Mortgage advisor - specific house

nimbo

Hi all. 

So I have found a house and made an offer. Yay. Not been accepted yet - but we’ll see. 

I need to get a mortgage. I’ve got a decision in principle through a whole of market free broker. 

I am employed through an agency. But PAYE through an umbrella company. (My profession is in demand and even if my current role did end - there are many others I could go into). 

However. I have offered on a property that has been marketed as semi detached. (It’s actually and end terrace that turned a corner - but that’s not the issue). It’s attached to a booze shop. I know some lenders do not like commercial ventures to be too close. And frankly this is about as close as it gets - and it’s not a flower shop. I can imagine that people would cause damage to get into a shop filled with booze. 

I have no issues with my credit files that I am aware of. May have missed payments 10 years ago. 

Have recently changed my bank account - as was with m&s bank which warned they were shutting down accounts and I needed to do it sometime so just got it done. But also figure banks will be aware this is a thing and hopefully see it for what it is. 

I have in the last six months been in my over draft the odd day here and there. I get paid weekly so if rent went out on Thursday I may have been in the £50 buffer zone for a wee while. 

I have at least a 10% deposit. Maybe 15% depends on the price I get - but more likely to stick to 10% so when I realise the cooker / shower / whatever’s do not work I can get it sorted with less stress. 

The house is maybe around half of what i *could* theoretically borrow. (Possibly less then half - depends on price again).  

Is this something that l and c is likely to be able to handle with little fuss - or do I need to pay the estate agents advisor £700? Who only has 24 providers???? 

I made the offer and then two hours later he called not the agent - so I am assuming the offer had not been accepted - and have put him off until I have a clear picture of what is happening. 

Sorry for all the questions. And thank you. 

MWT

nimbo said:

Is this something that l and c is likely to be able to handle with little fuss - or do I need to pay the estate agents advisor £700? Who only has 24 providers???? 

There are many other brokers between those two extreme options.

I'd rank your position a a bit more than I'd expect L&C to deal with comfortably, and I'd suggest that you look for a different broker from the EA suggested one as that sounds like a lot of money for a broker with a shallow pool to go fishing in...

dunstonh

The general rule of thumb is to not use chain estate agent brokers (usually tied and operate in a sales way) unless its an independent agent using independent mortgage brokers.   Chain Estate agents also tend to be tied or limited in selection (especially on the insurance side).

The interent/phone based factory line brokers are fine on simple cases where you don't need hand holding and do not forsee problems.  This is because they usually the person you speak to initially holds the advice permissions to allow you to pick the deal but they pass the case to unqualified clerical staff to handle the admin after that point.     Problem cases are where experience matters.

No-one should be paying £700 for mortgage advice unless the broker is refunding the commission or you have poor quality lending history and need specialist lending advice.

nimbo

Thank you all. I have found a recommended whole of market mortgage broker who is half the price. Seemed a good compromise. 

Have a nice Sunday all. Xx