financial advisor or direct mortgage application?

jandersony

Hi
I'm a first time buyer and new to the whole mortgage business. I've been trawling through all the sites and looking a different mortgage products, and I've found a 3 year fixed rate at 4.64% with Yorkshire Building Society which I think looks quite good.
My question is; should I just go ahead and apply for it, or am I likely to be more favorably looked upon if I go through a financial advisor or mortgage broker (I'm self employed but have audited accounts and I think my credit rate is ok).
Any advice would be much appreciated.

hairy_cornflake_2

The yorkshire deal appears to be a good one - i believe it can only be applied for online. Their upfront are non refundable fees - so if you change your mind you could lose money!!

My advice would be to go see an independent mortgage broker first - they will be able to complete a full review and will ensure this is the right product for you for your current and future circumstances. Some brokers charge fees and some dont - make sure they give you the facts from the outset and you wont have any surprises.

Good luck

dunstonh

You are unlikely to be looked at any differently whether you use a mortgage advisor or not. However, a mortgage advisor will have a range of products which will not be available to you if you go direct.

payless

I believe even most whole of market or idependent mortgage advisers do not include YBS in their research, when working on commission ( they don't pay brokers) as YBS really promote it as a direct distribution channel - instead YBS offer brokers Accord - their other distribution channel
( products may differ)
( whole of market and independent are terms which the FSA use - and they may not actually mean every lender is looked at)

YBS don't make it easy or pay for broker business - although for example I do consider them ( and other of course) myself if someone takes the option of me working on a fee basis ( whereby full commission is always rebated- although in this case there would be none)

Obviously panel brokers are unlikely to include YBS on their panel.

When dealing with brokers / mortgage advisers always ensure you know what options are on offer , and what they mean.