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Should I use a mortgage broker?

charleybear123
charleybear123 Posts: 5 Forumite
in Mortgages & endowments
Hi,

We are selling our house and wanting to buy a new one, do i need to use a mortgage broker? As i'm not really sure where to start, can anyone help me please?

Thankyou :)
«1

Comments

  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    If you are not sure where to start then you would benefit from some help from a broker.

    How much are you looking to buy a new place for? What deposit will you have?

    Have you spoken to your current lender to see what they could offer (assuming you have a mortgage currently)?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • charleybear123
    charleybear123 Posts: 5 Forumite
    Hi,

    We are looking at houses up to the £100-110K range with hopefully a 30k deposit. The mortgage lender i'm with now noted on their website that due to the current climate they aren't taking any new customers on. Maybe I could give them a ring and just ask the question. I was thinking of maybe trying the natwest and see what they say as they do some good deals.

    :)
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Which lender are you with now?

    Natwest have some good deals but not necessarily the best. Look a bit deeper than the rate. Arrangement fees and valuation fees can make a cheaper rate more expensive than an alternative overall.

    Keeping to 75% LTV and below will mean decent rates assumong income and credit profile etc are ok
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • charleybear123
    charleybear123 Posts: 5 Forumite
    we are with amber homeloans at the moment in skipton -our last mortgage broker found them for us.

    That's great thanks i wanted to keep it to about 75% LTV - i was thinking of the natwest as i bank with them and they do seem to offer good deals but suppose that isn't a good reason to just go with them.

    How can i find good mortgage deals online without going through the major banks and brokers? As there are that many how would i find them?

    Also do they all charge high arrangement fees?

    Thanks :)
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    charleybear123 wrote: »
    we are with amber homeloans at the moment in skipton -our last mortgage broker found them for us.

    That's great thanks i wanted to keep it to about 75% LTV - i was thinking of the natwest as i bank with them and they do seem to offer good deals but suppose that isn't a good reason to just go with them.

    How can i find good mortgage deals online without going through the major banks and brokers? As there are that many how would i find them?

    Also do they all charge high arrangement fees?

    Thanks :)

    Arrangement fees vary hugely from zero to £1995 or a % of loan.

    Comparison sites will give an idea but they will not tell you if you would fit criteria.

    Why not try a broker? All the searching would be done for you.

    Why did you go to Amber previously? Self cert? Bad credit?

    Can you prove income now? Do you have a good credit record?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • charleybear123
    charleybear123 Posts: 5 Forumite
    we went with amber as the mortgage broker recommended them as we had poor credit but we thought our credit was worse than it actually was, four years on our credit score is good now.

    I think we may try a broker as it seems an easier option especially as we are after a quick sale on our house and want to buy another quite snappy. do you know roughly how much they charge?

    Thanks
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Charges vary from broker to broker but should be declared up front.

    Initial consultation may well be free. I do not charge for these like many more brokers.

    Get copies of your credit searches from Experian and Equifax. Get the £2 statutory ones. Don't subscribe to the free trial, it can be a nightmare to cancel. Get the searches to the broker to ensure that the credit profile will fit lender criteria. No good applying to lenders who will decline as this would harm credit score.

    Good luck
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • charleybear123
    charleybear123 Posts: 5 Forumite
    aah thankyou for all your help you have been great. I will get onto that straight away.

    what is your company called for future reference as i noticed that you are in merseyside and we are in north wales.

    thanks :)
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    charleybear123 wrote: »
    aah thankyou for all your help you have been great. I will get onto that straight away.

    what is your company called for future reference as i noticed that you are in merseyside and we are in north wales.

    thanks :)

    I have sent a message with details in.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Meeper
    Meeper Posts: 1,394 Forumite
    Hey! Merseysider taking my North Wales clients away! Our client base is thin enough on the ground as it is! :)

    hehe
    I am an Independent Financial Adviser
    You should note that this site doesn't check my status as an Independent Financial Adviser, so you need to take my word for it. This signature is here as I follow MSE's Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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