Mortgage brokers - can they work miracles?

[loislane9]

DH and I are both self-employed. After a hard year where we’ve both seen our incomes dip by 30-50% (thanks, COVID), we are hoping to sell up and downsize to cut our mortgage payments in half. We don’t have any debts (other than the mortgage) and our credit scores are good. We have two DC.

Due to our complex financial situation I’m considering using a mortgage broker and am curious - are they really that much better than doing it yourself? I’m just so scared we won’t get a mortgage and am wondering if a broker could help.

I’ve always used a mortgage broker and have found it just takes the stress out of it.

Definitely worth it if you are self employed!

I wouldn't do it without one now to be honest.

Thanks everyone. Are mortgage brokers so good that they can potentially get you a mortgage even if you have a complicated financial situation (like us!) or if you’ve failed to get one yourself? I’m so anxious about it all.

We've used the same one for over 20 years and find it just takes the stress out of it. I always remember years ago our mortgage was up for renewal and he advised us to go on a tracker , we were a bit wary but trusted him and switched to one. Our payments dropped massively due to the base rate dropping and we were able to knock off a significant amount of years by paying the same. He has always put us in the best deal available.

Thanks Bells. Hearing that, I wish I’d used one before now!

Our situation hasn't ever been that complicated, and we've always found MUCH better deals via a broker than anything available without.

Our broker was brilliant. He helped us make the right decision and knew what would work for us.

If you need to do something important and expensive and you're not an expert, it makes sense to ask a specialist. They have hundreds of products to choose from and will quickly home in on the right one for you.

My partner and I are both self employed. Most lenders we spoke to flat out said no way to us due to the nature of our income, despite us having long term secure clients and a 25% deposit.

However, we spoke to a brilliant mortgage adviser who found us a mortgage deal and got us an offer within two weeks. I absolutely would not do without one, especially since you're self employed! They can access a lot more of the market and products that you wouldn't be able to find on your own. Definitely worth the investment (I think I paid a fee of £495 to my broker but I would say he is worth every penny!)

Best of luck OP! 🤞

A lot of the time they will know who best to go to etc. Some lenders will be more lenient towards complicated circumstances than others so it saves you making applications which are unlikely to be accepted.

Definitely! We've done it once with, and once without. The broker does all the hard work and then just presents a range of solutions, what's not to love?

It's a bit like moving yourself in a transit van or having a full removals company do it for you, so much easier!

We’ve always used a broker - found a good one through a friend for first purchase and stayed with her / recommended her to all and sundry since.

As others have said they have hundreds of products available to them and some that they can get that aren’t on the open market. They also know the tricks to get the best from the system. We had an issue moving last year where I’d been furloughed on mat leave and it meant lenders wouldn’t touch us. Few days of research and straight talking from broker and we had a better offer than we had hoped originally. I don’t know how she does it 😂

Yes. Absolutely. We were turned down for a mortgage on affordability, but had had offer on house accepted. Went to a broker (recommended by someone on here) and he worked wonders. He knew which lenders to go to with our financial situation and got us a mortgage offer quickly. Even better, he liaised with the agent and solicitor and just became someone in ‘our corner’ helping us to get the house. We’ve used him several times since (moving again, remortgaging, etc) and will continue to.

Happy to pass on details if you pm me.

@CityDweller has put it so well!

Totally. Mine has got us three with self employed, limited company, complicated dividend income etc. Worth her weight in gold.

They have an actual phone number to speak to a real person, can get the general feel for particular situations with the underwriter, and indeed get a pre-approval before you finally officially apply.

If you PM me I will send her details , or find one properly regulated that doesn't charge up front fees (they get a fee from whoever they get you a mortgage with ).

Mortgage brokers love a challenge

We had a large deposit (

And if you want a really small friendly mortgage provider with real people and they take self employed try Hinckley and Rugby

I just got a mortgage through a mortgage broker. I initially got turned down by a big high street lender doing it myself but when going through the mortgage broker I got approved? Was very strange.

I have a good credit score but I was buying alone and I'm on a 1 year contract at work.

We had a relatively small deposit and a crap credit history from a few years back. We approached one just to see if they could get us a mortgage and they did.

Mortgage brokers have access to Lenders you will never have. Lenders that think outside the box. Use a broker, they will find you the best deal.

I'll ask you a question. Yourself self employed - who is the best lender for your circumstances?

If you can't answer that - go to someone that's qualified to know for you and will do the leg work on your behalf. Good luck

Thank you everyone - this thread has given me hope! I will send a few PMs tomorrow to the posters who kindly offered to share some recommendations.

One other question - we haven’t put our property up for sale yet but are planning to next month. When’s the best time to contact a broker - before our house goes on the market or after? Thanks!

Do you want to sell and downsize? Could you switch your mortgage to interest only or reduce the repayment part until your income recovers? Or extend the length of your mortgage to the maximum possible. It would save all the upheaval and moving costs.

But yes a decent broker can be helpful - we have used London and Country several times.

Mortgage broker for life not just for Christmas! Will help you for what you can afford - so call before putting house for for sale yes!

I completed on my house last month with a complicated set of circumstances. My broker was absolutely worth their weight in gold. They knew EXACTLY which lenders would be likely to accept my application and generally took all of the stress out of making the application. They were an advocate for me all the way through my purchase and made the whole experience so much easier.

I’d be 100% happy to recommend my broker so pm me if you’d like the details (they don’t even charge!)