Would you use a broker?

jodiebabes

Hello,

Just wanted some advice with the topic of the post.

I have done my own research of the market and have found the best 90% LTV mortgage I can on the internet (either HSBC or Britannia at 5.99%).

Tommorrow we hope to get a mortgage in prinicipal. My partner wants to see a broker, but I read somewhere on this site that their searches dont include HSBC and some other banks. We have already been to London & Country who wasnt interested as they couldnt offer us anything with 10% deposit.

Juts thinking another broker will be the same. I dont want any credit cheacks performing as I dont want it to affect our ratings. I think it would be best to go direct to the banks we have found in our searches.

What you think?

_Andy_

HSBC doesn't (currently) use brokers, you'll need to go direct.

jodiebabes

Yep. Thats what I just said. ha. Do you not think the brokers will be able to offer us anything as good as the products I have researched then?

_Andy_

I'm not too up to speed with products but I'd guess if L&C can't source one then another broker won't be able to either

jodiebabes

Thanks Andy - I reckoned that too. Now just need to inform the Mr about it! ha.

VeronicaElectronica

HSBC are very conservative in their lending at the moment, won't offer 90% to everyone (as i have found out!) - halifax would lend me 90%ltv tho, if that helps

Mrs_Bumble

As above HSBC have good rates but they are cherry picking! at 90% LTV you are going to pay a higher interest rate and the lender, whichever lender will cherry pick, but if you have researched and can afford said interest rate for the said period of time then you have done your research. At 90% LTV there is nothing competitive out there.

jodiebabes

VeronicaElectronica wrote: »

HSBC are very conservative in their lending at the moment, won't offer 90% to everyone (as i have found out!) - halifax would lend me 90%ltv tho, if that helps

Why were you not eligible if you dont mind me asking?

Is there a list of criteris you need to meet somewhere on their internet? Not been able to find it.

Thanks

Jodie

VeronicaElectronica

I'm not sure why, they would give me 75%LTV (not new build) and i was wanting to buy at 120k, i have well paid permanent job and excellent credit rating, no issues at all. I think its just a sign of the times, as far as i know. Everywhere is being very "wary" with lending

Mrs_Bumble

Jodie the lender does it on a case by case basis, it is purely down to their discretion and whether they like your profile and how much they know of you as an existing customer, not a written down criteria.

VeronicaElectronica

I have been with HSBC for 20 years and had no issues in that time - eg took out small loan for car and paid it off before the end date, no credit cards etc etc. So yes they really are cherry picking