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Mortgage Brokers

Saga
Saga Posts: 302 Forumite
First Anniversary Name Dropper First Post
in House buying, renting & selling
Newbie/potential FTB here. All the advice says to speak to a mortgage broker, not just the mortgage adviser at the bank. However, how do you go about finding a suitable MB? I don't know anyone well enough who could recommend one. Thanks.
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Comments

  • G_M
    G_M Posts: 51,977 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    One might equally say how would you go about finding a suitable bank?

    However:
    Finding a mortgage adviser

    We recommend using these websites to find a mortgage adviser:
    Fees

    Mortgage brokers might charge you for their service depending on the product you choose or the value of the mortgage.
    Others will be free to you but they’ll receive commission from the lender.
    They should tell you up-front how much you will pay for their services. You should also be told if an adviser is paid commission.
    Once your broker makes a product recommendation they must give you a mortgage illustration document(s).

    Also see

    http://www.which.co.uk/money/mortgages-and-property/mortgages/guides/getting-a-mortgage/choosing-a-mortgage-broker
  • Fiesto88
    Fiesto88 Posts: 137 Forumite
    Combo Breaker First Post First Anniversary
    I found mine through a friend who'd just purchased a house. Ask around for recommendations. Depends on whether you want to be able to do it all face to face or whether it's fine to just do it over the phone.
  • The_Real_Cheddar_Bob
    The_Real_Cheddar_Bob Posts: 542 Forumite
    Name Dropper First Anniversary First Post Photogenic
    paid a couple of grand for mine. The free ones couldnt even come close to the rate or term, she paid for herself in year one
  • T4taylor
    T4taylor Posts: 93 Forumite
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    We used London and Country who are the UKs largest free brokers. I know everyone has different experiences of them but ours has been excellent so far and we're happy to answer every question under the sun. Also quick to respond to emails or phone calls.
  • Filo25
    Filo25 Posts: 2,131 Forumite
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    T4taylor wrote: »
    We used London and Country who are the UKs largest free brokers. I know everyone has different experiences of them but ours has been excellent so far and we're happy to answer every question under the sun. Also quick to respond to emails or phone calls.

    Likewise, although we were lucky enough to have a relatively straightforward mortgage application.
  • PawelK
    PawelK Posts: 373 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    Saga wrote: »
    Newbie/potential FTB here. All the advice says to speak to a mortgage broker, not just the mortgage adviser at the bank. However, how do you go about finding a suitable MB? I don't know anyone well enough who could recommend one. Thanks.

    I think you should first ask yourself what do you need a broker for? Is it because you are hoping to get better interest or to max your potential mortgage amount? I struggled to get enough for a two bed flat through a bank so went to Alexander Hall first (buying in London) and got offer that I wasnt completely happy with. But as I searched through property websites and had one arranged through MANN their broker offered me more. More estate agencies have their own brokers and they will be recommending you set up appointment with them as you go along and research a property market (and register with as many agencies as possible).
  • SuzieSue
    SuzieSue Posts: 4,096 Forumite
    First Anniversary First Post Name Dropper I've been Money Tipped!
    Remember some lenders don't deal with brokers so you need to check out their deal directly:

    http://www.moneysavingexpert.com/mortgages/best-mortgages-cashback
  • RiversTam
    RiversTam Posts: 65 Forumite
    We used First Mortgage - we are in north east England.
    They are so professional, friendly, and quick to respond to any call or email. I especially appreciate the fact I only had to go into branch once and did everything else via email.

    Our first house sale fell through but they managed to redo all the mortgage paperwork etc and we had our new mortgage offer on new property through our door in 2 weeks.

    My husband was sceptical as they get their fee from the mortgage sales etc but we still got an amazing service and very good mortgage.
    The trouble with having an open mind, of course, is that people will insist on coming along and trying to put things in it.
  • kingstreet
    kingstreet Posts: 38,750 Forumite
    First Anniversary Name Dropper Photogenic First Post
    RiversTam wrote: »
    We used First Mortgage - we are in north east England.
    They are so professional, friendly, and quick to respond to any call or email. I especially appreciate the fact I only had to go into branch once and did everything else via email.

    Our first house sale fell through but they managed to redo all the mortgage paperwork etc and we had our new mortgage offer on new property through our door in 2 weeks.

    My husband was sceptical as they get their fee from the mortgage sales etc but we still got an amazing service and very good mortgage.
    You used a broker and had to actually go to them? :eek:
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • phillw
    phillw Posts: 5,593 Forumite
    First Anniversary Name Dropper First Post
    edited 10 September 2017 at 4:54PM
    rjwr wrote: »
    paid a couple of grand for mine. The free ones couldnt even come close to the rate or term, she paid for herself in year one

    I went to a "free" one, because the seller insisted I went to an adviser after they had an offer fall through because the previous buyer couldn't get a mortgage and kept stringing them along.

    I told them what mortgage I had found, which was cheaper than the best they could find. They weren't free of course, they got commission. AFAIK they don't do that anymore (maybe illegal?) and you have to pay now. When it came to renewal and they told me that I would have to pay, then I just did it on my own and got a better deal than anyone I worked with who was mortgaging around the same time.

    Step 1. Go to uswitch
    Step 2. Go talk to a couple of advisers. If they can't beat uswitch after figuring in all of their costs then ignore them and don't pay.
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