Broker v Yourself

smcqis

Lets say for example the whole of market fees free broker got you a deal that you had found yourself. Going through a broker they do all the work for you? any disadvantages of using a broker in this instance?

Fairdo_2

In the first instance, I would say no. A good broker should certainly prove their worth by dealing the progress for you and if the deal is exactly the same, you have nothing to lose (in my opinion) by going through them.

They would normally be receiving a Procuration Fee, but that is for the Lender to pay, not you.

dunstonh

none at all. Indeed, there are only really advantages. Greater consumer protection, someone handling all the paperwork for you and someone doing the chasing up for you.

Conrad

Use the broker. Jusr one caveat, I've been around a long time and I certainly know of instances where the broker goes cold on progressing the case once he realises the client doesn't want his insurance. I'm not suggesting all 'free' brokers are like this though.

Certainly at higher loan to values the lenders DIRECT deals are better than broker ones.

Also note brokers cannot deal with ING, First Direct, COOP, HSBC and others.

Dan_1976

Brokers are a good way to go as long as you find a good one.

You do get more protection and you would probably be better off paying a fee for a good one to find you a deal that is direct only.

More opinions will now flood in so hang tight!

ginvzt

We ask L&C to look into our case when we re getting mortgage over 3 years ago (!!! can't believe it has been that long). We were thinking to go with Nationwide as he interest rate was very good and we had option of overpayments (we were keeping a pot of money for the works, and if anything was left to overpay the mortgage). They came back with the same interest rate from I think it was Cheltenham&Gloucester (but not sure 100%). We talked with L&C and decided to go with Nationwide in the end as we could make higher overpayments there.

In the end, we sold our house just over a year later and Nationwide 'forgot' to charge us ERC (which we went in to branch questioning and in the end we got a letter from them saying we don't owe them anything).

smcqis

Great information thanks

Hauzen

I used London & Country for my mortgage application recently and I was very happy with them. My situation was a bit complicated having recently lived overseas and not having had any real credit history in the UK, but they did all the hard work finding out which lenders would consider someone in my situation and came back with a mortgage product that was pretty bloody good.

I agree with dunstonh above, it was great having someone else deal with all the paperwork and chasing up of the lender, and all I had to do was wait around for them to phone me and say the mortgage was approved. I'd definitely recommend them

noopys

I am using L&C for my mortgage application.

I initially went to HSBC direct, but they took 6 weeks to process my application and deny me.

A broker I used after that, said he was whole of market and no fee, got a valuation arranged with Santander in one week. However, said he would only progress if I paid over £2000 as a fee, which I obviously declined vehemently! (No KFI was sent to me, even after I requested it numerous times).

I then used L&C, two weeks ago and they have been brilliant from the start. Very transparant and uber professional. I have a mortgage offer that should be arriving in the post tomorrow!

If you want people who are knowledgable, bright and of course no fee I would highly recommend using L&C.

dunstonh

If you want people who are knowledgable, bright and of course no fee I would highly recommend using L&C.

Although dont rule out fee basis with commission refunded (i.e. independent) as that can often result in the cheapest option. It is also even more transparent than fees free whole of market.

nomnomnom

In my experience using a Broker wasn't a good idea. When you discuss a mortgage with a broker face to face, and assume you go ahead with one, you have no cooling off period.