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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

To avoid using a mortgage broker, or are they worth their salt?

73 replies

OnenamedPeter · 02/09/2015 19:48

At 41 years old we are looking for a new mortgage. We will need a particular type of lender to get the mortgage we need.

We're both 41 so less than 25 years before our 'retirement age of 65'.

We need at least 5 or 6 times our salaries ... does this even exist anymore?

We need a lender that will consider 100% of an annual bonus that I receive at work. Not 50% as most lenders do.

We could really do with an interest only mortgage for the first couple of years.

I know this sounds completely unrealistic but we currently have 5 of us crammed into a 1.5 bed ... and it's getting impossible. We desperately need more space but loathe to move to a less expensive area as we're right next to a great primary.

I'm also curious to know from anyone who has gone through this recently, how many months bank statements do they look through to check your expenditure? 3 months/6 months?

Please come and impart your wisdom! Feel completely lost and confused with the whole thing.

OP posts:

CigarsofthePharoahs · 02/09/2015 19:54

We found an IFA for our house move three years ago. He had access to financial deals not on the high Street and found us a much better mortgage rate than we thought we could get. He wanted three months worth of wage slips and photo id and something else with an address on - a utility bill will do.
At the time the service was free but when he came to do the renegotiation as our deal was expiring we had to pay £99 as the government have withdrawn funding. Worth it though, got a brilliant 5 year fixed rate deal.
We were given his details from an estate agent.

Teaching123 · 02/09/2015 19:58

My mortgage broker has been brilliant I'm afraid to say, in a difficult situation due to tax credits, depending on a wage increase that is in the future, child maintenance & getting me a 5% deposit deal so I can buy alone.

Had no issues getting an agreement in principle but banks seem to be very picky in underwriting these days & I've had 3 weeks of agro due to the points above.

If it were me they would've turned me down in underwriting but the broker has spoken to the business manager at the lender most days to push things through.

So, I'm afraid, I am converted to them & in a situation where the mortgage isn't straight forward would recommend shelling out a bit for one (mine is Countrywide).

Teaching123 · 02/09/2015 19:59

Oh, and it was all 3 months of statements, wage slips, bills etc.

pigsDOfly · 02/09/2015 20:05

I've used the same mortgage broker for 2 two different house purchases and other members of my family have also used him.

He was amazing. Did all the hard work tracking down a suitable mortgage, got the best deals and carried me through all the paper work. Nothing was too much trouble.

Don't know if they're all as good as him but I would never have been able to do it without him.

Yes, as pp said, three month's worth of documents - pay slips, bank statements etc.

I also got his details through an estate agent.

Titsywoo · 02/09/2015 20:08

Lots of mortgages go past 65 now. I am 36 and we just got a 33 year mortgage with coventry. Our mortgage broker got us a fab deal. Well worth it in my opinion.

Mouthfulofquiz · 02/09/2015 20:08

I'm another one recommending going to a broker. So much easier, and if you need anything out of the ordinary, they are great.

Original poster

OnenamedPeter · 02/09/2015 20:33

Ok, they sound entirely worth going through reading your responses.

Our estate agent is pushing their broker, but I'm worried our offer will be weakened by the estate agent's broker knowing how unlikely it is we would get a large mortgage!

We are in SW London so if anyone has a good (localish)person please PM me.

Please keep the tips and advice coming!

OP posts:

chicaguapa · 02/09/2015 20:37

Definitely worth their salt. Have a look at www.unbiased.co.uk for one in your area.

ghostyslovesheep · 02/09/2015 20:39

My mortgage broker is amazing - I've recommended her to several friends - she's definitely worth it

nottheOP · 02/09/2015 20:41

London & country - fee free & fab

Thelushinthepub · 02/09/2015 20:43

I don't understand why you wouldn't, especially in your circumstances. They will know whether anyone will entertain the circumstances. How you could do it yourself? You'd likely end up with multiple searches on your credit rating

AyeAmarok · 02/09/2015 20:44

Wow, don't you think what you're asking for is a bit unrealistic?

GarthAlgar · 02/09/2015 20:45

My mortgage broker was amazing and was so passionate about his job. I got an email one Sunday evening at 8pm detailing some great mortgage he'd found . He was expensive but it's a one off fee and any future mortgage I get won't cost me. He was really worth it for me because it was my first house and I had no bloody idea what to do and he was so patient and kind and didn't get frustrated when I asked ridiculous questions. Please don't feel lost and confused OP! Just go book a meeting with one that comes recommended and they'll tell you what to bring etc.

TheTravellingLemon · 02/09/2015 20:49

My advice is don't go through the one attached to your estate agent. They're usually rubbish.

But they are well worth it. They can sometimes get more favourable deals than would otherwise be available and particularly considering your requirements they are often able to get a verdict without actually doing the application and credit searches.

I think you'd be mad not to use one.

Maudofallhopefulness · 02/09/2015 20:57

My IFA is amazing, I'd never do anything without her or someone she recommends.

museumum · 02/09/2015 20:59

Don't use an EAs broker. Get an ifa. Ours was £250+vat to do everything.

Pilgit · 02/09/2015 21:01

We found an excellent mortgage broker - who even advised us not to use him as we got him to look at a deal we'd found and he thought it was better than anything he found (didn't pan out for other reasons).

ENtertainmentAppreciated · 02/09/2015 21:17

It's been a long time since we used one and things have changed, but DH put it to him that we'd definitely use him if he split his commission with us and he did, twice.

He was a wholly independent so he figured there was still enough in it for him. The deals weren't complicated though so it may not be that simple. Always worth a try I think as they can just say no and you're no worse off.

LovelyBranches · 02/09/2015 21:28

We didn't use one but at the time were extremely simple candidates for a mortgage, mid twenties, dual income, no complications. In your circumstances I would certainly use one.

WhetherOrNot · 02/09/2015 22:30

My son and his fiance used a mortgage broker - cost them £600. He says it was the best £600 he's ever spent (and saved it in the first 3 months). They got their mortgage and both of them are on mininum wage.

potap123 · 02/09/2015 22:40

This reply has been deleted

Message withdrawn at poster's request.

gaggiagirl · 02/09/2015 22:47

Mine was worth every penny (£299) she worked her arse off for me in tight time constraints.

NoArmaniNoPunani · 02/09/2015 22:53

I don't rate your chances even with a broker but you'll have less chance without. I thought interest only mortgages had been phased out for new customers.

EleanorAbernathy · 02/09/2015 22:54

Another recommendation for London and Country here -they got us our first mortgage when the banks wouldn't touch us, and we've just used them again to remortgage to a better deal. They know the market well and will go for the lender most likely to fit with your situation.

Plus they're free!

mandy214 · 02/09/2015 22:55

Another recommendation for L&C.

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