Bad Credit Mortgage Advice

Pros

• Potentially lower fees
• Direct contact with the lender
• Gives you complete control

Cons

• Can be much more time consuming
• May end up costing more
• Possibly not obtain the most appropriate mortgage

Pros

• Should save you a lot of time
• Expert knowledge in one place
• Impartial advice with many lenders available
• Best advice resulting in confidence of arranging the most suited mortgage

Cons

• Could be additional fees to pay
• May still not have access to all lenders

Getting advice from a broker for your bad credit mortgage should be free of charge.  It is when you choose to start using the mortgage broker to assist with the arrangements that there is likely to be a fee payable for their services.  However, what you will find with many of these brokers is that a fee will only be payable should they be able to find you a mortgage lender and that you ask them to proceed.  It is also usual that you will just pay part of their fee at the time of applying with the remainder only payable if you successfully receive a formal mortgage offer.  A mortgage offer is only issued once the lender has carried out all their checks including the assessment of any documents requested, such as proof of income and bank statements plus a satisfactory survey of the property where deemed necessary.

At Just Mortgage Brokers this is the approach we take whereby we appreciate the advice needs to come first and as such there is no fee for the advice on getting a mortgage with bad credit.  Any costs that are incurred for our services will only be payable once you agree to proceed with our recommendations.

Do note that some fees charged by brokers may not be refundable so do check this prior to paying any that are due at the outset.

Knowing that you have been given the best advice is critical when arranging a mortgage and is arguably even more important when it involves bad credit. All advisers regulated by the Financial Conduct Authority (FCA) are required to give best advice at all times.  So, although you should be safe in the knowledge that you have been given best advice, a broker can only arrange a mortgage with a lender that they have available to them.  As such they are only able to advise you on those lender’s products.

Not all brokers are able to access every lender available to intermediaries so please ensure you check this is the case if this is what you require.  Having complete access is defined as being unlimited or being known as an Unlimited Broker, such as here at Just Mortgage Brokers. Other terms meaning fairly much the same thing, still recognised in the public eye but not formally used in the industry are Independent or Whole of Market.