Mortgage brokers poll results/discussion

Poll between 01-09 Dec 2008:

Mortgage Brokers

Which system did you use the last time your changed/got a mortgage?

For years, I’ve always said never go to your bank/building society to get a mortgage, always use a whole of market mortgage broker (see mortgage brokers guide), but I'm interested to see how people actually do it.

A. Don’t have a mortgage 20% (1212 votes)
B. Not switched mortgage in the last five years 6% (349 votes)
C. Direct bank/building society (or their advisor) 12% (706 votes)
D. Simply renewed my deal with my bank 7% (431 votes)
E. Mortgage Broker (fees free) 19% (1118 votes)
F. Mortgage Broker (paid a fee) 7% (411 votes)
G. Independent Financial Advisor 14% (837 votes)
H. DIY using comparison site 13% (771 votes)
I. DIY via execution only cashback mortgage broker 0% (18 votes)
J. Other 1% (84 votes)

This vote has now ended, but you can still click 'post reply' to discuss below. Thanks :)

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Replies

  • I approache brokers based on advice given here! Has this changed - ie is it better to go direct to banks/building societies now then? I was more than satisfied with my broker - who I was introduced to via a friend - he got me a mortgage at better terms than NatWest (my current bank) & other building societies that turned me down due to my doing temporary work. Admitedly it was a longer termed mortgage than I had wanted BUT it met my deadline for my Right to Buy Discount so was well worth it. Subsequently when the introductory period has expired he has satisfactorily arranged a replacement - both times the finance provider (initially Abbey then Halifax) paid him & it cost me nothing.
  • Needed to tick various of those options but voted E (fees free broker) as that was the one that clinched it.
    I did my own research online and decided Abbey was the best for us.
    We went to see a fees free broker and she agreed that Abbey was best.
    So we then went directly to Abbey and applied in branch.

    So H, E and C!
  • Coveredinbees!!!!Coveredinbees!!!! Forumite
    3.8K Posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Forumite
    I/We just blindly went for a one account there was some logic in the decision as we needed easy access to more money as needed as the house needed a lot of work.
    Nothing to see here, move along.
  • Voted J - Other!

    Was close to being H - did it DIY, but without using comparison sites, as I often find them misleading & possibly biased.

    I never trust anything a Mortgage Broker, bank worker, Independent Financial Advisor, or comparison site tells me, but then again... that's just my nature.
    (I'd rather look at John Sergeant's face for the rest of my life than Austin Healey's nipples for another second, but hey - each to their own!)

    :o

    Choosing a mortgage is such an important task that it's essential to do your own research, comparisons, analysis, and of course... make your own final decision.

    Search for the hero inside yourself. Reach for the stars. Use the force. Awaken the giant within...

    Just be careful you don't poke anyone's eye out in the process.
    SKIPS STONES FOR FUDGE
  • As suggested on MSE I approached a couple of fee free brokers. However, by going onto the websites of various banks, I was able to find a few deals that worked out cheaper for me. In the end I remortgaged directly with a bank.

    I think in my case using the brokers to get an idea of what's available on the market was a good starting point and I appreciated them answering my numerous questions. When I remortgage again, I intend to go through the same process. If the brokers offer me the best deal, I will certainly use them.
  • I used a fee free broker, attached to the estate agent where I bought our first house. He was a whole of market broker, but found exactly the same deal as I found from DIY approach. Only went with a broker because I thought it would be less hassle, how wrong I was! Next time its definitely going to be DIY - and forgo being flogged expensive home insurance!
    Mortgage £120K, monthly overpayment £600, 18 years and £100K saved
  • chardirchardir Forumite
    228 Posts
    I used a fee free broker, attached to the estate agent where I bought our first house. He was a whole of market broker, but found exactly the same deal as I found from DIY approach. Only went with a broker because I thought it would be less hassle, how wrong I was! Next time its definitely going to be DIY - and forgo being flogged expensive home insurance!

    For my first mortgage (2001) I used the estate agent's broker. He was helpful, honest, got me a good deal and even recommended not taking the bank's insurance.
  • I have never thought of using a broker, just didn't occur to me. At the moment my mortgage arranged with the building society is quite resonable a tracker. I wont have to get another as it is nearly paid off.
    Anyone who lives within their means suffers from a lack of imagination:beer:

    Oscar Wilde
  • chardir wrote: »
    For my first mortgage (2001) I used the estate agent's broker. He was helpful, honest, got me a good deal and even recommended not taking the bank's insurance.

    I must admit, it was my first mortgage, so I dont know how much hassle getting a mortgage/remortgage usually is.
    Mortgage £120K, monthly overpayment £600, 18 years and £100K saved
  • john46jac46john46jac46 Forumite
    7 Posts
    Part of the Furniture First Post Combo Breaker
    Forumite
    I'm a B

    I tried to be E or F, and very glad I didn't succeed.

    I originally went to a fee charging broker and opted for a big discount with a big fee, which reverted to a tracker BOE + 1.75% after the discount period ended in September, and was due to cost me an extra £250 pcm over the discounted deal.
    Early this year I tried brokers to get a new and better deal, but even when BOE was 5%, no broker could find anything close to matching the tracker.

    A couple tried to tell me they'd found a great deal.
    It was a great deal for their commission, but would have cost me an extra £1200 over 2 years. This included one of Martin's recommended No fee brokers

    I've been lucky, thanks to tracking my "Darling Gordon's BOE rate", I'm now paying less than the final month's discounted rate, which let's me help my son a little each month with his SVR mortgage.
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