Mortgage Broker - good idea?

dllive

Hi,
Ild really like to get a mortgage sorted out quickly. Ive had a look on ThisIsMoney and on this website to see the various Best Buys. I "think" I will go for a 5 year fixed mortgage. I wanted to see if anyone thinks its worth going to a Mortgage Broker such as The Mortgage Shop. Does it cost me more getting them involved, or do they get paid commission from the banks? Does it slow things down? Or should I just think "I want a 5 year fixed mortgage" and then look at the APR of the Best Buys and contact them?
From what Ive seen, HSBC, Woolwich (although Ive heard their customer service is truly awful) and FirstDirect are offering the best 5 year deals. Everything changes so fast, I want to try and get a good deal before theyre all used up.
Thanks for any suggestions/advice.

dllive

I just thought Ild mention that Ild like the flexibility to make over payments each month.

dunstonh

Does it cost me more getting them involved, or do they get paid commission from the banks?

Depends on whether you go whole of market or independent. If you go whole of market then it depends on the fee structure they offer. Some will be fees free but only consider commission paying deals. Others may have small fees (typically in areas with small mortgages where commission doesnt cover the cost). Others are greedy and charge disgraceful amounts. An independent is fee based by nature but any commission is rebated. Typically an independent would include non commission paying deals as well. So, despite the fee, this could be the cheapest option.

benjaminM

It depends on the service and advice you are looking for. It is possible you maybe able to get a slightly better deal by going direct to a lender, however, in many cases a mortgage broker will offer a more personal service. Most brokers have access to the whole of the market so they will have a lot more choice and generally speaking a good broker will help you throughout the whole process.

JA1000

Wouldn't bother with a broker if you go for a Santander branded product.

https://forums.moneysavingexpert.com/discussion/2357351

inca_2

Well they mentioned HSBC, Woolwich and First Direct not Santander, are you going to post this on every single thread that mentions brokers?

inca_2

It depends on how busy you are too and how much time you have to be searching around for deals. Also, how complex do you think your situation is? Brokers knowledge of lenders criteria can be very useful as they will not only be able to source your the appropriate deal they will also ensure as far as they can that your case is more likely to be accepted. I'm not biased either, I'm from the dark side of bank based employees. Personally I think that brokers can be a godsend, particularly when you have a lot on and could do with someone else doing the sorting out/chasing/pushing the lender for you.

JA1000

inca wrote: »

Well they mentioned HSBC, Woolwich and First Direct not Santander, are you going to post this on every single thread that mentions brokers?

Yes especially as my bank account states this today

30/04/2010 Card Purchase -£370.00 MORTGAGE VALUATION REF 118 2015115900 BCC

Why would I want other people to be conned!!