In what ways is using a Broker an advantage?

blondends

Hi All,

Other than the obvious (finding a mortgage), in what ways can using a mortgage broker be an advantage?

In my situation I have a 25% deposit and believe that the Post Office 4.15% 5 year fixed is the best mortgage I can get. So - now that I have found a mortgage should I go it alone with the Post Office or are there advantages to using a broker?

Do brokers add value in other ways?

Any advice or comment is welcome.

Cheers,

Chris

TheGreatBear

zzzzzzzzzzzzzzz...... there are plenty of posts covering this topic! It sounds like you have a great deal, go for it, but dont complain if anything goes wrong.

not meaning to sound (overly)negative.

TEDDYRUKSPIN

GreatBear it should be 'GRRRRRRRRR''.. Like Clint Eastwood in Gran Torino. LOL.

Actually IFA's do have a mortgage rate list only exclusively to them. Otherwise there would be no point using them.

Yep. The 5 years fixed above is a good deal. But be aware that the next few weeks will start a new pricing war. They will be easing more rates out but obviously with a reason....

Chico5

TEDDYRUKSPIN wrote: »

GreatBear it should be 'GRRRRRRRRR''.. Like Clint Eastwood in Gran Torino. LOL.

Actually IFA's do have a mortgage rate list only exclusively to them. Otherwise there would be no point using them.

Yep. The 5 years fixed above is a good deal. But be aware that the next few weeks will start a new pricing war. They will be easing more rates out but obviously with a reason....

hi teddy
Can you explain why the rates will get better.
I was looking at the PO offer also, and was told by my broker that the PO don't deal with brokers. It has to be direct contact.

TEDDYRUKSPIN

It is a cascade affect my friend. Next month a pile of new cash will be free for the banks to buy. New strategy for the banks now will be to make money to pay back the government.

To scare them more! Tesco alike are looking at joining the market now.

It is expected that more and more people will opt for fixed and the rates will be around the 3.8-3.9% mark. Hold you horses if you have decent SVR.

mramra

TEDDYRUKSPIN wrote: »

It is a cascade affect my friend. Next month a pile of new cash will be free for the banks to buy. New strategy for the banks now will be to make money to pay back the government.

To scare them more! Tesco alike are looking at joining the market now.

It is expected that more and more people will opt for fixed and the rates will be around the 3.8-3.9% mark. Hold you horses if you have decent SVR.

Can you expand on that? Where is this pile of cash coming from & when?

Sorry if I'm missing something obvious, but if I am it isn't obvious to me!

My current FR ends on 30 April so this is a hot topic for me at the mo - go for the Post office or something similar or hang tight? Already regretting letting the A&L 3.99 slip away so had almost decided to go for the PO deal...

koexelek

Main advantage brokers offer is product knowledge and lending criteria of all the different lenders.

However, if everything about your application is dead straightforward, you probably might be was well to just do it yourself though.
BUT, a lender will usually try to sell you expensive insurances on top of the mortgage, so if you take their mortgage, don't feel obliged to take all their cross sales.
Shop around for those.

luckyfool

Colour me sceptical Teddyrukspin. You may be right, however the reasons you cite don't seem to justify your conclusions. Long term fixed rate money for 5 and 10 yrs (swap rates) for instance are around 0.25% higher now than they have been.

maveli

[QUOTE=koexelek;20694363
BUT, a lender will usually try to sell you expensive insurances on top of the mortgage, so if you take their mortgage, don't feel obliged to take all their cross sales.
Shop around for those.[/QUOTE]

All the mortgage advisors I met so far did the samething

dunstonh

All the mortgage advisors I met so far did the samething

Mortgage advisers have a responsbility and are expected to point out what you financial needs are. If they dont then they can be subject to a complaint.

Damned if you do, damned if you dont.

maveli

dunstonh wrote: »

Mortgage advisers have a responsbility and are expected to point out what you financial needs are. If they dont then they can be subject to a complaint.

Damned if you do, damned if you dont.

that could be true. but the tone in koexelek' comment is that it is a bad thing to do