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    • PaulB79
    • By PaulB79 7th Jan 20, 1:36 PM
    • 98Posts
    • 59Thanks
    PaulB79
    Concerned about broker
    • #1
    • 7th Jan 20, 1:36 PM
    Concerned about broker 7th Jan 20 at 1:36 PM
    Hi,

    I just wanted a few opinions on the broker that I have been speaking to as I'm slightly concerned that he has placed me with lender but hasnt seen mine or the wifes credit reports and has only taken a few details over the phone. I have a few historical defaults over 4 years old but he hasn't asked how much these were for etc.

    Should I be a bit concerned by this?

    Many thanks
Page 1
    • Exodi
    • By Exodi 7th Jan 20, 1:40 PM
    • 922 Posts
    • 1,160 Thanks
    Exodi
    • #2
    • 7th Jan 20, 1:40 PM
    • #2
    • 7th Jan 20, 1:40 PM
    In my view, the broker doesn't make money from you being declined.

    Perhaps you should ask him if he needs the details of your defaults or why he think's they're not relevant?
    Know what you don't
    • csgohan4
    • By csgohan4 7th Jan 20, 2:02 PM
    • 6,878 Posts
    • 4,715 Thanks
    csgohan4
    • #3
    • 7th Jan 20, 2:02 PM
    • #3
    • 7th Jan 20, 2:02 PM
    my broker asked for credit reports all of them before doing a fact finding form with me before placing me with a lender.

    My broker was a pay on offer broker which I find is reasonable and benefits both of us

    Didn't even do a DIP until full application as not needed
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
    • SonOf
    • By SonOf 7th Jan 20, 2:24 PM
    • 2,216 Posts
    • 2,531 Thanks
    SonOf
    • #4
    • 7th Jan 20, 2:24 PM
    • #4
    • 7th Jan 20, 2:24 PM
    I have a few historical defaults over 4 years old but he hasn't asked how much these were for etc.
    Where in the process are you? basic quick and dirty enquiry? nailing down a lender/rate as you have a property etc?

    Do those defaults appear on your credit file?
    Is the broker obtaining a credit report so they wont need any you supply?
    What does the broker say when you ask them why they are not taking details?
    How much over 4 years are they?
    • kingstreet
    • By kingstreet 7th Jan 20, 3:33 PM
    • 35,766 Posts
    • 19,577 Thanks
    kingstreet
    • #5
    • 7th Jan 20, 3:33 PM
    • #5
    • 7th Jan 20, 3:33 PM
    "Placed me with a lender."

    Please explain what you mean by this. It would be normal for a broker to issue example illustrations based on his knowledge of which lender(s) is/are most likely to lend to be able to give you approximate rates and costs.

    You'd be surprised by the number of people who go from wanting to know if they will get a mortgage one minute to wanting to know the monthly costs of two and five year fixed rates over 20, 25 and 30 years with and without product fees the next.

    Sometimes it's easier to answer questions before they are asked. Often we will issue illustrations for a most definite lender/product like Precise then we try to get a high street lender and rate using the "under promise, over-deliver" concept.

    Only your broker can tell you what they are doing and why.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • PaulB79
    • By PaulB79 7th Jan 20, 9:18 PM
    • 98 Posts
    • 59 Thanks
    PaulB79
    • #6
    • 7th Jan 20, 9:18 PM
    • #6
    • 7th Jan 20, 9:18 PM
    Basically I gave him a few details and he said I will place you with Kensington, dodnt ask about the amount of defaults or when they were issued etc... I am looking to remortgage at the end of my fixed deal..
    • ACG
    • By ACG 7th Jan 20, 9:52 PM
    • 19,866 Posts
    • 11,397 Thanks
    ACG
    • #7
    • 7th Jan 20, 9:52 PM
    • #7
    • 7th Jan 20, 9:52 PM
    Lazy advising. It could be the right deal in the end, but it could also be the equivalent of using a hammer to crack a nut. The broker has no idea and never will do if they do not get your reports.

    Last year around 35% of our customers with adverse ended up with normal rates.
    Last edited by ACG; 07-01-2020 at 9:55 PM.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • MovingForwards
    • By MovingForwards 7th Jan 20, 9:59 PM
    • 3,019 Posts
    • 3,624 Thanks
    MovingForwards
    • #8
    • 7th Jan 20, 9:59 PM
    • #8
    • 7th Jan 20, 9:59 PM
    My broker asked to see my credit files, even though I had confirmed all the adverse info. Knowing how being placed with the right lender is the difference between an acceptance or decline means all the necessary information was with him so he could make the right enquiries and match me to the right lender.

    Where did you find your broker? And how much are you paying for their services?
    • Thrugelmir
    • By Thrugelmir 7th Jan 20, 10:08 PM
    • 66,351 Posts
    • 58,409 Thanks
    Thrugelmir
    • #9
    • 7th Jan 20, 10:08 PM
    • #9
    • 7th Jan 20, 10:08 PM
    Who recommended this mortgage broker to you?
    “Risk comes from not knowing what you are doing. – Warren Buffett”
    • PaulB79
    • By PaulB79 8th Jan 20, 8:10 AM
    • 98 Posts
    • 59 Thanks
    PaulB79
    It was one found online. However luckily I have just received a phone call from the guy who sorted out our last mortgage as his records flagged up it was time to review our mortgage so I will use him again and I will make sure I keep his contact details safe from now on.
    • ACG
    • By ACG 8th Jan 20, 8:32 AM
    • 19,866 Posts
    • 11,397 Thanks
    ACG
    It will be interesting to see what this broker comes back with by comparison.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • bowlhead99
    • By bowlhead99 8th Jan 20, 1:33 PM
    • 9,793 Posts
    • 17,916 Thanks
    bowlhead99
    Thing is they all selling large quantities. I think rarely would someone want to buy your SRECs alone. It's not something you could sell on Craigslist. You could probably use someone else if your feeling your not getting the most value.
    Originally posted by decanter2020
    Ignore this from a poster who has copy pasted something unrelated (from a 2018 Reddit thread about solar trading) while presumably trying to rapidly build a part count to be allowed to post spam links...
    • PaulB79
    • By PaulB79 15th Jan 20, 1:24 PM
    • 98 Posts
    • 59 Thanks
    PaulB79
    Just thought I should update this thread. After speaking with the other broker, he put in application to halifax. We received our mortgage offer today with a rate of is 1.49 fixed for 5 years. Seems a lot better than having to go through Kensington.

    Thanks

    Paul
    • ACG
    • By ACG 15th Jan 20, 1:48 PM
    • 19,866 Posts
    • 11,397 Thanks
    ACG
    Just thought I should update this thread. After speaking with the other broker, he put in application to halifax. We received our mortgage offer today with a rate of is 1.49 fixed for 5 years. Seems a lot better than having to go through Kensington.

    Thanks

    Paul
    Originally posted by PaulB79
    Excellent news.
    Congratulations.

    This is a great example of either good and bad broker or experienced and not experienced. Either way, you have done alright in the end.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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