Bad credit and mortgage brokers

Rick62

Someone earlier suggested getting qotes from a number of brokers, this is a bad idea. First to give a meaningful quote they will need to do a credit search, which could start affecting your rating. Second if they feel you are shopping round they will not put the same effort round.

Much better find one broker who gives you confidence and stick with them. Check they are whole of market, ask how many lenders they use (70 to 90 is reasonable) and if they are tied to one network or are actively registered with a number of mortgage panels.

Conrad

minimike2 wrote: »

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!)

Future as we all know and any packager will advise, are picking very carerfuly over the bones of every case and are rejecting many after the long underwriting process. Reputable established packagers tell me Future reject most cases now.

You are aware that lenders are under incredible pressure to deliver only safe thouroughly risk analyised mortgage books now?
That means lenders must subject each case to immense scrutiny and analyise the risk and the appropriatness of the loan (will the client have been treated fairly by taking this mortgage?).

This is the new lending world we live in, and its gonna be this way for some time.

Conrad

Rick62 wrote: »

ask how many lenders they use (70 to 90 is reasonable)

This is really poor advice.

Look, I am a simple broker yet I find it perfectly straight forward to deal with EVERY lender.

Only a lazy, incompetent broker would retrict himself, especially in this lending market.

It can be hassle getting on every lenders panel but thats what clients deserve.

If I come accross a lender I have not dealt with I simply enlist with them either direct or via a packager.
Not exactly rocket science.

Imagine a client lost thier home, plus spent money only for the broker to not find them a mortgage, yet all the time there was a solution but the broker simply had'nt bothered to accsess it!!

TREAT CUSTOMERS FAIRLY MEANS EXACTLY THAT

bgm18

Conrad wrote: »

Future as we all know and any packager will advise, are picking very carerfuly over the bones of every case and are rejecting many after the long underwriting process. Reputable established packagers tell me Future reject most cases now.

You are aware that lenders are under incredible pressure to deliver only safe thouroughly risk analyised mortgage books now?
That means lenders must subject each case to immense scrutiny and analyise the risk and the appropriatness of the loan (will the client have been treated fairly by taking this mortgage?).

This is the new lending world we live in, and its gonna be this way for some time.

You say "Future reject most cases now"; is this before or after the decision in principle?

Thanks

Dan_Collins_2

Rick62 wrote: »

Someone earlier suggested getting qotes from a number of brokers, this is a bad idea. First to give a meaningful quote they will need to do a credit search, which could start affecting your rating. Second if they feel you are shopping round they will not put the same effort round.

Much better find one broker who gives you confidence and stick with them. Check they are whole of market, ask how many lenders they use (70 to 90 is reasonable) and if they are tied to one network or are actively registered with a number of mortgage panels.

I think that post was meant as a joke!

minimike2

Future are still being very flexible with me. I have got through a case recently with current arrears (and yes they know about them)....I wonder how many brokers wouldnt of even given it a go......I find them to be very slow and fussy, however they havent let me down yet.

Conrad wrote: »

This is really poor advice.

Only a lazy, incompetent broker would retrict himself, especially in this lending market.

Imagine a client lost thier home, plus spent money only for the broker to not find them a mortgage, yet all the time there was a solution but the broker simply had'nt bothered to accsess it!!

TREAT CUSTOMERS FAIRLY MEANS EXACTLY THAT

Yet another short sighted post from Conrad.

I am whole of market....But I cant deal with Ulster Bank - because they will not accept any new registrations. Does this make me incompetent?

Me aside tho, there are some brokers out there who may be employed and part of a network that has a panel and doesnt allow the broker to go off-panel.

This doesnt mean that broker is lazy or incompetent, it just means they are bound by the restrictions of thier employer or the network.

As long as the client understands that the broker is not WOM and is still happy to deal with them this doesnt break any TCF principles at all.

Of course the client is better seeing someone WOM and this is always what i would recommend, but thats thier decision to make. I think you need to realise that theres more to the world of mortgages than just your company. Just be thankful that the likes of you and me and other WOM people should win more business from having the status we do, but dont be so quick to condem our colleagues in other sectors of the industry.

Conrad

I know plenty of WOM brokers that nevertheless do NOT access every lender.

Lender reps often say certain brokers never let you in the door as they stick to thier preferred bunch despite calling themselves WOM.

Bexter

As the OP on here, I have to say it seems the market is so tricky and changing so fast just now, no one can give me a definitive answer about this.

Of four brokers I have now spoken with (only one of these have done a full credit check so far and that was from GE) - I have been told that Future are likely to lend to me. Yet I am still being told by one broker that they failed me on credit score. Another tells me I passed this. Future have so far only done a quotation search.

Yet because I am being told they will accept current IVA's (mine is discharged), ignore the defaults and that our affordability is good, I'm led to beleiev we should be successful. But of course nothing is certain. So it seems I just have to pick the broker I prefer and go with them - it'd be nice to be surer about who might stand the best chance of getting it through. London & Country or my local broker up here who says she has spoken with Future by phone and it looks quite positive - any thoughts or doesn't it really matter at all...?

Apparently they are now the only lender that will look at 90% with my circumstances, which means I think I'm in for a worrying few weeks at best, from the look of it!

Rick62

Conrad wrote: »

I know plenty of WOM brokers that nevertheless do NOT access every lender.

Lender reps often say certain brokers never let you in the door as they stick to thier preferred bunch despite calling themselves WOM.

So Conrad, you deal with First Direct, Co-op, Post Office, HSBC and Brittania when clients have opted for a commission based service?

Dan_Collins_2

Come on brokers, I know its tough out there but lets be grown ups!

OP you could end up in a mess if you keep stringing on 4 brokers. Pick the one you feel you can trust and go with it. If only one of them has done an AIP then how can the others give you an answer?

I would either take the plunge or or walk away.