FTB Help re Mortage Brokers??

monkeymaster

Hi everyone, I've been reading the posts on these forums for a while and seen some good advice so decided I should try and tap into some of your knowledge myself

I've started looking at properties and have a few viewings arranged for this weekend and have started thinking about mortgages. I've read on here that it's best to go with a whole of market and fee free broker but having looked at the ones around my area (Rotherham) most seem to charge a fee and/or be assosiated with estate agents.

Am I as well to go for an Internet broker like London and County which Martin seems to recommend or approach a lender myself after looking for the best deal on something like MoneySupermarket?

I find the whole thing very confusing and to me seems like a potential mine-field!

Thanks in advance! :beer:

UK007BullDog

You can arrange a mortgage over the phone and via the internet. Just pick up your yellow pages and go for the ones with the small adverts and ask them their status and fees.

Also speak to your bank. They might be able to give you a very special deal for "our banking customers only".

Before looking you should at least know how much you think you can borrow, otherwise you are just wasting your time looking.

Also pull a copy of your credit report just to make sure all is OK and no nasty surprises surface during the mortgage application.

monkeymaster

Thanks BullDog

My bank is Natwest and they seem very uncompetitive! Have a good idea of how much I can borrow (working on 3x salary as don't want to overstretch myself) and also did the credit agency stuff a while ago

Just the broker bit that I have concerns about as I'm naturally suspicious!

herbiesjp

How about friends or family - can they recommend anyone?

mintymoneysaver

I would reccommend contacting London and Country ( who in my personal experience are great to deal with) and then double check yourself that you can't get a better deal...

monkeymaster

mintymoneysaver wrote:

I would reccommend contacting London and Country ( who in my personal experience are great to deal with) and then double check yourself that you can't get a better deal...

Thanks - I'll give them a try! :beer:

fimonkey

Interesting,. I asked a similar question a few months ago, and the majority of people THEN answered that as I was an FTB with so many questions I'd be better off finding an independant fees free mortgage advisor in my area whom I could speak wth face to face.... after some thought I agree as the more I read (here adn in otehr pages) the more confusing it all becomes!

UK007BullDog

Well, what can I say. Its all horses for courses. People have to take some responsibility and do some work themselves as well and research the subject.

I would go to 2 brokers and my main bank as well. I know it is time consuming but you are doing the largest financial transaction in your life so need the info so you are aware of all the pitfalls, requirements and fees coming your way.

Personally I would always try to find a face to face broker/adviser. But that is just me. Others prefer the more distanced approach.

The main thing is you get a mortgage you can afford and not some dodgy deal.

crashinit

monkeymaster wrote:

Hi everyone, I've been reading the posts on these forums for a while and seen some good advice so decided I should try and tap into some of your knowledge myself

I've started looking at properties and have a few viewings arranged for this weekend and have started thinking about mortgages. I've read on here that it's best to go with a whole of market and fee free broker but having looked at the ones around my area (Rotherham) most seem to charge a fee and/or be assosiated with estate agents.

Am I as well to go for an Internet broker like London and County which Martin seems to recommend or approach a lender myself after looking for the best deal on something like MoneySupermarket?

I find the whole thing very confusing and to me seems like a potential mine-field!

Thanks in advance! :beer:

dont buy its going to tank middle of this year, rates will hit 7% end of 2007 or first Q of 2008.

Sell&RentBackMan

For a first time buyer mortgage theres no need to pay a broker a 1% fee.you can goto banks directly.I think brokers are of use if they can can you a better deal or a deal that you cant get alone.As always, best to shop around.

crashinit, im interested in where you got the 7% interest rate and timeframe from? I get the impression that rates are rising now, but to how much and by when is surely speculation, you dont work for the bank of england do you?

Rick62

Why would you pay 1% for a mortgage broker? there are plenty of fees free brokers or who charge a more modest fixed fee.

The advantage in a first time buyer using a broker is that the broker will know which lender has the best deal for that person, including from lenders that are not on the high street, or even in some cases lenders that only deal through brokers.

BTW, I have reported your blatant spam. This is a site for help, not vultures.