is it worth using a broker?

bridget180282

Hi All

Sorry lots of questions from me lately!

I am a FTB looking for properties around the 120k mark or less!

At the moment I have a 10% deposit saved (12k) I earn 21.5k basic plus I get up to another 7k of bonus

I have a mortgage in principle with the Halifax but I have noticed their rates in the last month or so have changed from 5.79% to 6.99% for most of their mortgages which can make quite a bit of a difference to monthly payments ect, I do also have a 2nd income from beauty treatments but my profit was only £400 last year after outgoings, this should grow more next year when I finish college, I delclare this to the taxman should I also declare to the lenders even though its a small amount and I submit my own tax return?

My questions are, on my salary and what I want to borrow is it worth using a broker?..when I do my own research online it looks like only Halifax and Yorkshire bank will meet my requirements? last time I put an offer in on a flat I went to see the EA brokers and he was shocking but I dont 1 to let 1 bad one put me off if they could find me a better rate? or it this unlikely and the rates are what they are for FTB with only 10% deposit....would I be better saving the extra 5% although this is not something I really want to do!

Or am I just as well as doing my own research and contacting lenders myself? I feel I have quite a good understanding now of mortgages and their costs?

Thanks
Vicky

beecher2

Personally I'd wait and build up your deposit - if you don't get a bonus this year then you're looking at 5 times your salary and I can't see how you'd manage at payments of 7%/

You'd be best to see a broker if you're determined to go ahead now.

Conrad

No, you absolutely do not need a broker. Only complex cases require a broker. You will get better deals from lenders direct, especially at 90% ltv. Shop around for insurance - if you need it. Do not take a lenders unless you are sure it is best value.

pauljoecoe

I contacted a couple of brokers when i remortgaged recenlty. I found better deals myself with no additional costs.