Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • strawberries1
    • By strawberries1 20th Mar 17, 7:34 PM
    • 579Posts
    • 131Thanks
    strawberries1
    Broker or Direct?
    • #1
    • 20th Mar 17, 7:34 PM
    Broker or Direct? 20th Mar 17 at 7:34 PM
    I've decided on a 5yr term thanks to all the good people of MSE!

    I'm now torn between these two;

    2.14% broker deal with #500 fees or
    1.94% direct with #749 fees.

    The difference over 5yrs is #1,030.

    It's an amount I could use to buy furniture but then I get a mortgage broker to guide me through the application.

    The other question is whether Nationwide has better retention rates than HSBC for their current customers?

    Thank you.

    Last edited by strawberries1; 20-03-2017 at 7:38 PM.
Page 1
    • glosoli
    • By glosoli 20th Mar 17, 8:07 PM
    • 465 Posts
    • 267 Thanks
    glosoli
    • #2
    • 20th Mar 17, 8:07 PM
    • #2
    • 20th Mar 17, 8:07 PM
    Going through an application directly isn't difficult, and as long as you are dealing with a competent bank Mortgage Adviser, they would guide you through the application like any other competent broker would.
    • ACG
    • By ACG 20th Mar 17, 8:10 PM
    • 14,891 Posts
    • 7,496 Thanks
    ACG
    • #3
    • 20th Mar 17, 8:10 PM
    • #3
    • 20th Mar 17, 8:10 PM
    30 minutes ago I booked in an appointment with someone who applied to HSBC and was declined. 3x income, remortgage and no bad credit...

    Im not here to say broker is the best route or not, that is not why I come on this site. Your situation sounds quite simple and I could understand completely if you applied directly, but even the most straight forward of applications can turn in to a nightmare.
    I am a Mortgage Adviser
    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.
    • MickeyDaMouse
    • By MickeyDaMouse 20th Mar 17, 8:26 PM
    • 93 Posts
    • 20 Thanks
    MickeyDaMouse
    • #4
    • 20th Mar 17, 8:26 PM
    • #4
    • 20th Mar 17, 8:26 PM
    I've bought three houses in the past and remortgaged twice too. I've always done it myself on all occasions but one where we used a rubbish broker who was useless. I've previously used HSBC on three occasions for mortgages.

    I'm currently buying a property now and we're using a broker again and this one is really good. We had them recommended to us by friends.

    So far they've got us a rate that wasn't advertised to the public and that the bank did not appear to do direct. They've also got it capped over 5 years when the bank direct only offer us 3.

    I've filled out mortgage applications in the past and they're not hard at all, but they can take time. However my broker did the lot this time. She turned up at night at my house, asked a few questions, had a friendly chat and took copies of my documents. That was it. All done. Much quicker and easier than doing it myself.

    From this point on I'll always use this broker.

    Personally I'd recommend using a broker, but finding out who's good from friends and family. Ours didn't cost us a penny but is being paid nearly £500 from the bank.
    • strawberries1
    • By strawberries1 20th Mar 17, 10:43 PM
    • 579 Posts
    • 131 Thanks
    strawberries1
    • #5
    • 20th Mar 17, 10:43 PM
    • #5
    • 20th Mar 17, 10:43 PM
    30 minutes ago I booked in an appointment with someone who applied to HSBC and was declined. 3x income, remortgage and no bad credit...

    Im not here to say broker is the best route or not, that is not why I come on this site. Your situation sounds quite simple and I could understand completely if you applied directly, but even the most straight forward of applications can turn in to a nightmare.
    Originally posted by ACG
    That's strange they claim to have just come down to x 4.7 from x 5 income.
    • strawberries1
    • By strawberries1 20th Mar 17, 10:48 PM
    • 579 Posts
    • 131 Thanks
    strawberries1
    • #6
    • 20th Mar 17, 10:48 PM
    • #6
    • 20th Mar 17, 10:48 PM
    I've bought three houses in the past and remortgaged twice too. I've always done it myself on all occasions but one where we used a rubbish broker who was useless. I've previously used HSBC on three occasions for mortgages.

    I'm currently buying a property now and we're using a broker again and this one is really good. We had them recommended to us by friends.

    So far they've got us a rate that wasn't advertised to the public and that the bank did not appear to do direct. They've also got it capped over 5 years when the bank direct only offer us 3.

    I've filled out mortgage applications in the past and they're not hard at all, but they can take time. However my broker did the lot this time. She turned up at night at my house, asked a few questions, had a friendly chat and took copies of my documents. That was it. All done. Much quicker and easier than doing it myself.

    From this point on I'll always use this broker.

    Personally I'd recommend using a broker, but finding out who's good from friends and family. Ours didn't cost us a penny but is being paid nearly £500 from the bank.
    Originally posted by MickeyDaMouse
    Thanks! Those I know say they went direct and a 2 who used brokers used fee charging brokers. I feel my situation is pretty straight forward not to warrant a fee charging one.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,157Posts Today

6,368Users online

Martin's Twitter