Martins View On Using Mortgage Brokers...

Gavlar_2

Yes thats right! This is what I am not sure of... can they go back to to Halifax and ask to change this at this point as my completetion date was this Friday?

My mortgage agreement was issued mid June 2011.

ComparetheMortgageMarket

Im not sure you will still be able to complete on Friday, it depends if the case has to be re-assessed fully or just reoffered on the new loan amount. It needs to be done asap and should not be a major problem if affordability was alright in the first place. Regardless of when the agreement was issued, the offer usually is valid for 3 months as a minimum, and in most cases 6 months. The only major problem you have is getting it reissued in a few days and the solicitor still being able to draw down the money in time.

kingstreet

That's exactly what's needed. You'll have to be re-scored and the rate will get quite a lot worse. It also takes time, so you won't be completing on Friday, as a new offer will be required.

MortgageAdviser_2

If it was done yesterday there is still time for the completion to take place on Friday as long as the solicitor is aware that they may have to draw down the money on the same day (which they usually say they cant do, but they can). If it is drawn down with the usual 3-5 days notice then they may have to return the money if completion does not take place and you will have to pay the £25-£35 TT fee they are charged.

It depends if your adviser can get it reoffered in time. They can do it all by fax & if they have a friendly business development manager they can push the cases through quicker.

sillystar

Just wanted to mention my own experience of using an independent whole of market mortgage advisor.

He charged £250 fee and took commission. He gave the option of taking a higher fee and refunding the commission but after my first appointment I trusted his independence and was happy to pay the flat fee. I didn't have to pay the fee until I had a successful mortgage application.

I had previously spoken to L&C but the person I spoke to obviously did not understand the local market or the peculiarities of the Scottish system. Having a broker who was local and who you met face to face was invaluable. As a first time buyer he provided all the support I needed, was always quick to reply to questions by email and phone, and was great at communicating with my solicitor who was less than helpful. He gathered a lot of information about my finances and lifestyle and was able to suggest ways that i cut down my expenditure in certain area. He was able to demonstrate what was affordable for my circumstances clearly.

He got me a great mortgage deal and provided me with the details of the other providers to prove it was in fact the best option for me. He was able to push the provider to get my mortgage processed faster.

For the £250 fee I had someone who really held my hand through the whole process. My solicitor was useless in comparison!! Like others I was unsure whether I should go fee free - particularly given Martin's advice. But I just wanted to stick up for some of those fee charging brokers out there as I feel I received a great service and for my needs as a confused first time buyer it was far, far superior to L&C.

dunstonh

Just wanted to mention my own experience of using an independent whole of market mortgage advisor.

He charged £250 fee and took commission.

in which case he was not employed on independent basis.

If you employ an adviser to work on independent basis, that means they work on fee basis and any commission should be refunded to you or used to offset the fee (with any surplus coming to you or you making up any shortfall.

If sounds like you employed them on whole of market basis.

I'm pleased the adviser gave you the advice you needed and the service was good. However, I am just clarifying the status of the adviser you used (or rather than method you employed them under as independents can be employed on independent or commission basis).

cankle

Can I just ask a quick question? I have a broker in place and have recently been turned down for a mortgage with Natwest, I paid my broker a £299 fee, will I have to pay her anymore for her to search for another mortgage for me? I desperately need a mortgage approval as I have found my dream home and had an offer accepted on it, dont want the vendors to find out I have had my mortgage turned down!!!! Hopefully I can find someone somewhere to give me a mortgage!!!!

dunstonh

will I have to pay her anymore for her to search for another mortgage for me?

unlikely. You would need to look at your fee agreement or ask her to be sure though.

sl1million

I've used an independant morgage advisor on a recomendation and he was amazing he was able to get us a morgage where other places could not he offered us the greatest advice and It was money well spent. Our morgage was one of the best offers on the market at the time when market was on an all time low. I say spend the money if you know he is a good one if he has been recomended to you by someone who uses brokers regularly. But do have a second advisor who can scour the markets for free and you can use their information as a point of reference. hope this helps.

katejo

I benefited from using a broker with my current deal. I would never have found it otherwise and he got me a base rate +0.27 lifetime tracker! However in the early 90's I walked out on 1 broker because he was insisting that I had to go for an endowment and I wanted a repayment.