Finding A Reasonably Priced Adverse Credit Mortgage Broker

chrislee999

I'm happy to annouce come September 2025 I will be 2 years discharged from my settled IVA. I was fortunate enough to have my parents settle my IVA early. I think it will be around 2028 when it will leave my credit file. I currently own my home and looking to move after September, I am lucky enough that I have enough equity in my current property to allow me to put down a minimum of 25% towards the new property. In my quest for finding a broker to deal with finding me a suitable lender, I'm looking at a cost of around £2300!! Surely there has to be alternatives, it seems like a lot of money and although I know an application can be time consuming I find it difficult to justify such costs. I work 42 hours a week and I dont even earn that figure monthly, any help or advice would be greatly appreciated, thanks!

ACG

We do a lot of adverse, our highest fee is £1,495 so still not exactly cheap. Dont worry im not hear to tout, just more to explain the cost...

There is time doing the research, but more importantly checking affordability. Where affordability is tight there can be a lot of time going through bank statements and assigning transactions to certain costs. 

Also we have to spend time going through the credit reports. People can either be really upfront with their adverse and want to give you everything to make sure it goes through. Others can be a little less forthcoming and try to hide things or gloss over them. 

Then what we also try to do is pre-empt any questions from the underwriter and give them an explanation of everything to avoid the back and forth (and more importantly waiting) etc. 

All of that takes a lot more time than on a standard application. 

But also when it comes to insurance our costs are higher because we are dealing with more high risk transactions (got to love those claims management companies and people trying to get "free money"  - it comes from somewhere. In addition because of the higher risks involved, the compliance we have to do is much more thorough also. 

Im not trying to justify it, just give you an explanation that for a vanilla case we could do maybe 3 applications in the same time. 

But I understand, its your hard earned money I am trying to get you to spend - its easier to explain it on here than it is if you were a potential customer as it would likely come across as a dodgy window/insurance salesman. 

But well done on clearing the IVA. 
When did you start it? Im assuming 2022, but just wanted to check as if over 6 years ago there might be normal options.