Mortgage

[Lily27]

Question re mortgage. I’m getting two very different quotes from two mortgage brokers. One is from a broker whose service I get free from work so I went with them, they made an application to the provider and it transpires that we get £70K less than we wanted. The other broker (John Charcol) is offering much better deals. Should I go with JC and will this second application impact my Credit rating? I really want to get the full amount I originally applied for. Basically concerned about another application affecting my credit rating. Thanks

A second application shouldn't make too much difference but i would be very cautious at more than that. What does the original broker say when you say you can get a much better deal?

I work for a broker and some of them do give the rest of us a bad name!

I Didn’t tell the original broker about it, just felt very awkward as I know they have put effort into helping us. I got some more info today that although our credit rating is very good, it’s not an A1 - not sure why but it affected the loan amount we can get at least through that particular lender. So I’m tempted to go through John Charcol as they have been quoting higher numbers (which we need as we’re holding back some funds for loft extension). My understanding is that JC is reputable.

JC are very good at what they do as they deal with a vast array of applications that vary from the very complex to the vanilla.

When you say your first broker can only get a certain amount (70k less) is this because of your income/credit file/a n other reason or is it property value?

It’s not property value. It has something to do with credit rating which apparently is high but not the highest. The reason for not the highest may be relatively minor but still it made a difference to the application. I’m thinking to try via John Charcol just to see if we can get something better.

They've always done me right, including telling me to go direct to lender when it was best advice.

Would it not be better to borrow as little as possible rather than as much as you can - in a falling market ?

No one wants to borrow more than they need to but as little as possible might not get you a property- and the market isn't falling everywhere.