Low-credit score broker or normal broker?

JCJC2706

Hi all.

We recently got a £480k offer on a FTB property in London accepted after running numerous AIP's and seeming affordable. 

Myself - £82k P/A. Poor credit history prior to mid-2020 (5 missed payments in a row, 10+ lines of credit etc). I haven't missed payments since but am still £45k in debt - also recently consistently in overdrafts with NatWest and Starling (both now closed). Parents have now kindly agreed to pay off £20k of debt. Parents have also offered up 5% deposit to take the total to 10%.

Partner - £58k P/A, Good credit history, 5% deposit.

We spoke to L&C who we previously had a AIP with and they basically showed us the door at the debt and 5% deposit (this was before my parents stepped in and as above have kindly agreed to give the difference in the deposit amount to make it 10% and also pay off £20k’s worth of the debt.) 

Since the update to the situation we have engaged with both L&C and Haysto. 

Haysto have been fantastic and have found us their ‘true’ AIP which is now ready to be submitted to the lender for application - but the kicker is they charge £999 as their fee (paid upon completion). They’re pretty confident they can get us it - this is with Accord.

L&C have been a bit slower, but now want to put us forward for a mortgage with Natwest (who I also have a loan and credit card with - missed payments recently but completely by accident due to my monzo being frozen as it was stolen - this was rectified instantly when NatWest notified me and they haven't been recorded on my credit file).

Both interest rates are similar, but Haysto seem way more confident than the L&C broker..

Any thoughts on what would you guys do or if anyone has been in a similar situation with NatWest?

Thanks,

Jack

dunstonh

We spoke to L&C who we previously had a AIP with and they basically showed us the door

Online factory line brokers are not good for people that are borderline or pushing limits.

Any thoughts on what would you guys do or if anyone has been in a similar situation with NatWest?

A local independent would probably have been cheaper and as effective as Haysto.  

You feel service is better with Haysto but it costs more.  So, it really boils down to overall cost of the term fo the mortgage deal vs what price you put on better service.

JCJC2706

In the long-term, the price is around 2k difference (turns out the NatWest one has a £999 fee to get a lower interest rate) - is it likely that L&C are just trying to push me to apply so they can hit their quotas?

Mishomeister

Your bad credit history has meant that there was more work needed on your case and L&V were not interested. Were Haysto upfront with you with their fees? If so, why did you waste their broker's time if you were not happy with fees quoted?

amnblog

You are looking to borrow £480,000 and are worrying about paying a £999 fee?

'Haysto have been fantastic '

ACG

I dont think price necessarily dictates quality (funny actually as their is a website for mortgage brokers and this conversation comes up a lot). 

But I do think when you have a call centre with no fee, its not unreasonable to think something has to give, they cant be good, quick and cheap. 

JCJC2706

I'm not necessarily worried about paying the £999 fee. Maybe I didn't quite phrase correctly - it was more about going with the brokers recommendations - NatWest (and if so, has anyone been in a similar situation with them) or Accord.