Mortgage broker advice please? More complicated than you'd expect!

smpNWI

I've spoken in detail with 7-8 mortgage brokers over the past 7 months. . 

But, although I gave them identical information, there were huge discrepancies on what they said they could get me. I know there's always going to be some variation and my situation's quite complex (self-employed, cash basis accounting, SEISS grants, own property abroad but not in the UK, renting in a shared household) but the differences are huge.

• three of these said they could only do 3.25-4.15% and one said he had to turn to a specialist lender for that
• three found me different 1.65-2.50% mortgages with well-known lenders
• one found decent rates but wanted me to do all the work, send him written explanations for my situation etc
• one just ghosted me after initial consultation

Now I'm back on square one and am trying to decide who I'm going to use, as I'd like to have a DiP to show and my old one has expired. 
However, my options are limited:

- broker A has been the most helpful so far, but failed to notice his recommended mortgage had more total cost than the next product by the same lender - would have cost me +£1.5k. His recommendation was also not the best widely available deal out there - I had to tell him about a better mortgage someone else found and then he looked into it and said I was right. I feel like I owe him because he's been really supportive but he's not been so great at saving me money so far.

- broker B is not whole of the market and has very high rates and I found her through a RE agent I almost bought a place with. Very bright, found me the best deal out there and confirmed I'm eligible. BUT her fees are £700 "lifetime fee" (+£300 per remortgage so that's a lie) and she works for an agent I absolutely detest. I have trust in her skills but don't want to pay her employer, and pay so much.

- everyone else either couldn't find anything decent or was impossible to get ahold of after initial consultation 

I wouldn't mind talking to even more new people to find someone who is a good communicator, can get decent deals and actually pays attention to the options and gives good advice. I wouldn't mind paying slightly more but not exorbitant rates. But I feel like statistically, based on the above, I'd have to waste a lot more hours to find anyone half decent - if at all.

Any ideas on how to go about it? Do you think I could/should go with either A or B and get it over with? Any feedback at all would be much appreciated.

gonzo2312

We used "first mortgages" in Dundee, Scotland. Although they are throughout the UK.

www.firstmortgage.co.uk

They don't charge a fee. Are whole of market. We're extremely helpful. Cannot praise them enough.

They also can arrange your life insurance. Although we already had that.

Hope this is of some use.

PS. I have never used a broker that charges a fee. Also. This is your mortgage. Look at their screen when doing the searches on your circumstances.....get the best deal for you ... Not for them.

Chris

lonibra

If you have been looking for a decent MB for 7 months and spoken in detail with 7-8 without finding one that meets your standards, I suspect it's time to look hard at the one constant.

You seem well informed and know what you want, probably better off sourcing your own mortgage.

smpNWI

Thanks for that, @gonzo2312
I hadn't heard of them before and I see they've excellent reviews. It's unfortunate they're not local to me but it doesn't seem like it matters, so I've arranged a callback. 

One concern though, would you say the fact my particular circumstances are more complex than most would make a difference? I'm used to internet-based service providers being less personal/bespoke than others (e.g. Doorstops/Strike style EAs) so it might not be for me considering how unusual my circumstances are - what do you think?

gonzo2312

Excellent, if your nearest branch is half as switched on as Nico at Dundee then you will be in safe hands.

Mortgage brokers (in my experience) have heard all variations of circumstances before. Hi early think you will be fine.

Good luck.

smpNWI

lonibra said:

I suspect it's time to look hard at the one constant.

That's a fair observation @lonibra 
I wish I knew how I could help the search or stop hindering it, if I am! Feel free to share ideas if you have them.

I'm both too busy and too clueless about both mortgages and finances to be able to apply  for myself though. If I were in FT employment, sure. But as a self-employed person with erratic income? I fear I'd be wasting everyone's time.

gonzo2312

That should have read "I think you will be fine".

ACG

Appreciate I am spending your money when I say this but assuming the cost difference is not significant - I would go with the broker I had the most faith in being able to deliver. 

I cant see how speaking to anymore brokers is going to help. If you cant find a decent broker you trust who can find a product you are happy with after speaking to 8, I would give up. I know a lot of brokers (I used to be an account manager looking after 350+) and even I could not name 8 bad brokers. 

smpNWI

ACG said:

I know a lot of brokers (I used to be an account manager looking after 350+) and even I could not name 8 bad brokers. 

Appreciate it. I wouldn't call the rest bad, it's rather that I'm an unusual lender and perhaps some were overworked because of how the market's been. But I see your point, thanks.

amnblog

The trick with any Broker is to let them work, and don’t try to do their work for them.
I suspect that is central to your problem.

getmore4less

What are you trying to achieve here?

Apart from source of funds is there anything else that impacts placing you?
High LTV, stretched on income, high loan amount, very long term  etc?

if at least one broker has found <2% the LTV is probably reasonable

Many chase that 0.0001% on that first deal when the real savings come later if you pick a good lender.

You stop being that special case once in the door  keep paying you drop into the regular product transfer scenario until you want to change something.

The brokers job is to get you in the door presenting your  case if non standard.

Be careful of those total cost tables they can get the numbers wrong

What are you trying to place?  Amount & LTV. 

What were the 2 deals that were £1,500 apart?
Seen plenty come here as say that when you crunch the deal properly it turns out to be very different.