Should I go direct to the Bank?

waribai

Hi,

I have put in an offer on a house and the L&C broker has come up with what he sees as the best mortgage for us. Coincidentally, it happens to be with my main bank who I have been with for 20 years.
Would it make any difference if I went via the broker or direct to the bank to get the mortgage in terms of likelihood of acceptance?

hillcats

You may get yourself a better deal / rate if you go directly to the bank, they may save on commission and may be able to offer you better. If you dont ask then you wont know...

I have never used brokers for my previous mortgages, always done the donkey work myself, but we have never had any credit problems etc and have a good ltv, see details below.

waribai

Thanks,

That sounds like good advice. The main issue is that my OH is a foreign national (but her salary is about half of mine so I'm the one who is probably under more scrutiny) but the mortgage broker says that because of their expereince, reputation etc, they can help us gain acceptance with the bank. We've both though had bank accounts with them for 10+ years, credit cards and savings. Not sure how true this is or does he mean ith the form filling they can get it right first time?

Thanks!

GMS

No broker can influence a decision of a lender if it is outside of criteria but the ability to present the case properly and to the correct lender will help a complex case.

Which country is your partner from?

Dealing direct with the lender can mean a better deal but dealing with the lender is something not everybody wants to do.

Which bank are you with?

waribai

GMS wrote: »

No broker can influence a decision of a lender if it is outside of criteria but the ability to present the case properly and to the correct lender will help a complex case.

Which country is your partner from?

Dealing direct with the lender can mean a better deal but dealing with the lender is something not everybody wants to do.

Which bank are you with?

Thanks for this. My partner is from Japan and we are with Barclays.......Does that make any difference?

GMS

Does your partner have right to reside?

You could speak to Barclays (Woolwich) and see what they can offer.

waribai

GMS wrote: »

Does your partner have right to reside?

You could speak to Barclays (Woolwich) and see what they can offer.

Yes, she does have the right to reside. But it doesn't become permanent until this December when we will have been married for 2 years.
Yes, the mortgage broker seemed quite confident Woolwich would accept us but I am wondering whether that is because of how the broker will present our case or because of their policy.

madmish00

You can always make enquiries with Woolwich and see where they stand and if it seems like it is going to be complicated go through the broker.

I've no experience of this position myself but just doing a search for old posts I found this

- A/L and Santander seem to say NO to non-UK nationals
- C&G (and thus, possibly Lloyds TSB) also seem to say NO to non-UK nationals
- HSBC (and thus, possibly First Direct) ask for 2+ yrs time visa run from app-time
- Woolwich (Barclays) seem to be ok if applicant has been resident for two years and have been a UK tax payer during this timeframe
- Halifax are ok if 2.5+ yrs time visa run available or if not, a confirmation from employer that they would apply for renewal
- ING Direct just mention that applicant should have legal right of residence, but do not state legal right of permanent residence. So, they might be Ok as well.

waribai

madmish00 wrote: »

You can always make enquiries with Woolwich and see where they stand and if it seems like it is going to be complicated go through the broker.

I've no experience of this position myself but just doing a search for old posts I found this

Thanks, yes I saw that too. I think I'll make tentative enquiries and take it from there!

Wh05apk

madmish00 wrote: »

You can always make enquiries with Woolwich and see where they stand and if it seems like it is going to be complicated go through the broker.

I've no experience of this position myself but just doing a search for old posts I found this

So the op, could start all over again, take time off work to visit their bank, or spend another couple of hours on the phone to them to get the same deal as they have already been advised on, or just go with L&C for exactly the same deal, and let them do the chasing?

Why is there a reluctance to use brokers?

waribai

Wh05apk wrote: »

So the op, could start all over again, take time off work to visit their bank, or spend another couple of hours on the phone to them to get the same deal as they have already been advised on, or just go with L&C for exactly the same deal, and let them do the chasing?

Why is there a reluctance to use brokers?

Hello, there's no reluctance to use a broker as such if they are good. I was just wondering if, as the second poster suggested, the bank would offer some added incentive for us going directly through them.