FEE FREE MORTGAGE BROKERS?

KKcowgirl50

I am looking for recommendations for a Fee FREE Mortgage Broker who can provide advise for me with a default. I had 2 (1 disputed). Thank You

Edi81

How old is the default. Is it settled? Values?

A broker only gets paid if they can get you an offer and you complete the purchase/remo. Adverse means more work which is why fee free adverse isn’t that common.  

By posting more about the circumstance will help others on whether this could be placed high street. 

ACG

Im not going to try and convince you to pay (ok I sort of am but there is a reason for it)...
Adverse (or anything none mainstream), going fee free could be a false economy. We do mostly adverse, about 80% of our mortgages are adverse. Of which about 45% are placed at high street rates. High street is better for everyone, cheaper for the customer, easier for us and so we charge lower fees on those applications. 

We have had occasions where customers have spoken to a couple of brokers and been quoted adverse rates. So much so that some have thought we were basically over promising to try and win the business. 

The difference in cost can easily be in the thousands. 

2 defaults could be high street, but it might not be. It depends on the dates, amounts, satisfied/not, along with the LTV and everything else. 

In short, maybe get a couple of opinions and weigh up the overall cost, not just whether or not there is a broker fee as that could result in you paying more overall. I know I am biased and I know that makes it difficult to take my comments onboard. But I am not trying to win your business. I am only here to try and offer help to a board that helped me when I started out as a broker. 

KKcowgirl50

Thank You. My mortgage was manageable for the first 2 years as I was on a fixed rate, then the interest rates went up and I had to find an extra £510 per month. In June 2023 I was late with a payment, I settled it by the end of the month. August I knew I would struggle to pay the full amount again, missed it, then phoned them to let them know I was struggling and that I saw on TV that they could give me Interest Only for 4 months which they agreed to. (I wish that they had contacted me in June with this offer, guess not their responsibility). 
On April 2024 I missed another payment and settled it a week later, Since then I have been paying the correct amount each month. So 2 late payments (settled quickly) and 1 missed (settled now). My bank statements corrolate with this.
My Clear-Score Credit Report says '4 missed payments' which is incorrect (I only looked at this today). My credit score says 'GOOD'. I am selling up now had enough, moving to a more affordable part of the UK. I will have a good deposit but would like a small mortgage to buy somewhere decent. I have regular, secure income. It is only because the massive jump and not lucky enough to have a partner to split with. Now I am researching the possiblity of a smaller mortgage but the internet is overwhelming I don't now who to phone first. I am thinking I will have to put every penny I have into a cash buy. Apologies for the length of this !

ACG

Those are not defaults, those are just arrears or late payments. 
Although you went on interest only with their agreement, they are allowed to mark is as missed or late - ultimately you have not stuck to the contractual agreement, but they should have made that clear - although we see it a lot on here where people were unaware that would happen. 

From what you have said, you probably dont need an adverse specialist broker, just an experienced one. I dont know any fee free brokers im afraid so I cant answer your initial question, but it doesnt seem to be as bad as I initially read it to be. 

Hopefully someone else can help. Best of luck. 

amnblog

'Suitable' mortgage broker might be more useful than 'fee free' mortgage broker

KKcowgirl50

Yes I agree, now that I have done some research. I have my current mortgage looking at 'missed' payments. It is just that the internet is overwhelming with too much choice I don't know who to phone first. But I will start with the top companies listed on this website at least. thank you