Having used a number of different mortgage brokers over the years, a friend of mine recommended a small london mortgage brokerage offering advice on all types of residential and buy to let mortgages.
I approached Chelsea Mortgage Shop with the remortgage of my residential home together with 5 Buy to Let properties. Chelsea Mortgage Shop were able to source some fantastic deals saving me a great deal of money on my existing mortgages. I was also able to receive a decent share of the mortgage brokers own commission following completion which worked out to be almost £750!
I do not know any other mortgage broker able to match the service offered by Chelsea Mortgage Shop and given their unique cash back offering it would be crazy using any other broker or indeed going to a lender direct. I shall be using Chelsea Mortgage Shop again when the needs arises.
Chelsea Mortgage Shop have a website at www.chelseamortgage.co.uk
It seems like they can get mortgages for anybody and everybody. Having been self-employed with a chequered credit history, I didn't hold out much hope of getting a mortgage. Or if I could get one - I didn't want to know about the %age rate! However, FU were able to help, filled in about 2 forms I think it was, and got a mortgage at the first time of asking with a high street lender and at a very decent rate. Can't remember exactly how much the fee was, but it was added into the mortgage (at my request) so I didn't have to stump up that cash on top of the costs of moving house in the first place. All in all, excellent, friendly service and I would definitely recommend them/use them again! Oh btw, they can be contacted on 01707-889977, they're based in Welwyn Garden City.
Some of you may have read my opinion on Barclays Bank, so you will have some idea about what has happened in my past, hence my credit history is poor to say the least. In 1996, my husband and I moved into a council house in a lovely quiet street in a village near to where we grew up. We talked and dreamed of owning the house, but knew that the reality was very very different...after all, which bank or building society would want to give us a mortgage? We married, and had a daughter, and in 2001, we decided that we had to bite the bullet and see if we could get a mortgage from a broker. I scoured the Internet, and settled upon Purple Mortgages, which looked very promising. I was receiving a hefty discount from the council, so while my house was valued at £40,000, I could buy it for £25,000. We decided on a £30,000 mortgage, in the hope that the extra money would let us put new windows in and sort out our central heating. I completed an online application form, and the next day someone from Purple contacted me, and said that all of the necessary checks had been done, and I was eligible for a mortgage with them. I was told that I could have £36,000 for £245 per month, which was pretty reasonable as I thought I would really have to pay over the odds. I was given a list of items I would need to provide such as payslips and bank statements, and given an appointment for a representative to call at our home the following week. We did not dare to think that we could finally become homeowners, but it all seemed to be happening, and with the greatest of ease. Two days later we got a call from "the representative" called to say that they had got their figures wrong, and that we could have a mortgage for £29,000, and with their commission (which I fully expected), I would be borrowing £32,5000 for the princely sum of £296 per month. When I objected to the price hike, I was told that "people like us" had no alternat
ive and we should be happy that Purple would consider us at all. I was furious, and told him in no uncertain terms never to come to my house, and that if I have to rent for the rest of my life, I would never do business with Purple. We were both gutted, and resigned ourselves to the fact that it was not meant to be. I wrote a letter to the council forfeiting our right to buy, and put it in my bag to post the next day. Later on, I was looking through the Sunday paper, and saw a small advert for Monarch Mortgage Services. The ad was nothing special, and I don't know why it caught my attention, but I called it, and got through to a man called Paul Hill. I explained my circumstances, and he said that if he could not get me a mortgage, then nobody could. He was honest and said that he would probably not get my mortgage through a high street lender, but he would see what he could do. Two hours later, he called me back, and asked how much I loved him! Typical salesman I thought, and prepared myself for a lot of flannel. He explained that he had not only secured me a mortgage, but it was with Abbey National, and I could choose from any of the schemes they were offering at that time. I was amazed and overjoyed, and he must have thought I was a lunatic the amount of times I thanked him! He made an appointment for the following Saturday, in order that a consultant called Terry Fry could call and collect the necessary documents. When I expressed my concern over handing my personal documents to a stranger, Paul gave me his mobile number so I could call him anytime if I had any worries. Terry arrived on time, and was very amiable, and most importantly, he did not judge us because of our past. We agreed that we would take a mortgage of £30,000, and with the brokers fee, this would take it to £32,950. At no point did we have to hand over a penny, and we did not require a deposit. Some of you may think that £2,950 is a lot of money to pay a b
roker, but that included our survey and all legal fees. To us, it was a small price to pay to secure a mortgage with a high street lender. We chose a variable rate mortgage, and are presently paying £180 per month, including payment protection. All the legal work was conducted through the post, and was all stress free for us. We originally contacted Monarch on 8th August, and we completed on 29th October, which was a milestone in our lives. We were finally homeowners! To any of you out there in a similar position, please do not despair. Contact Monarch, they will be your saviours. Monarch Mortgage Services Ltd Solent Business Centre Millbrook Road West Southampton SO15 0HW Tel:0800 980 2060
Being self employed and only being able to show 1 years accounts. I was finding getting a mortgage really difficult. I was turned down by 6 high street banks for a loan of £50,000, despite grossing over £50,000 p.a. I was put in touch with Priors Mortgage services (Newport, Gwent) and soon met with David Smith. After an initial meeting he said that the mortgage should not be a problem. His fee was £300 which was payable up front. (with a garentee of repayment if a mortgage could not be secured). 11.30am the next day David rang me and told me to go find the house I wanted. (2 1/2 working hours after the initail meeting) The amount of forms I filled out for the various banks must have taken about 10hrs. I think the fee of £300 was the best money ever spent. IF YOU ARE GOING TO USE A BROKER CHECK THEIR FEE FIRST in my case I think it was a deal.
Is there anyone else out there in a similar position to me - completely fed up with recieving phone calls from mortgage companies and brokers wanting to know if I would like to reduce my monthly payments by changing my mortgage. I do think it is a good idea and actually did it about 10 months ago. But since then there has been phone call after phone all asking the same. Sometimes thare are up to 3 or 4 a week. Surely there can not be that many companies out there offering this type of service. So are the same ones just phoning me over and opver again ???
We recently relocated due to my husbands job, but because we had such a naff credit rating we found it difficult to get a mortgage anywhere. In the end, out of desperation, we turned to a mortgage broker who practically guaranteed getting us a mortgage. When the advisor chappy came to see us, we filled in all the forms and were then asked to sign another one. He didn;t make sure that we read it, just saying that a signature was needed to give them the go ahead to get the mortgage for us, so we signed. Everything went through, and in the end we got a mortgage with Barclays. We've just had a letter from the broker demanding that we pay the agreed fees (from the form we signed but were'nt told what it was) of £995 within 10 days or it would increase to £2695. Now, I'm not brilliant with maths but I'd say that that's damn near a 300% increase. The whole point of this opinion is to say BEWARE! I know that I should have read all the smallprint, but we were so desperate to move that I'd have signed anything. Luckily we have a large overdraft so we're able to pay, but if it wasn;t for that we'd be stuck with a £2695 bill just for getting a mortgage. If you don;t really need to move, then I wouldn;t bother. If your credit rating is bad, you'd be better off concentrating on getting your credit sorted than spending loads of money to get amortgage. If you have no alternative and have to go through a broker, then please make sure you know all about their fees etc so you donlt get a nasty surprise like we did.