It's usually at application, offer or completion.

kingstreet

hopeitwill said:

Hi everyone, a stupid question probably but at what point do we need to pay for the mortgage broker's fee? We have received our offer and it's been sent to the solicitor etc. but completely clueless to when we should pay the broker's fee?

When they request it? Check your terms of business/fee agreement/illustration/offer for when fee is payable.