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  • FIRST POST
    • nudda
    • By nudda 9th Jan 18, 5:42 PM
    • 114Posts
    • 26Thanks
    nudda
    going direct to a lender instead of via broker
    • #1
    • 9th Jan 18, 5:42 PM
    going direct to a lender instead of via broker 9th Jan 18 at 5:42 PM
    So I have just found out the broker I am talking to is not truely whole of marrket which sucks as I want to get the best deal possible.

    I only have 1 payslip of permanent employment so far so dont know which banks will accept this. Is there a list somewhere ? Trigold tells you but I only saw this via the broker, as I dont have access.

    Also, as a FTB, would it make sense to go directly to a bank or via a broker Thinking it may not be worth pursuing direct if Broker makes more sense right now.

    thanks
Page 1
    • ringo_24601
    • By ringo_24601 9th Jan 18, 5:50 PM
    • 17,120 Posts
    • 27,854 Thanks
    ringo_24601
    • #2
    • 9th Jan 18, 5:50 PM
    • #2
    • 9th Jan 18, 5:50 PM
    It might be worth a look at this - https://www.theguardian.com/money/2014/nov/24/mortgage-broker-bank-building-society

    Being an FTBer, with only one month of payslips... I'm expecting going direct will be tough - are you in a term of probation in your job?

    I went for First direct when I moved home last time, which you can't get through a broker. TBH, <TRIGGER WARNING>I don't trust people who sell financial services for a living much so I was glad to do it on my own!
    • nudda
    • By nudda 9th Jan 18, 5:54 PM
    • 114 Posts
    • 26 Thanks
    nudda
    • #3
    • 9th Jan 18, 5:54 PM
    • #3
    • 9th Jan 18, 5:54 PM
    good link.
    No I am not in probation.
    Is there an easy way to find out who will not accept 1 month payslip ? All other things I have should be fine.
    • Thrugelmir
    • By Thrugelmir 9th Jan 18, 6:01 PM
    • 56,764 Posts
    • 50,144 Thanks
    Thrugelmir
    • #4
    • 9th Jan 18, 6:01 PM
    • #4
    • 9th Jan 18, 6:01 PM
    Is there an easy way to find out who will not accept 1 month payslip ?
    Originally posted by nudda
    No one would use a broker to source a mortgage if all the requisite information was that readily available.

    You can go direct. Expect to do a lot of leg work though.
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
    • Lolly88
    • By Lolly88 9th Jan 18, 6:04 PM
    • 265 Posts
    • 780 Thanks
    Lolly88
    • #5
    • 9th Jan 18, 6:04 PM
    • #5
    • 9th Jan 18, 6:04 PM
    Tesco will accept this as will nationwide. The 'easy way' to find this out - is to engage a broker will do this part of the process for you. If you don't wish to engage a broker then you'll have to just search through different lenders criteria.
    House Fund - £32104.67
    Currently buying a house
    • nudda
    • By nudda 9th Jan 18, 6:05 PM
    • 114 Posts
    • 26 Thanks
    nudda
    • #6
    • 9th Jan 18, 6:05 PM
    • #6
    • 9th Jan 18, 6:05 PM
    ok thanks.
    HSBC has a good 5 year fixed right now and 1 month payslip requirement as per here ... http://www.intermediaries.hsbc.co.uk/criteria/residential-lending-criteria.html with 4.75x salary. I guess I will go into town tomorrow and talk to some banks to get an idea.

    Thanks!
    • Lolly88
    • By Lolly88 9th Jan 18, 6:10 PM
    • 265 Posts
    • 780 Thanks
    Lolly88
    • #7
    • 9th Jan 18, 6:10 PM
    • #7
    • 9th Jan 18, 6:10 PM
    ok thanks.
    HSBC has a good 5 year fixed right now and 1 month payslip requirement as per here ... http://www.intermediaries.hsbc.co.uk/criteria/residential-lending-criteria.html with 4.75x salary. I guess I will go into town tomorrow and talk to some banks to get an idea.

    Thanks!
    Originally posted by nudda
    I would steer clear of HSBC unless going through a broker or until you have really done your research, they are notoriously picky and their customer service sucks.
    House Fund - £32104.67
    Currently buying a house
    • nudda
    • By nudda 9th Jan 18, 6:14 PM
    • 114 Posts
    • 26 Thanks
    nudda
    • #8
    • 9th Jan 18, 6:14 PM
    • #8
    • 9th Jan 18, 6:14 PM
    Tesco will accept this as will nationwide. The 'easy way' to find this out - is to engage a broker will do this part of the process for you. If you don't wish to engage a broker then you'll have to just search through different lenders criteria.
    Originally posted by Lolly88
    Do you think its worth approaching tesco or nationwide directly, in my case?
    • ACG
    • By ACG 9th Jan 18, 6:48 PM
    • 16,121 Posts
    • 8,301 Thanks
    ACG
    • #9
    • 9th Jan 18, 6:48 PM
    • #9
    • 9th Jan 18, 6:48 PM
    Based on your other thread and what you have said about DIPs, I would say go with a broker.
    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.
    • Lolly88
    • By Lolly88 9th Jan 18, 6:53 PM
    • 265 Posts
    • 780 Thanks
    Lolly88
    Do you think its worth approaching tesco or nationwide directly, in my case?
    Originally posted by nudda
    I think it's worth going to a broker in your case because judging from your posts in this thread and the other one you don't seem to know very much about the process. If the broker you found was not suitable then find another one. You're going to make the biggest purchase of your life so employ the help of a professional to ensure you get the right product. Or knuckle down and do the research to find what best suits your circumstances - this forum can provide general advice but can't guide you directly through which lenders to approach etc.

    And I say this as someone who is not a broker nor am I using one in my current purchase and I also had 1 payslip and I'm currently in my probation period with complicated circumstances but I spent absolutely ages researching.
    House Fund - £32104.67
    Currently buying a house
    • Mortgage_Adviser
    • By Mortgage_Adviser 10th Jan 18, 10:46 AM
    • 78 Posts
    • 33 Thanks
    Mortgage_Adviser
    So I have just found out the broker I am talking to is not truely whole of marrket which sucks as I want to get the best deal possible.
    Originally posted by nudda
    So what would stop you finding the whole of market. Just bear in mind that it is unlikely there will be brokers who would have acess to absolutely all lenders. Some lenders would still be missing from the panel.
    For example I have over 80 lender's in my panel.
    • chelseablue
    • By chelseablue 10th Jan 18, 10:59 AM
    • 2,328 Posts
    • 2,830 Thanks
    chelseablue
    I've gone direct in the past and used a broker.

    I would say a broker is well worth it, and we both have good credit files
    Mortgage starting balance 26.02.16 £231,294
    Mortgage after Year 1 £225,078
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