Barclays Woolwich new Mortgage offer

MortgageMamma

Hi pennies,

It depends on the size of mortgage you are taking whether the extremely high fee;s can be offset against the saving in monthly payments to make you better off. I might sound like a broken record but you are best off seeing a whole of market intermediary who could weigh up your options and put the cheapest product in front of you. Bets to do this before your interview with stroud and swindon - coudl save you a bit of time. You could always try and get some advice over the phone/email between now and then.

MM

pennies2pounds_3

OK. The mortgage is for 123000, but the wife is due to finish work soon ( baby)and this one allthough it has high inital fees would have low payments until she goes back to work. Am I still wrong to go for it ?

spirit

Where would I find a whole of market advisor please?

thanks

pennies2pounds_3

Try lcplc.co.uk.

jay78

Any chance of a first-time buyer being able to nab this deal?

MortgageMamma

spirit wrote:

Where would I find a whole of market advisor please?

thanks

I would ask friends and family for a recommendation spirit, failing that, let us know where you live there are plenty of good brokers that post on this site I could recommend toyou,

MM

AndrewSmith

spirit wrote:

Where would I find a whole of market advisor please?

thanks

Depends what type of advice you are looking for really.

If you are happy to deal over the phone / post etc and dont need an agreement in principle then a firm such as L&C are fine (Phone based, in Bristol, deal in re-mortgages and people who are moving who have found a property).

If however you want the more traditional style of a personal consultation face to face, possibly in the evening at your home etc, then you need to find someone local to you. This type of broker is popular with people who want to sit and actually se the figures in front of them, and prefer to deal on a more personal level.

Personal Recommendation is a good place to start as are local directories. Failing that you could use yell.com etc.

Always clarify withe the broker what their access to the market is (whole of market DOES NOT necessarily mean all lenders), and how they are remunerated.

Also do not be afraid to ask the broker what experience he / she has and how long have they been in the business.

Hope this helps

Andy

TangentMan

AndrewSmith wrote:

Always clarify withe the broker what their access to the market is (whole of market DOES NOT necessarily mean all lenders), and how they are remunerated.

I would also like to point out that whole of market does not mean all deals even from lenders the broker deals with. It is worth clarifying which "mortgage clubs" brokers are involved with. The big lenders will offer exclusive products to some of the bigger brokers / mortgage clubs.

AndrewSmith

TangentMan wrote:

I would also like to point out that whole of market does not mean all deals even from lenders the broker deals with. It is worth clarifying which "mortgage clubs" brokers are involved with. The big lenders will offer exclusive products to some of the bigger brokers / mortgage clubs.

Absolutey right.

There is nothing stopping a broker however from registering with the various mortgage clubs on an individual basis thus giving themselves access to the exclusive products offered by the likes of 'The Mortgage Alliance' or 'Premier Mortgage Services' to name but 2.

It doesn't just stop at big lenders either. Many smaller lenders will entice volume business by offering 'semi exclusive' products vis 2 or 3 Mortgage Clubs.

The best way to spot which one it is being submitted through is to check on the Quote given by the broker/lender. Section 13 will state to whom the commission is payable and how much.

Whwn a broker submits a case via a 'Mortgage Club' the commission is paid to that club, then passed on to the broker minus the mortgage club's cut.

Andy