What do you look for in a broker?

payless

I feel that there is room in the market for both brokers and the moneybackmortgages of this world and I would expect that the majority of people who use that site would not go to a broker anyway.

what I can't seem to get across, is that any broker ( well subject to his employer / network allowing , if not directly authorised) can adapt his service levels / fee structure, to offer either advised or non-advised , with/ without fees with or without rebates.

kenshaz

payless wrote:

what I can't seem to get across, is that any broker ( well subject to his employer / network allowing , if not directly authorised) can adapt his service levels / fee structure, to offer either advised or non-advised , with/ without fees with or without rebates.

OK that is good and allows choice

Arch-Angel

kenshaz wrote:

I believe that choice should be the overriding factor,if a mortgage is complex,and the lender feels unable to complete,then use an experienced broker.(would you use a travel agent to book your around the world trip or could you do it cheaper ) some would and some could,some couldn't and wouldn't .I feel that for those who are confident and sophisticated,use every money saving technique available,including the software wizards,use what is available at the time.

The main thrust of my argument is comparison,would you renew your car insurance on your renewal quote,some would and that is fine,but that is not in the spirit of this site.Would you have your bathroom suite replaced on one quote,again not in the spirit.
The Double glazing salesman spent two hours trying to persuade me that his product was for me ,should I have given him the contract,purely on the basis that he had committed time and should be rewarded by right.I then decide to purchase the windows from Wickes and get a local joiner to fit,saved thousands.But,the route I chose would not be suitable for all,perhaps they will get as good a job ,certainly not better ,because I was the project manager ,but it will cost.

Another example is the kitchen designer who spends time in your home,then you buy flat pack assemble yourself and again use a joiner,to complete (sorry meant fit)not for every-one,suppose you are correct horse for courses.

Another analogy Stoozing is not for every-one ,but for the disciplined ,with good credit records,it is very profitable.The banks do not like it because it costs and wastes their time,but it fits in with the spirit of this site

I totally agree on your "choice" viewpoint and it is one I subscribe to - my brand loyalty is low to say the least! However, whilst your examples (double glazing, kitchens) are valid, these are single sources. What I mean is, you're shopping around by going to each source and finding the best price - which includes DIY assembly (via a joiner admittedly).

As you say, this is all part of the MSE philosophy - web searches included. I also cannot fault your thinking that stoozing, haggling and bartering are not for everyone - finding a good competitive price for the holiday etc. is fine for most people (there may be an extra 5% saving for a few hours work of fine tuning, but if you've already saved 25% for 30 minutes work the vast majority won't bother chasing the extra 5% - simply due to human nature).

However, I would argue that mortgages are different beasts simply because that extra 5% saving on a £150K is not to be ignored - on a £300K mortgage the saving is even more substantial. That's where brokers come in. If they don't find the best deal (within reason) it's their fault! In addition if they are fee's-free (which they will be as we're all good MSE's) you don't pay anything.

I think - if I'm reading you correctly - you feel that it's within the MSE philosophy to use several brokers to identify the best possible deal before placing the mortgage via a cashback website to earn £250 or so. Granted, you've saved the most money and it's your choice after all. However, consider the work you've done to earn that £250 - 3-5 brokers visited, time spent at each broker (5 hours per broker? more? less?). You identify the best mortgage and visit the cashback site. Now you need to make certain you're getting the exact same deal - a slightly higher booking fee or arrangement fee will impact on your £250 cashback. In other words, at what point do you say "that's the best price" - do you keep fighting for every penny, regardless of the effort required to obtain the best price? Or are you the type of person that considers the amount of return with the amount of effort - is ten hours of haggling worth it for a £5-£10 saving?

kenshaz wrote:

I am also open minded and a resource investigator,so I never close down always prepared to listen to debate,I am a floating voter,and never a fence sitter,and never take the side of my peers because it makes me popular.

"never take the side of my peers because it makes me popular" - interesting. Care to elaborate?

simonbh7

Arch-Angel wrote:

However, consider the work you've done to earn that £250 - 3-5 brokers visited, time spent at each broker (5 hours per broker? more? less?). You identify the best mortgage and visit the cashback site. Now you need to make certain you're getting the exact same deal - a slightly higher booking fee or arrangement fee will impact on your £250 cashback. In other words, at what point do you say "that's the best price" - do you keep fighting for every penny, regardless of the effort required to obtain the best price? Or are you the type of person that considers the amount of return with the amount of effort - is ten hours of haggling worth it for a £5-£10 saving?

You won't spend 5 hours per broker though will you. You might spend 5 hours in total! This then, using your figure of £250 back, equates to £50 per hour which to many people is worth it.

payless

Had posted a longer post giving reasons why quality advice can save more ( and thats before talking about getting both advice and rebate)
but decided its all been said before

.... but if you don't mind simonbh7 can I ask are you ion the mortgage industry ( and if yes , anything to do with the sites mentioned?)

simonbh7

payless wrote:

Had posted a longer post giving reasons why quality advice can save more ( and thats before talking about getting both advice and rebate)
but decided its all been said before

.... but if you don't mind simonbh7 can I ask are you ion the mortgage industry ( and if yes , anything to do with the sites mentioned?)

No and No.............Graphic Designer.

payless

cheers, hope you did not mind me asking

MortgageMamma

simonbh7 wrote:

No and No.............Graphic Designer.

Freelance?

simonbh7

payless wrote:

cheers, hope you did not mind me asking

Not at all.


I have several buy to lets and therefor take a keen interest in the mortgage market.

I personally would not use a broker for my mortgages, but that is because my mortgages are relatively straightforward and I am confident with my understanding of the mortgage market.

BUT I am not anti-broker. I think that a good broker can be invaluable to people whose circumstances don't fit nicely into lenders criteria, or people who are not sure of what they need.

I am a fan of moneybackmortgages, providing their administration is up to scratch.

simonbh7

MortgageMamma wrote:

Freelance?

No.....one of the great unwashed!