mortgage - bank or broker?

paula_j_2

Im going to look for a mortgage next week.
I really havent a clue,I need a 100% mortgage.
Where is the best place to go a bank or broker?

silvercar

banks will generally only offer you their product a whole of market broker will have the best range of mortgages for you to choose from. If you find a fee free broker you won't be charged any extra as they get their commission from the mortgage provider. Ask around for recommendations.

fossman

Apparently mortgage advisors get better interest rates than the banks normally offer the public.

The mortgage we got through our advisor wasn't even offered on the banks website.

AndrewSmith

Obviously I am biased as to which you should do however look at the circumstances and service on offer.

A bank will only tell you about their own products.

A broker will have access to many lenders, banks, building societies and will have a knowledge of the market as a whole, and is better suited to knowing which lender is likely to accept your case.

A 'whole market' broker will have access to the lenders term and conditions, and underwriting criteria. Thus he will be able to see very quickly which lenders offer the type of product you are looking for.

All this wrapped up in the fact that with a broker you are indemnified fully against the advice given, and have full recourse in the event of mis-sale.

Hope this helps

Andy

paula_j_2

WOW that was quick!!

I need a morg for fifty grand ive got around 9 grand debs.
Do you think i could get a mortgage and add my debts on to it?
I earn around £12600.

payless

for 100% deals I would also suggest speaking to your own bank, as some will be more flexible to existing customers approaching direct

stanmoresaver

paula_j wrote:

WOW that was quick!!

I need a mort for fifty grand ive got around 9 grand debs.
Do you think i could get a mortgage and add my debts on to it?
I earn around £12600.

So lets look at the situation-

Property Value £50000
Loan £59000

Nearly 120% LTV and 4.5x income

Make sure you are comfortable with the big picture!

Take advice.


SS

payless

would not really fit old style calculations , and most affordability formulas are ( rightly ?) hedged aginst incomes below £20K

not saying no one would help, but as Stan Says ( have to ask him why he's called sam , when I know his name is David!) - are you comfortable with this? is there other income in the background?

paula_j_2

The property has been valued at 100,000.00.
Im gettin it for fifty from my step father.
Does that make a difference?

stanmoresaver

paula_j wrote:

The property has been valued at 100,000.00.
Im gettin it for fifty from my step father.
Does that make a difference?

Just a little bit- lenders require the conveyancer to report on the legal title including the purchase price-

I really cannot suggest strongly enough that you take professional advice rather than DIY!


SS

paula_j_2

Ist all going through solicitors, gettin a lot of family hassle at the mo!
I really need a mortgage or i'l be homeless!!!