Selecting a local broker - First Time Buyer

dragilex

Greetings,

I've been a fan of MSE for a long time but now its time to buy a house I've taken the plunge to post on the boards. I've read a lot of advice and information. I've pretty much chosen a house, I've done my FSA tables research for what good deals are around at the moment and I now need to look at chosing a mortgage broker. I'd prefer an expert guide me through the process than apply myself. I'd also prefer to see one face to face, so I can see a list of available mortgages and run through them. I feel over the phone how do I know they're telling me about all the available mortgages. I have this fear of being done over in the mortgage market, I want the best deal I can get just like everyone else. I know this question might have already been answered but I'd like to ask from my situation to get my own answers (and not read through millions of posts and replies).

So my question is this. How does one go about finding and selecting a local broker that one can go and see or they can do home visits? Are phone only brokers trustworthy?

Thanks

powerwin

One thing I would like to say. I am a fan of internet forums, and after having briefly read the guidelines for MSE, I can see that mortgage brokers are allowed to post here, and whilst they aren't able to "tout" for business, you are free to contact them here should you so wish.

The good thing about forums is that some of these brokers will have built up a large number of posts, so you can go back through their history and see the quality of answers they are giving.

Also, if you start keeping this in mind whilst you read the forums, you might find a broker that is on your wavelength.

The other thing is, if they are taking the trouble to answer posts here, they are likely to be considerate of their customers, and probably have a better knowledge of the whole mortgage industry than most. They are also probably a lot less likely to be the kind of person who would rip you off.

Thus I would say keep your eyes open here and maybe some people worth contacting might come to your attention.

Rgds

dragilex

powerwin wrote: »

One thing I would like to say. I am a fan of internet forums, and after having briefly read the guidelines for MSE, I can see that mortgage brokers are allowed to post here, and whilst they aren't able to "tout" for business, you are free to contact them here should you so wish.

The good thing about forums is that some of these brokers will have built up a large number of posts, so you can go back through their history and see the quality of answers they are giving.

Also, if you start keeping this in mind whilst you read the forums, you might find a broker that is on your wavelength.

The other thing is, if they are taking the trouble to answer posts here, they are likely to be considerate of their customers, and probably have a better knowledge of the whole mortgage industry than most. They are also probably a lot less likely to be the kind of person who would rip you off.

Thus I would say keep your eyes open here and maybe some people worth contacting might come to your attention.

Rgds

Thanks for this. I shall keep this in mind. I do read the boards, I just have never posted before.

payless

I think face to face is better for most FTB purchases... although

I'd also prefer to see one face to face, so I can see a list of available mortgages and run through them. I feel over the phone how do I know they're telling me about all the available mortgages. I have this fear of being done over in the mortgage market, I want the best deal I can get just like everyone else

Want makes you think face to face will get you a list of all deals - doubt many brokers still do research in front of client... also lists on screens and printouts can be filtered to exclude rates!!

payless

PS.. not touting, as actually turning new clients away at present unless personally referred

herbiesjp

dragilex wrote: »

So my question is this. How does one go about finding and selecting a local broker that one can go and see or they can do home visits? Are phone only brokers trustworthy?

Thanks

Asking for friends or family for a recommendation is the best place to start.

Phone/internet brokers should be just as trustworthy as a face to face adviser as they all should be following the same FSA regulations.

Wutang_2

Definitely go Interest only on new build - PM me for more info

Dan_1976

Great advice Wutang!

OP, as already said look for friends and family who have dealth with a broker.

payless

Wutang wrote: »

Definitely go Interest only on new build - PM me for more info

guess i'm missing the joke

dragilex

payless wrote: »

I think face to face is better for most FTB purchases... although


Want makes you think face to face will get you a list of all deals - doubt many brokers still do research in front of client... also lists on screens and printouts can be filtered to exclude rates!!

I've had one introductory interview with one broker where he simply turned his monitor towards us and just went through what was on the screen. He filtered the results by whatever we asked, explained anything we asked. Doesn't matter who you chose, its just the seeing the choice rather than hearing the choice. I'm willing to give phone brokers a go though.

VIGILANT22

powerwin wrote: »

One thing I would like to say. I am a fan of internet forums, and after having briefly read the guidelines for MSE, I can see that mortgage brokers are allowed to post here, and whilst they aren't able to "tout" for business, you are free to contact them here should you so wish.

The good thing about forums is that some of these brokers will have built up a large number of posts, so you can go back through their history and see the quality of answers they are giving.

Also, if you start keeping this in mind whilst you read the forums, you might find a broker that is on your wavelength.

The other thing is, if they are taking the trouble to answer posts here, they are likely to be considerate of their customers, and probably have a better knowledge of the whole mortgage industry than most. They are also probably a lot less likely to be the kind of person who would rip you off.

How wrong you are.....re' better knowledge....also they should not be on here to "pick up" business...altho by certain one's it is obvious by their post that is what they are doing...giving a little bit of onfo then saying I can't disclose anymore on here!!.............If you think this is the sign of a good adviser you are seriously misinformed......This is not a compliant way to work and whether directly authorised or appointed rep's this would not be looked on favourably by the FSA.........