Do I need to use mortgage broker?

agile83

Hi guys,

My current fixed rate mortgage deal with Santander at 4.24% runs out at the end of September and I will move onto a BOE + 3.74% tracker and so I have been looking for deals as I would like to fix again.

I spoke to my mortgage advisor about this and he found me a deal with the Woolwich - the 2 yr 85% LTV great escape mortgage fixed at 4.69%. I have had some paperwork from Woolwich to fill in and also they have already sent someone to value my house. However today I spotted an article on Moneysavingexpert regarding banks lowering mortgage rates. I checked my product and sure enough it is now 4.19%.

Firstly Im now unsure of how things proceed, and whether woolwich would reissue me with updated documents to reflect the lower rate or whether i need to "quit" and start again with them?

Also i would like some advice on why i actually need to use my mortgage broker as I found the deal he found, and i am the one who left him a message today advising him that the rate has dropped. I thought you paid a mortgage advisor his fee (£300 in this instance) as they took a lot of the leg work out of remortgaging but yet i have a lot of paperwork from the woolwich to fill out so Im unsure as to what service he has / is providing me with?

Im quite happy to pay for a good service but if i can actually do this myself would i be wise to sort the remortgage myself?

Hope this makes sense, cheers,

dunstonh

irstly Im now unsure of how things proceed, and whether woolwich would reissue me with updated documents to reflect the lower rate or whether i need to "quit" and start again with them?

Ask your mortgage adviser

Also i would like some advice on why i actually need to use my mortgage broker as I found the deal he found, and i am the one who left him a message today advising him that the rate has dropped. I thought you paid a mortgage advisor his fee (£300 in this instance) as they took a lot of the leg work out of remortgaging but yet i have a lot of paperwork from the woolwich to fill out so Im unsure as to what service he has / is providing me with?

If you dont use the mortgage adviser, you will have to start from scratch again.

agile83

it would be good to know what starting again entails?

I have expressed an interest in the woolwich 2 yr fix and my mortgage advisor has done "something", and i have had someone pop round to value my property. I asked whether it would be worth me starting again and not using my mortgage advisor thus saving £300. So im aware that I would need to start from the beginning. But what does this involve and is it worth me not using my mortgage advisor?


If there is a lot of work involved then i would be more than happy to pay the fee, Im not trying to be tight or awkward, Im trying to ascertain what is involved in me going it alone.