Mortgage process made me realise brokers’ value

I don’t have to tell readers that the past three years have been hard for mortgage brokers but even I wasn’t aware of how tough it has been until I experienced for myself the frustration of trying to place a mortgage.

I was persuaded by my daughter to apply for a mortgage with her on a property in London and approached an old hand, Simon Tyler, to help me through the process.

A number of lenders were not interested as my credit record revealed a late payment on a mobile phone bill dating back some two years

Boy, I didn’t realise what a minefield it is out there in broker land. Despite being a partner for many years in a successful law practice and earning a pretty good whack if truth be told, I found that Tyler had to use all his experience to finally place the mortgage.

A number of lenders were not interested because my credit record revealed late payments on mobile phone bills two years ago.
It turned out that my administrative manager had deliberately stopped payments on three accounts because she needed to find out which mobiles were still being used, as we have loads in the practice.

But the only time she could get O2 to speak to her was when a payment was outstanding. Her approach worked but I found that because of her action I was considered a bad credit risk. Tyler eventually used his expertise to place the deal with a lender that was prepared to consider my individual circumstances.

This made me realise that brokers do a wonderful job in the face of almost impenetrable barriers thrown up by lenders that say they have products but don’t appear to want to lend on