mortgage advisors(how do you tell good from bad)

jermyn

:beer: Big Thanks to eveyone who read/replied to my original.
Just kicked the advisor into touch and gone with existing lender.

Funny how when told this he mentioned coming down with the fee.

Be up front with fees, don't be greedy with them and stick to them, don't like people who start high then are prepared to come down. Give us your best price from the off :mad:

Dan_1976

Jermyn, its called business!

I know you have to do what it best for you, but I am sure if he had started lower you would still want some money off. Its human nature!

Brokers are entitled to make a living.

Good luck anyway

garethj

TEDDYRUKSPIN wrote: »

It will make no difference. Would'nt even matter. It really is who you know and not what you know these days. Networking is the key.

Perhaps age was the wrong word and I definitely agree networking is extremely important. For my first mortgage (way back '97) I was lucky enough to find a broker who had really good links without which I wouldn't have got anywhere.

I've met brokers who say they have a special relationship with the banks but it's tricky knowing which ones to believe. BTW - I'm not talking about getting loans approved which really shouldn't be but more about making sure the whole process happens smoothly and swiftly.

TEDDYRUKSPIN wrote: »

But one thing many people must understand is:

A house is not an investment. It is a HOME!
An investment should be kept for more than 7 years, otherwise it is gambling!

Well said! I'm currently buying what I hope will be my new family home for many years to come. It should be about satisfying personal circumstances, not making a quick return. I fully expect our new home will not be worth more than what we have paid (in monatary terms at least) for many years to come and I have no problem with that.

gr7777

Hi guys,

Relatively new to this so bear with me....

My girlfriend and I are currently looking for a first time home.
We are fortunate to both me healthcare professionals (not going to mention which) earning around 160k per year between us.

We have (luckily) around 210k as a deposit for our house. Thanks to passed family members and hard saving!

I have recently been contacting a few different mortgage brokers because I quite simply want to know what is the very maximum we would be able to borrow from a lender. That way we can know which houses we are able to think about purchasing.

After speaking to several different lenders the deviation amongst the answers has been phenomenal! With one lender offering a 850k loan including our deposit, and another offering a 1m loan excluding deopsit.

I feel as a newbie i smell trouble here....and I was wondering if anyone with any know-how could give me some inpartial advice!

Given the current climate I am very aware that there are amazing house deals out there for people who are desperate to sell their house. Given our situation we are very fortunate in that we have no chain, so I really want the maximum amount of loan we could potentially get given our situation.

It should be noted that we have no bad debts/ credit cards etc, apart from student loan repayments currently coming out at £111 per month.

Please help!"!!!!! ahhhhhhhhh
Much appreicated

GR

jermyn

With a big budget like that gr7777 I don't know where you live but i'd go bottom end searching. Should be able to pick up a nice pad for 800k. If the only way is up for mortgage rates don't stretch yourself when they are at the bottom.

gr7777

hi,
thanks for the reply.

I can understand that advice. To be honest though I really saw the recent market changes offer an opportunity for us to really get something special....and that would prevent us from moving around later on, which would obviously be brilliant!

We are relatively flexible when it comes to repayments, and I figured we could perhaps fix in for the next few years whilst the rates are relatively low?

Any more help would be great.
thanks

lakh98

Just had a visit from lwf myself. Had I been given a straight answer about their fees I would have cut the meeting short.... they are very expensive.

Thrugelmir

lakh98 wrote: »

Just had a visit from lwf myself. Had I been given a straight answer about their fees I would have cut the meeting short.... they are very expensive.

A professional individual or organisation will be very upfront with their fees with something such as a mortgage. As they wouldn't wish to waste their time or yours. Someone that doesn't wish to give this information prior to the meeting will be playing games.