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  • FIRST POST
    • James26695
    • By James26695 6th Feb 18, 6:34 PM
    • 1Posts
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    James26695
    Broker given me a deal that i can get myself
    • #1
    • 6th Feb 18, 6:34 PM
    Broker given me a deal that i can get myself 6th Feb 18 at 6:34 PM
    So i'm a first time buyer and got recommended a mortgage broker/advisor from a friend. The broker seems good...she explained a lot to me in a phonecall that lasted 50 minutes. She then gave me her recommendation later that day based on my criteria.
    Now i can see this deal online and its identical (i even have an account with this bank)
    The brokers fee is 500 pounds which i would pay to her.
    So my predicament is weather i should go it alone or not. I would actually feel a bit bad as she has spent time explaining things to me and "found" me this deal. I kinda thought brokers could find deals that i myself looking online could not get. Of course its great to have someone i can ask questions and help with the process...but i could save 500 quid doing it myself! What would you do?
Page 1
    • InsertWittyName
    • By InsertWittyName 6th Feb 18, 7:04 PM
    • 1,060 Posts
    • 4,900 Thanks
    InsertWittyName
    • #2
    • 6th Feb 18, 7:04 PM
    • #2
    • 6th Feb 18, 7:04 PM
    You're paying for her expertise - the same deal is available online, but you potentially wouldn't have been aware of it if it wasn't for her advise.

    A broker's job also doesn't stop at finding you a mortgage, but in the next part of applying and getting you accepted.

    I find them generally worth their weight in gold.
    I was a DFW, now I'm a MFW
    • goodwithsaving
    • By goodwithsaving 6th Feb 18, 7:08 PM
    • 792 Posts
    • 1,198 Thanks
    goodwithsaving
    • #3
    • 6th Feb 18, 7:08 PM
    • #3
    • 6th Feb 18, 7:08 PM
    Agree with the above. A broker does the paperwork, answers questions from the lender, has lender knowledge etc. It isn't just about finding a deal.
    Every time you borrow money, you’re robbing your future self. –Nathan W. Morris
    • BLOW FLY
    • By BLOW FLY 6th Feb 18, 7:17 PM
    • 108 Posts
    • 81 Thanks
    BLOW FLY
    • #4
    • 6th Feb 18, 7:17 PM
    • #4
    • 6th Feb 18, 7:17 PM
    We spent best part of 2yrs meeting with and talking with a broker.

    In the end I ended up doing everything and going through my own bank after a lot of research.

    Got an invoice from the broker for £350 which I didn!!!8217;t think was unreasonable considering the time they!!!8217;d spent with / on us so was happy to pay it leaving the door open to approach them again.

    I guess the moral of the story is due diligence which sounds like you!!!8217;ve done.

    However what if it was the other way round and the broker had found a better deal than you could find online, what if you need them again, depends how far down the mortgage application route you are too?

    BF
    • BLOW FLY
    • By BLOW FLY 6th Feb 18, 7:20 PM
    • 108 Posts
    • 81 Thanks
    BLOW FLY
    • #5
    • 6th Feb 18, 7:20 PM
    • #5
    • 6th Feb 18, 7:20 PM
    Wonder why the site doesn!!!8217;t like the apostrophe !!!55357;!!!56834;

    BF
    • dunstonh
    • By dunstonh 6th Feb 18, 7:39 PM
    • 91,051 Posts
    • 58,065 Thanks
    dunstonh
    • #6
    • 6th Feb 18, 7:39 PM
    • #6
    • 6th Feb 18, 7:39 PM
    the spam filter is set incorrectly since the recent attack.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • zx81
    • By zx81 6th Feb 18, 7:47 PM
    • 15,489 Posts
    • 16,415 Thanks
    zx81
    • #7
    • 6th Feb 18, 7:47 PM
    • #7
    • 6th Feb 18, 7:47 PM
    Of course its great to have someone i can ask questions and help with the process...but i could save 500 quid doing it myself! What would you do?
    Originally posted by James26695
    If not for your own self respect, then at least think of your friend who recommended the mortgage broker.

    If you take the benefit of their advice and don't pay, it hardly does your friend's standing any good. The broker might think that he's a timewaster too and refuse to deal with him again. They certainly won't be taking any more recommendations from him.
    • ACG
    • By ACG 6th Feb 18, 9:12 PM
    • 16,318 Posts
    • 8,433 Thanks
    ACG
    • #8
    • 6th Feb 18, 9:12 PM
    • #8
    • 6th Feb 18, 9:12 PM
    I dont think you should stick with the broker through guilt or any other reason other than you want to, and I say that as a broker.

    A broker has access to something like 8 times as many products as going direct, but that does not necessarily mean they are all better in every single circumstance.

    A brokers job is to find you a good deal and get it for you. It is possible to have 2 different outcomes for the same application to the same lender. I recall a case last year where I had a case accepted with a lender where the client was declined a week or 2 earlier because I knew how to manipulate the system (legitimately) to get the best outcome.
    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.
    • amnblog
    • By amnblog 7th Feb 18, 8:28 AM
    • 10,275 Posts
    • 4,047 Thanks
    amnblog
    • #9
    • 7th Feb 18, 8:28 AM
    • #9
    • 7th Feb 18, 8:28 AM
    A Brokers job is not merely to find a product.

    A broker find a product and recommends it in the knowledge that the Lender will accept the applicant. They they put together the application in a format that allows the Lender to say yes and say yes quickly.

    They sort out any issues and hitches with the process along the way.

    Most will also assist you with finding a suitable solicitor for the legal side and arranging appropriate insurance.

    A recommendation means the product is right for you and if that proves not to be the case you have recourse to the Broker and to their Professional Indemnity Insurance.

    You need to consider that your Broker is charging £500, not to identify a product, but to:

    Ensure your best interests
    Manage the process
    Give you the best chance of obtaining lending and buying your property

    and finally picking up the risk on the advice.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • amnblog
    • By amnblog 7th Feb 18, 8:31 AM
    • 10,275 Posts
    • 4,047 Thanks
    amnblog
    I dont think you should stick with the broker through guilt or any other reason other than you want to, and I say that as a broker.
    Originally posted by ACG
    As to this point

    If a Broker is silly enough to give up 50 minutes of her time and give you a recommendation without any formal commitment on your part, she may benefit from a harsh lesson should you walk away.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
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