How would a broker be of benefit to me?

Sonofa

In asking this I really don't mean to sound glib. I'm just curious.

If I'm looking for a 100k mortgage and can roughly match that with my deposit, I know I want a fixed rate and I know I want a repayment mortgage. Is there any real reason why I would benefit from using the services of a broker?

Tiddler_2

How much time do you have to search for the best deal? Where are you going to search for the best deal?

How much time do you have to arrange the mortgage - Can you take time off work to do it or do you want to arrange it at the weekend.

Do you have time to chase up the mortgage company?


Using a broker isn't necessary for everyone, and some lenders do have better deals for going direct

payless

Especially if its not costing you anything- perhaps still worth speaking to a broker

who will research deals ( yes still worth you looking at direct deals yourself if broker does not do this)

May have broker exclusives

Will help explain the conditions ( you might miss something yourself?)

Will help with processing - answer questions along the way

Most will offer indemnified advice

Is usually more accessable than lender own advisers / 0870 lines

If simple case you might even find one that would rebate some commission

Conrad

Note that some of the better deals are offered by little known small Building Societies. In my expereince a lot of brokers dont deal with these as it's too much hassle setting up as an introducer to every one.

With that size deposit and assuming you have excess income left over every month (that rolls up and is never spent), perhaps an offsett will be a good place to look.

koexelek

Conrad wrote: »

Note that some of the better deals are offered by little known small Building Societies. In my expereince a lot of brokers dont deal with these as it's too much hassle setting up as an introducer to every one.

As a broker, I would happily register with anyone who would pay me commission . Especialy if it was the best deal for the client as well.

However, with the credit crunch, you find that a lot of the small regional building societies are only prepared to lend in their own geographical area these days.