We are planning to buy our first house within the next 8-12 weeks. We have some adverse credit (a few defaults no CJJs or anything). Who are good brokers and how long does it take to "turnaround" a mortgage? I had a look at Charcol, who charge 1.75%, is this a typical fee?
Regards Mark
That seems an incredibly large fee. They may be able to save you that on interest charges if they are good though.
A mortgage can be obtained in three weeks and in principle in a few days.
I used a mortgage broker because I wanted to remortgage my house and it had two kitchens - building societies don't like that apparently. I wasn't charged anything because they got commission from the lender.
Email me if you want their details.
In message , Mark M writes
My broker works for a small fee of around £350 or so, just to cover the cost of doing the legwork. He also gets paid by the lender if the deal goes through - in this case, about £525 on a loan of £127500.
Charcol are a big brand name so may rely on that to get their high fees, (1.75% of my loan is £2231 - there is no way in the world I would pay anything close to that!!).
However, if that is their charge for arranging an adverse credit loan, which you may find difficult to arrange yourselves, then perhaps it is justified.
Are you sure it is 1.75%? It's used to be 1%... and lower than that for further deals.
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