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
    • lowmiles
    • By lowmiles 6th Dec 17, 9:03 PM
    • 62Posts
    • 13Thanks
    lowmiles
    Second Stepping: Do I need a broker?
    • #1
    • 6th Dec 17, 9:03 PM
    Second Stepping: Do I need a broker? 6th Dec 17 at 9:03 PM
    Hi all,

    We are looking to sell our First home and move to a larger house due to a growing family. Last time we used L+C and they were very good and walked us through our first purchase.
    As we are stuck on a fixed rate we need to port our mortgage and get an additional product. Is it worth getting a broker to help with the application?
    We have no options in terms of banks as it has to be the current mortgage provider (BOI). Would a free broker like L+C even be interested? (do they get an commission on porting a mortgage/ new product?)
    Thanks in advance.
Page 1
    • Rambosmum
    • By Rambosmum 6th Dec 17, 9:18 PM
    • 1,548 Posts
    • 2,011 Thanks
    Rambosmum
    • #2
    • 6th Dec 17, 9:18 PM
    • #2
    • 6th Dec 17, 9:18 PM
    If you have no choice of provider, then I'd speak directly to your current provider.

    I would also speak to L&C and ask if there are any products which are so much better than your current one that it is worth paying your early repayment charge.

    Edit: the above is what we did. For us, there were no better deals (new deal + paying out of current deal) so we stayed with current provider - be aware than you then run two mortgages with the same provider, your current mortgage rate and the current amount goes over as one deal, then the rest of the mortgage is a new product.

    Ours friends did the above, and a new provider was so much better than what their current provider was that they switched and paid the early exit fee.
    Last edited by Rambosmum; 06-12-2017 at 9:21 PM.
    • lowmiles
    • By lowmiles 6th Dec 17, 9:23 PM
    • 62 Posts
    • 13 Thanks
    lowmiles
    • #3
    • 6th Dec 17, 9:23 PM
    • #3
    • 6th Dec 17, 9:23 PM
    Thanks I've checked whether its worth ditching the fix but the ERC too much so will be staying. We have 2 years left to run so if we get a 2 year fix on the additional product hopefully they'll tally up.
    • goodwithsaving
    • By goodwithsaving 6th Dec 17, 9:45 PM
    • 705 Posts
    • 1,045 Thanks
    goodwithsaving
    • #4
    • 6th Dec 17, 9:45 PM
    • #4
    • 6th Dec 17, 9:45 PM
    I always use a broker, even for a simple port. For me, it's worth them taking on the case, doing the paperwork and handling the lender.
    Every time you borrow money, you’re robbing your future self. –Nathan W. Morris
    • Rambosmum
    • By Rambosmum 7th Dec 17, 9:31 AM
    • 1,548 Posts
    • 2,011 Thanks
    Rambosmum
    • #5
    • 7th Dec 17, 9:31 AM
    • #5
    • 7th Dec 17, 9:31 AM
    Thanks I've checked whether its worth ditching the fix but the ERC too much so will be staying. We have 2 years left to run so if we get a 2 year fix on the additional product hopefully they'll tally up.
    Originally posted by lowmiles


    That's what we thought. In reality it took us almost a year to buy our new house and we now have a discrepancy of 11 months!


    I personally don't find it easier dealing with a broker on a straight port, in fact I find it more frustrating as you have to ask all your questions through a third party!
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

3,326Posts Today

7,788Users online

Martin's Twitter