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  • FIRST POST
    • Saga
    • By Saga 9th Sep 17, 9:47 PM
    • 38Posts
    • 1Thanks
    Saga
    Mortgage Brokers
    • #1
    • 9th Sep 17, 9:47 PM
    Mortgage Brokers 9th Sep 17 at 9:47 PM
    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.
    ---
    100% debt-free!
Page 1
    • G_M
    • By G_M 9th Sep 17, 10:11 PM
    • 41,873 Posts
    • 48,446 Thanks
    G_M
    • #2
    • 9th Sep 17, 10:11 PM
    • #2
    • 9th Sep 17, 10:11 PM
    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
    • By Fiesto88 9th Sep 17, 10:39 PM
    • 112 Posts
    • 75 Thanks
    Fiesto88
    • #3
    • 9th Sep 17, 10:39 PM
    • #3
    • 9th Sep 17, 10:39 PM
    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.
    • rjwr
    • By rjwr 9th Sep 17, 11:25 PM
    • 307 Posts
    • 200 Thanks
    rjwr
    • #4
    • 9th Sep 17, 11:25 PM
    • #4
    • 9th Sep 17, 11:25 PM
    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
    But never spend money you don't have to buy things you don't want to impress people you don't like.
    .
    Originally posted by kidmugsy
    • T4taylor
    • By T4taylor 10th Sep 17, 11:17 AM
    • 15 Posts
    • 4 Thanks
    T4taylor
    • #5
    • 10th Sep 17, 11:17 AM
    • #5
    • 10th Sep 17, 11:17 AM
    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
    • By Filo25 10th Sep 17, 11:27 AM
    • 1,135 Posts
    • 1,749 Thanks
    Filo25
    • #6
    • 10th Sep 17, 11:27 AM
    • #6
    • 10th Sep 17, 11:27 AM
    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.
    Originally posted by T4taylor
    Likewise, although we were lucky enough to have a relatively straightforward mortgage application.
    • PawelK
    • By PawelK 10th Sep 17, 12:08 PM
    • 127 Posts
    • 9 Thanks
    PawelK
    • #7
    • 10th Sep 17, 12:08 PM
    • #7
    • 10th Sep 17, 12:08 PM
    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.
    Originally posted by Saga
    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
    • By SuzieSue 10th Sep 17, 12:14 PM
    • 3,676 Posts
    • 3,977 Thanks
    SuzieSue
    • #8
    • 10th Sep 17, 12:14 PM
    • #8
    • 10th Sep 17, 12:14 PM
    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
    • By RiversTam 10th Sep 17, 12:40 PM
    • 35 Posts
    • 23 Thanks
    RiversTam
    • #9
    • 10th Sep 17, 12:40 PM
    • #9
    • 10th Sep 17, 12:40 PM
    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
    • By kingstreet 10th Sep 17, 3:34 PM
    • 32,204 Posts
    • 17,247 Thanks
    kingstreet
    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.
    Originally posted by RiversTam
    You used a broker and had to actually go to them?
    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
    • By phillw 10th Sep 17, 4:27 PM
    • 912 Posts
    • 544 Thanks
    phillw
    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
    Originally posted by rjwr
    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.
    Last edited by phillw; 10-09-2017 at 4:54 PM.
    • RiversTam
    • By RiversTam 10th Sep 17, 4:39 PM
    • 35 Posts
    • 23 Thanks
    RiversTam
    You used a broker and had to actually go to them?
    Originally posted by kingstreet
    Yes, only because my husband likes to meet people in the flesh and give them his documents is person - I had the MIP and everything else done via email with the odd phone call. Much easier and quicker!
    You can do it all via email if you aren't married to a dinosaur 😂
    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
    • By kingstreet 10th Sep 17, 4:57 PM
    • 32,204 Posts
    • 17,247 Thanks
    kingstreet
    Yes, only because my husband likes to meet people in the flesh and give them his documents is person - I had the MIP and everything else done via email with the odd phone call. Much easier and quicker!
    You can do it all via email if you aren't married to a dinosaur 😂
    Originally posted by RiversTam
    We meet with our clients at a time and location convenient to them.
    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.
    • ACG
    • By ACG 10th Sep 17, 5:03 PM
    • 15,751 Posts
    • 8,046 Thanks
    ACG
    Call up a one or 2 and see how you get on with them.
    I often get calls from people whos first sentence is along the lines of "I do not have a clue how this works, but I am looking for a Mortgage..."

    IT tends to just go from there.
    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.
    • RiversTam
    • By RiversTam 10th Sep 17, 5:20 PM
    • 35 Posts
    • 23 Thanks
    RiversTam
    We meet with our clients at a time and location convenient to them.
    Originally posted by kingstreet

    They have an office local to us - I would never have someone at my home, it means cleaning up 🙈
    We have also hired a local recommended solicitor so we can take our documents in personally - read "we" as "husband" 😂


    Call up a one or 2 and see how you get on with them.
    I often get calls from people whos first sentence is along the lines of "I do not have a clue how this works, but I am looking for a Mortgage..."

    IT tends to just go from there.
    Originally posted by ACG
    This is what I love about a broker - you don't have that extra stress, because house buying and selling is stressful enough!
    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
    • By kingstreet 10th Sep 17, 5:22 PM
    • 32,204 Posts
    • 17,247 Thanks
    kingstreet
    McDonalds ten minutes from home... Costa five minutes from work...

    Like I said, time and place convenient to you...
    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.
    • Mutton Geoff
    • By Mutton Geoff 10th Sep 17, 5:30 PM
    • 947 Posts
    • 994 Thanks
    Mutton Geoff
    I just remortgaged through a broker to NatWest. On the Nat West website their two year fixes are 1.8% (£995 fee) or 2.59% (no fees). My broker (cost £250) got me a two year (actually 26 months to Nov 2019) fixed at 1.1% with no fees.


    Definitely worth talking to the brokers.
    Compensations/Refunds from Banks & Institutions - £4,165 | Stooz Profits - £7,636 | Quidco - £3,963

    All with a big thank you to Martin and MSE.com from Mutton Geoff!
    • RiversTam
    • By RiversTam 10th Sep 17, 7:26 PM
    • 35 Posts
    • 23 Thanks
    RiversTam
    Hadn't even thought of that kingstreet.
    Funny enough the office is opposite the local costa ��

    Will keep that in mind when we go back to remortgage!
    The trouble with having an open mind, of course, is that people will insist on coming along and trying to put things in it.
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