Mortgage Broker or Direct to Building Society

Badlands_2

Im moving house.

So i approach my Building Society & like the new mortgage package on offer.

My estate agent arranges a meeting with their Mortgage Consultant/Broker.

Their offer appears to be EXACTLY the same as my Building Society. Same lender, same package.
They also offer to assist the whole process - no fees involved.

I must be missing something - going direct to the Building Society was my initial choice but should i use the consultant & take up their offer of free help?

What do they get out of it?

opinions4u

The lender will pay their own mortgage adviser a salary with a commission structure.

They will pay the estate agent a commission for introducing business to them.

If you are totally set on the deal, I'd say spend a few minutes with the lender's adviser and a few minutes with the estate agent's adviser and go with the one that you're happiest with - the one that makes most sense to you and the one that you feel will "push" your case through best.

You may find that the estate agent's adviser has a broader knowledge of the market. But the lender's adviser should have a better knowledge of the lender's systems and how to get a case through them. That comment generalises though and there will be exceptions!

They will both try to flog you a range of insurances. Listen to what they've got to say, decide which ones you want and then buy yourself - get the quote from a comparison site and buy via a cashback site. Ensure you insure the buildings from exchange of contracts!

www.moneysupermarket.com

www.topcashback.co.uk

Others are available.

Gorgeous_George

Depends. Do you want to help your lender or your Estate Agent/

If the deal's are identical, whichever route you choose will help that business. If you plan to never move again, support your lender. Otherwise, support your broker.

Alternatively, you could auction your business providing both parties want it enough.

GG

koexelek

If you want quotes on other things as well ( life insurance/house insurance) see who offers the best overall deal, then decide

g_attrill

If it's the same deal then the broker might be good to ensure the paperwork is in order, also the estate agent will know how things are progressing and know that everything is going as quick as possible.

Gorgeous_George

The EA will have less reason to pass on a gazumping offer.

GG