Not much joy via a broker, should i go direct?

[jacktheband]

Hi all. Just want a quick bit of advice regarding getting a first time buyer mortgage. Me and my missus have 10% deposit between us. We went via an independant broker who was whole-market. He found us a nice deal with Accord, but we did not pass the credit check stage.

 

We've got printed reports from both Experian and Equifax for both of us which shows me as Excellant and my missus as good (the only negative thing on hers is that she took out a Next card 2 months ago to buy something from their online catalogue - not sure why this is negative but there you go). I guess Accord's benchmark was really high.

 

The broker has called today and suggested the new NatWest one that has come out today, but it falls over our budget and we don't think it's a good deal so we've said no. He said he'll keep his eye open for the next few weeks and let us know if anything else comes out.

 

However, in the meantime i have seen a deal with Britannia which i believe only offer mortgages direct. I'm a little weary with going direct as i'm in their hands with no independant advice. Can any let me know the pros/cons of dealing with a direct lender and what i should look out for?

 

Cheers!

[brokebutnotbeatn]

Different companies do different things and its not necessarily related to your credit checks. You should demand to know why you were rejected. You have to be careful as the fact is you've now been refused a mortgage and this is sometimes something you have to declare to other potential lenders. your broker needs to give you much better infoprmation and yes I wuold say you cn call Accord and find out why you were rejected. You might also want to get hold of Call Credit reports too as not all lenders use experian or equifax. If your missus has later payment markers on her file this will ahve had an impact too. You might also suffer if you or she has no credit. Ironic I know.

[jacktheband]

Thanks for the reply, brokebutnotbeatn.

 

No late payment marks on either of our files. All is good, the only thing which Experian highlighted was that she took out a store card a month ago to buy some clothes from Next online. Thanks for the advice on Call Cedit, i shall check into them too.

 

So i can contact Accord and they can tell me why they rejected us? Or are they not obliged to tell me? (cos i'm extremely interested to find out where it went wrong).

[brokebutnotbeatn]

Absolutely you are entitled to know. It might be simply that you don't have enough credit...your current bank may be able to do you a good deal; its always worth checking with them.