1ST time buyer-shared ownerhship-broker Q

merrywalking

hi everyone,
is there anyone out there who will help my partner and I with out shared ownership question ?
we have approached a broker and quoted our wages on a form online , unfortunately my partner has slightly underestimated his earnings by about £1k. considering he only works part time this makes quite a difference. the broker has come back to us with a mortage in principal which covers 50% of the property but no more. so we are paying all of the legal fees using our overdrafts. we are concerned that we won't get accepted for this even tho though broker has been positive all the way, and that we will still have to pay the £695 broker fee and be left with nothing ! we have found a property and are currently filling in the forms with the solicitor. but i have heard that its common for a broker to string you along and rip you off !
anyone got any advice they will kindly share ! : )

luckyfool

I certainly don't think it is common for a Mortgage Broker to string you along and rip you off if that is the question. If you actually have a £695 broker fee up front on application then I would not be comfortable paying that. Is it refundable if the mortgage application is declined?

If you are going to use a broker who is charging you a fee I would certainly not be happy to pay more than a £100-£200 admin fee up front to the broker, and make the rest of his broker fee payable on completion.

I'm not going to make a judgement on how much the broker fee is as it's really down to whether you feel you are getting value for money in the transaction and are happy with his/her service.

Wutang_2

how to alienate yourself on this section of MSE

"but i have heard that its common for a broker to string you along and rip you off !"

merrywalking

your reply to my post was insulting and a waste of time. I don't care if my terminology will 'alienate' me from an online community as I only joined it to find out what I needed.
If you haven't got anything useful to say like the kind person previously , then don't bother.

happybroker

to my mind why would you pay some one anything if they can't come up with the goods for you.

brokers work in different ways but the essence of it has to be giving you the correct advice. Surely an appraisal has been made of your financial circumstances including the ability to cover the costs involved in transacting the purchase?

This is a massive step for you, air your concerns with your broker and decide wether you are comfortable with their service, certainly I would hope it isn't "common practice" to rip you off. Besides that, it sounds a load of work, a load of ear ache and a possible complaint....all for £695....not worth the grief, I am sure other brokers would agree eh luckyfool?

mrstinchcombe

Am I right in saying you can get a broker who is both whole of market and free?

Why would you want to pay for a broker at all if you can get one who does the same job for nothing?