Mortgage broker vs inhouse??

cathymw

Help! I can't decide what to do....

I'm a first time buyer currently purchasing a repossessed flat. I arranged my mortgage through a broker (also famaily friend) and she worked hard and fast to get me a "good" deal (5.8% fixed for 3 years, repayments of £534/mnth).

Today I got called by the estate agent mortage arranger saying it's not too late to swap mortgages as my survey is being done tomorrow. He's offered me a better deal (3.99% fixed for 5 years, repayments of £440/mnth).

I am really torn between jumping ship to the better rate and potentially delaying my move (I guess things would have to kind of start over), and sticking with the family friend broker who busted a gut to start with to get me a mortage certificate really quickly so that I could ensure the sale.

What do I do?? I guess it's loyalty vs money sense as £100/mth for 3 years (the difference between the two mortgages) is over £3000.....

Advice please.....

koexelek

Why not go back to the original broker to see if they can match the new deal you have been offered elsewhere ?

cathymw

I'm not sure if that is an option - broker is away on holiday until Friday, survey by my original mortgage company goes through tomorrow so I think I have to make a decision without knowing if she could get me the same deal.
Or I suppose another option I have is to get a statement in principal from the estate agent with the new quote, delay my survey for a couple of days and then see if my broker can get the same deal once she is back from holiday?
Who said moving house was meant to be easy?!

Peelerfart

"What do I do?? I guess it's loyalty vs money sense as £100/mth for 3 years (the difference between the two mortgages) is over £3000..... "

This is a money saving website.

I understand loyalty but ask yourself which deal would your IFA say you should go for ?

nw_man

3.99% fixed for 5 years ?

With whom ?

That is one seriously good deal.

Not saying I dont believe the estate agent, but you need the KFI for definate. Also did the estate agent tell you what fees would be payable so you can compare both deals ?

cathymw

It is one seriously good deal yes!!! Esp in this market... It's a Halifax special for people buying their repossessions.... I guess they want the properties off their books.

I think I need to get the details and aggreement in principal for this new mortgage as I think I'd kick myself knowing I was paying £100 extra for my mortgage each month.

The fees are similar, but my first mortgage includes a free survey and £250 cashback on completion. BUT... the difference in the repayments over the fixed term outweighs the cost of the survey and the cash back.

Thanks for your advice guys - it helps having other people's viewpoints

nw_man

Cathy,

A Halifax special for people buying their repossessions ?

Its a new one on me......

Get the KFI.

unite79

Im with Nw_man - Sounds like a pile of rubbish ny the EA Advisor - Why would Halifax want to offer you a product to get a repo off there books, and then promply lend you the money - robbing Peter to pay Paul springs to mind.

Also Why when you are agreed, and have survey booked, would they worry, after all its going to be off the books soon.

What LTV are you looking at, assume form your rate its 85%!

koexelek

unite79 wrote: »

Im with Nw_man - Sounds like a pile of rubbish ny the EA Advisor -

Are you implying that the EA based adviser is being anything other than honest and truthful in an attempt to keep all the business under one roof ? :rolleyes:

nw_man

unite79 wrote: »

Im with Nw_man - Sounds like a pile of rubbish ny the EA Advisor - Why would Halifax want to offer you a product to get a repo off there books, and then promply lend you the money - robbing Peter to pay Paul springs to mind.

Also Why when you are agreed, and have survey booked, would they worry, after all its going to be off the books soon.

What LTV are you looking at, assume form your rate its 85%!

I was far too polite to insinuate such a thing

nw_man

koexelek wrote: »

Are you implying that the EA based adviser is being anything other than honest and truthful in an attempt to keep all the business under one roof ? :rolleyes:

Desperate times my friend.......