mortgage - bank or broker?

stanmoresaver

payless wrote:

but as Stan Says ( have to ask him why he's called sam , when I know his name is David!) ?

Take a look at the end of the jubilee line map Colin- NW London- Herts Borders?

AndrewSmith

You must also find a lender that will accept gifted equity in such a large amount (50%).

There are some, but your options are limited.

Andy

stanmoresaver

paula_j wrote:

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

As i said- take professional advice from a broker- you have a fair few issues that need to be overcome.

Good luck

SS

paula_j_2

Thanks!
I'l let you know what the broker says.

ukmonkey

stanmoresaver wrote:

Take a look at the end of the jubilee line map Colin- NW London- Herts Borders?

hahaha! classic...!

Joe_Bloggs

Much better than Mudchute ! The phrase 'select zone five' springs to mind.
J_B.

stanmoresaver

Joe_Bloggs wrote:

The phrase 'select zone five' springs to mind.
J_B.

or in true MSE fashion- a little drive and Zone 4

SS

lowis

i would use all options available to you to find the best mortgage you can.

i got a fees free broker to have a search, one that charges £200 once the mortgage has gone through and also did my own research.

my mortgage needs aren't straighforward - wanted 3yr fix on a Right To Buy, 11th floor, and I wanted to consolidate a debt on to the mortgage (there is about 70k equity in the flat already, i wanted to consolidate 10k) - both brokers were unable to find me the mortgage i wanted - and no lenders would consolidate the debt. so i scrubbed the idea of consildating the debt and the best mortgage to date i found myself....unfortunately it's with HSBC (see credit card board). hopefully they will accept me once i have given them all the ID, salary info etc.

I guess you should just explore all avenues and pick the best option once you have them all.

TerryB_3

In the past, I have used brokers that don't charge a fee. But I haven't had good experiences. I personally would recommend using a (carefully chosen) fee charging broker.

A couple of years ago, I tried Charcol Online to get a mortgage. Two applications fell through because my circumstances didn't suit the lender. A good broker would have known that my application would fail.
I finally went to a fee charging broker and got the entire mortgage process done in an incredible five days.
Just last week, I was trying to remortgage. I went to a non-fee charging broker and a mortgage application fell through.
After advice from the brokers on this list, I got a mortgage approved yesterday.

So, in my humble opinion: Fee paying brokers tend to have more knowledge and know what they are talking about. I believe they are money well spent if your circumstances are a little unusual.

Good luck!

Terry

AndrewSmith

So, in my humble opinion: Fee paying brokers tend to have more knowledge and know what they are talking about. I believe they are money well spent if your circumstances are a little unusual.

Not the case at all. A broker could have qualified last week and set up as a fee charging broker, thus have little experience or knowledge. Compare that against myself who is non-fee charging yet has over 12 years experience.

Fees free or fee paying should make little or no difference to the quality of the advice you are given, especially if the fee charging broker takes his fee at completion.

Both are different business models which suit the needs of different brokers in different ways. Neither is better than the other as both are paid nothing unless you actually follow the recommendation through to completion. It is in the interests therefore of both types of broker to get a product for you that will actually go ahead and that you will be happy with.

Fees Free or Fee charging does not alter the brokers market access or scope of advice.

What you should be asking also is what experience of the mortgage market your selected broker has, and what their market access limitations are. This will have far more consequence over the quality of the advice given than whether the broker charges a nominal arrangement fee at completion or upfront, or takes only the commission from the lender.

Andy