Locating a mortgage can be tricky at the best of times, but if you have an unsatisfactory credit history, it could be all the more challenging to secure the financing which you require to fund the purchasing of a new property.
No matter if you are simply a first-time purchaser with a less than ideal credit score, would like to remortgage your home to free up some of its market value, or else you are only looking for a mortgage that can help you to take the next step on the property ladder, we can help.
Specialists In Our Field
Our company specialise in mortgages for buyers with poor credit, and can certainly help you to acquire the mortgage or remortgage that you want, whatever your credit ranking. We are also specialised in helping self-employed people find the right mortgage for their specific needs.
With many years of experience within the UK mortgage sector, you can certainly rest assured that our company have the knowledge required to assist you to obtain exactly the ideal mortgage for your particular needs.
With your personal dependable advisers working on your behalf to compare the ideal mortgages which are available, we can certainly take the hassle away from getting a bad credit remortgage and also secure you a great deal.
One-of-a-kind Mortgage and Remortgage Deals
We locate our mortgages directly from the whole of the market to guarantee that you receive the very best rate of interest and are able to provide a variety of exclusive deals that you will not find anywhere else, either online or even on the high street.
We take care of it all in-house to offer you the confidence that your mortgage or remortgage arrangements are being managed by only one seasoned company and have a fully trained group of specialists who yourself can rely on to guide you on the right course whenever you are considering a bad credit mortgage.
How to Get Real Value from an Adverse Credit Mortgage Broker
It’s widely advised that when you’re shopping for mortgage products that you seek professional advice. You can’t go far wrong with a good mortgage broker in your corner. But first you need to know that they’re good and just how good they really are.
A 3-point checklist to assess who looks out for your best interests:
- Ask any broker if they can access every UK lender
If you get a flat out no – the broker is either tied into one lender or a select pool of lenders. It’s the cheapest way for them to work because they’ve fewer mortgage products to assess, but for you, your choice is severely narrowed.
The next reply you might not want is being told they assess all the mortgage products available to brokers only. Many mortgage products are sold directly to the consumer. Think how Direct Line work, they aren’t on comparison sites, so you need to deal with them directly. If your broker isn’t searching the whole of market and only the products lenders make available to brokers, then there’s a chance that what they’re really doing is assessing only the products that will pay them a commission.
The broker who does the legwork is the one who answers you with a resounding yes. We check each and every UK lender to find what’s best for you.
That’s not just using a few comparison sites and broker databases. That’s doing the legwork to assess the mortgage products that lenders make available directly, without making offers to brokers. There is more work involved for the broker who takes this approach and there’s no guarantee they can secure the mortgage for you. As such, many will have a service fee to cover the amount of work they do in assessing every UK lenders mortgage products.
- Do I pay your fee or will the lender cover that?
There are only two ways a broker earns their pay packet. It’s either by you paying them a broker fee for their service, or the lender will pay them a commission.
In cases when they’re being paid by commission, any Key Facts Illustrations you’re presented with will tell you how much the lender is compensating your broker. The commission they earn will likely be listed as a procuration fee and it’s based on the loan size. The bigger the loan amount, the more your broker earns. No matter the amount, it never affects the cost to you.
The direct cost to you is if they charge a broker fee. If this is the case, there are two ways they can go about this. Either as a fixed fee, which is the case for most brokers, or they’ll charge a percentage of your loan value. Not many will take this approach but if you find this to be the case, never go above 1%. That’s on the high end of fees and mostly reserved for really poor credit ratings.
One thing to note on broker fees is that they’re almost always non-refundable because you’re paying for a service and there are no guarantees the broker can secure you a mortgage deal. For that reason, it’s imperative that you’re comfortable with any broker you choose to work with.
- Always make sure they are CeMap Qualified
For sure, you want to know you’re getting advice you can trust, however, there’s an added advantage to only working with a fully CeMap qualified broker. It is professional advice backed up by a consumer guarantee. You get the full investigative powers of the Financial Ombudsman if anything turns out to be wrong and leaves you in a mess. If you were to trust your own judgement by perhaps using comparison sites, then following through and putting things in place, you’d have gone the information only route and there’s no consumer protection there.
Comparison shopping for mortgage products – you definitely get your money’s worth since broker fees are generally a few hundred pounds. When you consider the protection element you have for the largest purchase and debt you’ll take on, it’s a small price to pay. And that’s only if the broker is charging a fee as some are fee-free and earn their wage entirely based on commissions.
You want a broker’s expertise to assess exactly what you need and assess your eligibility for each lender they’re considering to be a good match for you. Plus, with the knowledge they have of lenders criteria, it makes it the most sensible approach to making sure you’re applying to the most likely lender to extend you finance. Without the guidance of a qualified broker, you’d be flying blind into contractual agreements with long-term implications.
It’s not a question of whether to use a broker or not. Their job is solely to help you access the right product at the best cost. When you’re challenged with a rep for bad debt, the service is even more valuable.