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mortgage brokers

(16 Posts)
RavioliOnToast Fri 04-Mar-16 09:44:20

Do they get different deals? How did we get an agreement in principle initially but can't get one now? Not a sausage has changed.

Bearbehind Fri 04-Mar-16 09:58:03

Your post doesn't make much sense hmm

RavioliOnToast Fri 04-Mar-16 11:00:53

Sorry Bear, had a snotty child climbing over me smile

Just if we went through one broker who gave us an agreement in principal about 2 weeks ago, but now a different broker is saying that they can't offer us anything - is this due to the fact they are offered different mortgages with different criteria? Or do the all just have a pick of the same mortgages and criteria?

Mossend Fri 04-Mar-16 11:02:38

The lending criteria from the mortgage company may have changed thus making it more difficult yo get an Approval in Principle.
How long ago was your original AIP?

Mossend Fri 04-Mar-16 11:04:28

Sorry, just saw your update. Yes brokers can get different deals from the lenders.

Bearbehind Fri 04-Mar-16 11:11:59

Also,not all brokers are 'whole of market' so maybe the second doesn't deal with who you got the initial AIP with.

Why have you changed from the original broker / AIP?

Getting multiple AIPs which involve credit searches will further reduce your ability to secure a mortgage.

RavioliOnToast Fri 04-Mar-16 11:22:37

There WAs about 2 weeks difference between the 2. We had gone with a local guy but then went with London and country after seeing it really rwcommended. The l&c guy said it was just a soft search and wouldn't affect our score?

Bearbehind Fri 04-Mar-16 11:29:20

It's unlikely anything has changed in 2 weeks are credit reference agencies only update month so the most there'd be is 1 update.

Soft searches are a bit pointless in that, even if you pass that, you could fail at full application.

Not passing even a soft search would suggest to me there's a problem with affordability as it's not based on your full credit history so something else is causing the decline.

Was the initial AIP a hard search? Why can't you proceed with that?

RavioliOnToast Fri 04-Mar-16 11:36:50

I'm not sure. I really have no idea what I'm doing if I'm honest sad

Bearbehind Fri 04-Mar-16 11:45:03

Do you have have a partner? Are they dealing with this which is why you're not sure what's happening or are you just baffled by it all?

If you trusted the local guy and he took all the details of your case including income, outgoings etc and has looked at your credit reports and got the AIP from a hard search then it's looking good so far.

It is concerning that L&C couldn't offer anything though as they are whole of market.

The problem is, no one can advise you on the Internet, it's not allowed. You just have to find a broker you can trust and take it from there.

gingeroots Sat 05-Mar-16 16:00:14

Does this thread help at all ?

gingeroots Sat 05-Mar-16 16:02:03

Getting multiple AIPs which involve credit searches will further reduce your ability to secure a mortgage.

ummm ,dense emoticon,why is that ?

Bearbehind Sat 05-Mar-16 18:03:06

Because too many credit searches on your file in a short period of time makes it look like you are either taking on too much credit or have been declined by multiple other lenders ginger

gingeroots Sun 06-Mar-16 09:21:01

Thanks Bear ,sometimes I just don't get things !

It doesn't seem right that getting more than one mortgage quote twists itself into something negative .But then I suppose it's like not being able to get credit because you've always played careful ,haven't ever applied and therfore have no credit rating .

Is it just me that thinks it's a crazy old world ?

bunique Sun 06-Mar-16 09:24:57

I suppose to a lender it could look like you've been refused one mortgage so are fishing for another

BigRedMonkey Thu 17-Mar-16 10:42:17

I would ask friends, colleagues or your solicitor for a recommendation and use that broker if you like them. Make sure they're whole of market. There's a massive difference in affordability calculations between lenders so a decent broker should know who will lend you the most.

Most agreements in principle don't leave a mark on your credit file but best to check, they will show up if you check your own credit file however so don't be alarmed if you do that.

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