Mortgage brokers?

Hugbubble

Hi all

I just wondered whether mortgage brokers still got broker-only exclusive deals? I used a broker 2 years ago when I was a FTB and he got us a great deal (0.4% above base rate- bless him).

But I'm considerably more savvy now, and wondered whether there was any point using a broker- the only advantage i can see is if they get access to deals that I wouldn't otherwise be able to access.

Thoughts?

VIGILANT22

Hugbubble wrote: »

Hi all

I just wondered whether mortgage brokers still got broker-only exclusive deals? I used a broker 2 years ago when I was a FTB and he got us a great deal (0.4% above base rate- bless him).

But I'm considerably more savvy now, and wondered whether there was any point using a broker- the only advantage i can see is if they get access to deals that I wouldn't otherwise be able to access.
Thoughts?

Thoughts?[/QUOTE]...........

What other advantages would you like/benefit from on top of a rate of 0.9%...........:D

herbiesjp

There are exclusive broker deals, and there are exclusive direct deals.

If you feel savvy enough - then go for it.

BTW - brokers offers indemnified advice

Hugbubble

herbiesjp wrote: »

There are exclusive broker deals, and there are exclusive direct deals.

If you feel savvy enough - then go for it.

BTW - brokers offers indemnified advice

Indemnified against what?

I think I would just feel really guilty for wasting my brokers time if I asked him what deals he could find for me, and then ended going with one I'd found myself (BTW RBS are doing 4.89% 5 year fixed for existing customers with £199 fee that I don't think a broker could beat)

Hugbubble

VIGILANT22 wrote: »

Thoughts?

...........

What other advantages would you like/benefit from on top of a rate of 0.9%...........:D[/QUOTE]

I'm certainly not complaining about the rate (although bear in mind that rates were ~5% when we took it out). I should have said- at the time having a broker to guide me though the process was an invaluable advantage (he certainly earned his commission from the lender as far as I am concerned), but I don't think that would be necessary now

herbiesjp

Indemnified against bad advice.

I have clients that do the same - if I can help then great, if not it makes no difference.

It's all about building up a relationship - my clients respect my honesty and as such are then happy to refer on friends and family as a result.

They even chat to me about other non-mortgage related issues - it's all about the broker you deal with at the end of the day.

Hugbubble

herbiesjp wrote: »

Indemnified against bad advice.

I have clients that do the same - if I can help then great, if not it makes no difference.

It's all about building up a relationship - my clients respect my honesty and as such are then happy to refer on friends and family as a result.

They even chat to me about other non-mortgage related issues - it's all about the broker you deal with at the end of the day.

Totally agree, I've passed on many people to my broker as he was great- which I think is why I'd feel guilty if he spent time looking for me and didn't get anything at the end. I think I have residual catholic guilt from my childhood- I'll try and get over it by contacting him

Thanks for your advice

Yorkie1

I saw my broker earlier this week armed with an HSBC 5 yr fixed rate, hoping he could find a deal close enough to it so that I could give him my business without losing money.

I was upfront with him and he seemed OK with where I was coming from, particularly as I said I didn't want to take the HSBC deal unless it really was heads and shoulders above what he could find.

In the event we found a 4 year fix with Nationwide which was about £8 per month more expensive but arrangement fee less by about £400 or 500. I went with him rather than HSBC, as he has been great so far and he came recommended by about 3 colleagues (and fee free!)