Martins View On Using Mortgage Brokers...

Matthays

BobyP said:

Matthays said:

BobyP said:

Matthays said:

Just ask your broker - they should be happy to give you the info.  

FYI - Saffron BS, Santander, Norton and Together are lenders who officially say they do....

Is that Norton Mortgages and Together money?

yeah - never done this with them, just went by the criteria info I have......

Thanks, don't think they actually do but either way, they're covering England and Wales only and HSBC don't offer that option either... Ok... well, the only other question I could possibly ask is if I delayed trying to buy now and took my loan for the car etc and did a mortgage application in 3-4 months, would that be long enough for the credit score to recover?

In the grand scheme of things, taking a loan won't hinder your chances of passing a mortgage credit score.  The only consideration is if the affordability is impacted.   The monthly payment on the loan must be taken into account etc. 

BobyP

Appreciate all your guys help and input... Top class!

DCFC79

BobyP said:

Matthays said:

BobyP said:

Matthays said:

Just ask your broker - they should be happy to give you the info.  

FYI - Saffron BS, Santander, Norton and Together are lenders who officially say they do....

Is that Norton Mortgages and Together money?

yeah - never done this with them, just went by the criteria info I have......

Thanks, don't think they actually do but either way, they're covering England and Wales only and HSBC don't offer that option either... Ok... well, the only other question I could possibly ask is if I delayed trying to buy now and took my loan for the car etc and did a mortgage application in 3-4 months, would that be long enough for the credit score history to recover?

Corrected that for you, lenders don't see your score, your history is what lenders etc see.

momsgill

I have found Skipton B.S. is a good lender bt you have to do searches to check what is on offer for what you require at the time.  If you go through a mortgage broker, they usually get a cut direct from the lender if you take out a mortgage.  You just have to pay normal charges re. a mortgage.  Whatever you do, make sure the result is what is best for you.

richdeniro

Hi There,

Just asking for a quick bit of advice, I am coming up to remortgage time at the end of September - it's all fairly straightforward, I have a decent salary, good credit score and 60% LTV on the property.  Remortgage amount is around 140k.

I went to L&C and Habito which both came back with fairly standard and similar deals with HSBC and Nationwide. I then went to a local independent broker who found me a better deal with Barclays.

All three of the deals could be found at the top of the Money Super Market comparison site when I did my own search.

My question is, the broker charges a £399 fee so why would I not just tell L&C and Habito about the better deal with Barclays and then having them do the brokering for me so that I could save on that fee?  

frankw5

Hi Richard,

When I worked at L&C they did not do "execution only" mortgages,  in other words, you telling them what you want. The reason you may not have been offered it is because Barclays may not be on their panel of lenders.

I hope that helps

Matthays

richdeniro said:

Hi There,

Just asking for a quick bit of advice, I am coming up to remortgage time at the end of September - it's all fairly straightforward, I have a decent salary, good credit score and 60% LTV on the property.  Remortgage amount is around 140k.

I went to L&C and Habito which both came back with fairly standard and similar deals with HSBC and Nationwide. I then went to a local independent broker who found me a better deal with Barclays.

All three of the deals could be found at the top of the Money Super Market comparison site when I did my own search.

My question is, the broker charges a £399 fee so why would I not just tell L&C and Habito about the better deal with Barclays and then having them do the brokering for me so that I could save on that fee?  

Hi Richard
It's likely the deals just changed (HSBC have increased rates twice in the last 3 weeks). 
L&C and Habito are not known for recommending the wrong product.  
To settle my own curiosity I just did a quick check for borrowing £140,000 at 60% LTV and it looks like Santander have the best 5 year deal, TSB the best 2 year.  
This would suggest to me that all the brokers in question know something else in terms of your personal details that's making them choose a different lender.  Sometimes it's just down to broker knowledge about what lenders will and won't accept certain things etc. 
Good luck!  

Matt

haras_n0sirrah

to be fair tsb current timescales (they are currently working the 1st july today) I wouldn't recommend if you need an offer this side of christmas 

haras_n0sirrah

richdeniro said:

Hi There,

Just asking for a quick bit of advice, I am coming up to remortgage time at the end of September - it's all fairly straightforward, I have a decent salary, good credit score and 60% LTV on the property.  Remortgage amount is around 140k.

I went to L&C and Habito which both came back with fairly standard and similar deals with HSBC and Nationwide. I then went to a local independent broker who found me a better deal with Barclays.

All three of the deals could be found at the top of the Money Super Market comparison site when I did my own search.

My question is, the broker charges a £399 fee so why would I not just tell L&C and Habito about the better deal with Barclays and then having them do the brokering for me so that I could save on that fee?  

This is why I don't give out lender details until I have a signed fee agreement. 
I have had a client who has just tried to do this. I wouldn't tell them the lender though so they went to l&c anyway but have come back 3 weeks later as they haven't yet been able to submit an application as they can never get hold of anyone at l&c and just get told they will get a callback which doesn't materialise
Sadly the rate has increased since we were first looking at it and she is now under a huge amount of pressure from the seller.
If you are happy to be one of multiple thousands then go to l&c but you won't get much service (if going by their recent complaints) - if you want to be able to have a phone call and email answered and want a bit more attention pay the fee especially as the broker have already proven they can do better.