Two Contract Mortgage - Multiple brokers HELP!

femster82

Situation - I have two IT contracts, one through an LTD company, and one through an Umbrella. I have had an offer on a house accepted and have been speaking to 3 brokers with the hope of securing the right mortgage deal. I take my credit very seriously and I don't want to do a full application until I am confident in the broker.

Broker #1 - Recommended by a friend who has two contracts and they seemed to help him. Came back with a deal with a high street bank but I do not know whether they spoke to the underwriters first or just submitted my details based on the information I gave. They got me an AIP for way more than the value of the house which worried me a bit. I put them on hold for now to do more research. The fee is £499. 

Broker #2 - Has not come back with any deals, but a friend had used him for over 17 deals and he always gets him a mortgage sorted. He has been taking his time and speaking to underwriters, which actually gives me more confidence than someone just applying for an AIP. He is just taking a bit longer than I would like and days are ticking by before the seller starts asking questions. The fee is £399.

Broker #3 - CMME, after reading contractor forums this was recommended and I wanted to see what they could offer. They came back with the same offer as broker #1 for a high street bank they say is favorable to two contracts. The main issue is the fee is almost £1000 on top of the bank fee of £995 and surveying still to pay for that would hit me massively short term. But they seem to be good at what they do and seem highly recommended even on this site. But the deal they came back with was almost identical to Broker #1

The third broker actually gave me a bit more confidence in broker one.

I know it's long, but does anyone have experience with multiple contract mortgages?
Is CMME worth the high fee, considering they found the exact same deal as the others?

ACG

Most of what I do is adverse. 
I do it day in, day out. I can 9/10 give someone a pretty good idea of what the rates they will get will be by the end of a 10 minute phone call - that might be adverse rates, it might be high street or it might be building societies. 

The point being that, I rarely have to go off and do research at the initial stage because I know who it will go with. The only bit of research I need to do is to check who has the better deals on the day. Maybe broker 1 has a pretty good idea because he did your mates mortgage. Maybe he does other peoples with similar situations.

You have 3 brokers, 2 have recommended the same lender and yet you have more confidence in the last broker because they took a bit longer to check it? I will be really honest in that if you put me on hold to do more research, I would not be doing any more work on it because I only recommend deals I am 99% sure will go ahead - otherwise it is just a waste of time. 

Its can be a stressful month or 2, go with the one you have most confidence in. You will sleep better. 

amnblog

If you take your credit seriously, stop dealing with multiple brokers. That can only lead to confusion, stress, and potential harm to the credit file.

We would quite simply drop work on the case if a potential borrower were concurrently dealing with other brokers - for that reason.

It seems to me that is a lot simpler to ask Broker #1 to clarify questions on the points that are troubling you, than to further confuse matters with Broker #2, Broker #3 and now, MSE users.

MWT

I would have stopped at #1 ...

femster82

Thanks for the replies.

I decided to pay the higher fee and go with CMME as they seem more specialised in my case.

I should have come on this forum last week as I wasted many days talking to multiple brokers which led to many sleepless nights.

I know better for next time.

amnblog

So is essence you are paying twice the Broker Fee to access the same Lender.

JMA74

amnblog said:

So is essence you are paying twice the Broker Fee to access the same Lender.

got to really feel for that broker that knew exactly who would take the case without needing to check, charges half the fee, and still lost the business.  

amnblog

JMA74 said:

amnblog said:

So is essence you are paying twice the Broker Fee to access the same Lender.

got to really feel for that broker that knew exactly who would take the case without needing to check, charges half the fee, and still lost the business.  

It does indicate however, that Brokers who fuss about charging a fee, or the level of their fee, are worrying about the wrong thing.

ACG

JMA74 said:

amnblog said:

So is essence you are paying twice the Broker Fee to access the same Lender.

got to really feel for that broker that knew exactly who would take the case without needing to check, charges half the fee, and still lost the business.  

To be fair though, it is in part their job to instill confidence that they know what they are doing. 
You dont want clients who are not confident in you. That just causes unnecessary stress and worry at an already stressful time.

They should have put across that they have a good idea who it can go with. 

But yes, its worrying when you come back with the same lender as another broker who has more confidence and you charge less and still lose the business. As amn says, it just shows its not all about the fee with everyone. I suppose it will be horses for courses, some people put more weight on the fee and some on the confidence the broker gives off.