Obtaining an AIP

theman84

Hi, I'm trying to find the best mortgage brokers to try, who don't charge insane up front fees and who deals with adverse credit?

Right now I want to obtain an AIP, sell up and move but due to the stamp duty levy, drawing to a close, have been advised by my old MA to wait until next year once it's all calmed down.

Thanks in advance

K_S

@theman84 If it's only light-adverse, most of the fee-free brokers listed on the MSE guide *should* potentially be able to help.

Any reason your old broker can't help you?

theman84

K_S said:

@theman84 If it's only light-adverse, most of the fee-free brokers listed on the MSE guide *should* potentially be able to help.

Any reason your old broker can't help you?

Thanks so much.

Unfortunately he put it down to having 1 default which was listed in March 2020 and also a missed payment marker which is being corrected due to a clerical error caused when I was on Covid19 payment holiday last year.

He's advice was don't apply as no one will be able to help until next year. 

What was more insane was I have sizeable equity in my existing property. 

K_S

@theman84 Depending on the details and rest of the scenario, a default registered less than 18 months ago can indeed be a significant issue, especially if you are only interested in mainstream/mainstream-ish rates.

theman84

K_S said:

@theman84 Depending on the details and rest of the scenario, a default registered less than 18 months ago can indeed be a significant issue, especially if you are only interested in mainstream/mainstream-ish rates.

Thanks once again for your comments. I appreciate I won't get mainstream rates for a bit and I will probably be paying 5% or more APR just wanted to get an AIP. 

K_S

theman84 said:

K_S said:

@theman84 Depending on the details and rest of the scenario, a default registered less than 18 months ago can indeed be a significant issue, especially if you are only interested in mainstream/mainstream-ish rates.

Thanks once again for your comments. I appreciate I won't get mainstream rates for a bit and I will probably be paying 5% or more APR just wanted to get an AIP. 

@theman84 In that case you just need to enquire with a few brokers who are experienced in adverse and what kind of costs are being charged. Ideally look for one that charges the bulk of the fees upon issue of an offer.

Fortunately/unfortunately (depending on who you ask), at present, adverse brokers (and most brokers in fact) are up to their neck in new-business across the industry so it may take a bit of hunting around to find one that meets your requirements. Good luck!