Bad credit and mortgage brokers

Bexter

I'm a her not a him by the way!! Thanks all for the interesting information although it is still fairly confusing. I will seek more advice - I presumed my only chance would be an adverse product since I am classed as heavy adverse I would think and credit score low.

Also concerned about making things worse by getting too many credit searches done..

PS Conrad - I have PM'd you.

Dan_Collins_2

OP in this climate at 90% ltv I would say the high street may not accept you. Subprime is a funny place at the mo, I have had trouble with a case with historic adverse and it going to have to be sub prime.

If you dont like or trust the brokers you are dealing with, try and get a new broker that a friend or family member can recommend. All brokers have access to packagers, I am not sure that many have exclusives but I may be wrong. First National is available via Packagers, normally via harbour loans, they are ok and Future, well Conrad is correct, they can turn you donw a month in to the process.

With subprime you run the risk at the mo, that any of them could go under and you lose your offer!

MBM

Sarkin, please put a signature on your posts so that non advisers can tell you are a mortgage adviser.

sarkin

I beleive that mortgage brokers have a choice if they want to add a signature I chose not to. I just like posting I dont advertise or look for business

sarkin

I did post under a diffrent name as it helps with google rankings, but peole dont know they thought I was touting for business. I just post for the points now IYSWIM

sarkin

I see you give some of the commision back, how do you make any money?

minimike2

Oooh heated thread.

I would agree that broker 2 is spinning a bit of a line. If future has declined on credit score it really doesnt leave much option other than FND2U....who pretty much do anything on one scheme or another and are still lending at 95% for some cases.

Conrad....re exclusives are you just talking about packager exclusives or lenders in general? Generically yeah most people can get most schemes with most lenders, but lenders offer exclusives all the time to networks. Sourcing systems are riddled with exclusive deals...for example my network had an exlusive with Abbey a month back....checked thier other deals and it was NOT available to anyone not a part of my network. What i think you may have been trying to say, is that broker 2 was probably just spouting some muck out to convince the OP that it was worth paying £4k to go through them....which of course would be nonsense - and of course any broker can get any packagers exclusives by registering as you say.

of course the packager exclusives are always offset in a different way anyway, i.e .2% rate reduction is normally accompanied by a £200 increase in arrangement fee. Its all a numbers game.

(Packagers are also sometimes useful as with some the valuation fee for the client is cheaper than going direct with the lender - so we should be using them in that scenario for the client to get the best deal)

bgm18

I have read this thread looking for a bit of comfort but now I am even more concerned. I have similar adverse credit to the original post. I am in the process of a new house purchase and I have been given a decision in principle from Future (paid the valuation fee, paid the house deposit etc) but I still await the mortgage offer from Future (Broker is very kind and helpful and says I shouldn't worry). I cant help it, forms were sent 4 weeks ago, valuation was done 3 weeks ago). Any advice?

minimike2

Future are SLOOOOOOOOOOOOW at processing so i wouldnt let it worry you too much if the broker says its all ok (as long as you have an up front and honest broker!)

Dan_Collins_2

I think a few more ooooo's in there minimike!