MSE best-buy results

brynhh · 16 February 2018 at 1:53PM

We're currently in the delightful game of narrowed down potential houses we like and offering on them and have already checked the MSE tool with various figures to check affordability, but am wondering about the extent of the results.

We're in touch with a recommended local broker who charges £200 but are yet to get them to do a full search until we know how much we're spending. The tool implies it shows all results available, which implies if we go direct or through a broker, there's not going to be any other mortgages available that are not on that list, is that the case or have I read it wrong?

If the above is true, then it makes the idea of us going to the broker to see what mortgages they have irrelevant, as we would already know from those results and can just go to them or direct purely based on which mortgage we'd prefer to try for.

Cheers,
James.

ACG · 16 February 2018 at 2:18PM

A broker is not a price comparison service. Our job is to of course find you a competitive Mortgage but also weed out the lenders who will not accept you (your circumstances, the property details etc) and give you the best chance of getting accepted.

But aside from that, there is no way any website (or broker for that matter) will have EVERY possible deal open to them. As an example, because of the market I specialise in (adverse), there is a lender who has given us and around 10 other brokers exclusive deals that can not be obtained elsewhere. Even if other brokers knew about them, they could not get them. I doubt that is of any use to you based on your post, but I am sure there are other brokers, probably the big ones who have deals I can not access.

brynhh · 16 February 2018 at 2:31PM

Thanks for the reply, that's definitely helpful. The main thing I was curious really is would the MSE search contain all or most available mortgages, both direct and via a broker, regardless of if we'd be accepted as if so, it would give us a general indication of if we'd want to use a broker or not (for example if most are direct only or broker only).

It seems as though it defintely wouldn't, so once we know which house (if any) an offer will get accepted on and the figures we have to work with, we're best off doing both. Get a broker to start the process of looking for appropriate deals, as well as seeing ourselves what direct only ones there are, especially given she charges at completion and not in advance.

ACG · 16 February 2018 at 3:16PM

It seems to include at least some of the intermediary products. I would not want to say it includes them all as I have only checked one lender.

dunstonh · 16 February 2018 at 5:04PM

The tool implies it shows all results available, which implies if we go direct or through a broker, there's not going to be any other mortgages available that are not on that list, is that the case or have I read it wrong?

It is not possible for it to include deals that are unique to certain packagers/brokers. It could show the broker only deals that are available to ALL brokers.

That means you will see broker options that every broker can get but not the ones that only a broker that uses xyz packager has available to it.

I suspect they are using the default database without any of the individual packager/broker filters added in. There are codes added into the software which make the added deals appear. I doubt every packager/broker out there has given them their codes. So, you are seeing direct and whole of market broker options.

If the above is true, then it makes the idea of us going to the broker to see what mortgages they have irrelevant, as we would already know from those results and can just go to them or direct purely based on which mortgage we'd prefer to try for.

Most people use a broker for convenience and support. The deal is not the important thing.

kingstreet · 16 February 2018 at 5:08PM

As I've said before, the job doesn't have a lot to do with shaving 0.1% off a two year fix.

If you're part of the vanilla sub 60% HSBC brigade, I'd question whether you need a broker.

brynhh · 22 February 2018 at 12:41AM

Thanks everyone for the replies, very helpful. We've had an offer accepted today but are also chasing up a house we prefer, so going to confirm which one on Friday then get the ball rolling with mortgages. I'll probably put my details to the broker as well as looking at what's available direct, cover my options.

kingstreet wrote: »

As I've said before, the job doesn't have a lot to do with shaving 0.1% off a two year fix.

If you're part of the vanilla sub 60% HSBC brigade, I'd question whether you need a broker.

Not sure what you mean by 60% sorry? Do you mean less than 60 deposit that'll normally get everyday mortgages from the likes of HSBC?

kingstreet · 22 February 2018 at 9:56AM

No. More than 40% deposit, so an LTV of less than 60%.

You are in the "vanilla" category beloved of the likes of HSBC and Yorkshire Building Society.

MSE best-buy results

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