First-time buyer: Should I get a broker?

Missnah

Hi,

I'm a first-time buyer in South Wales and with the help of the bank of Mum I should have a 30,000GBP deposit and am looking at properties between the 80,000 and 110,000 mark.

I spent today looking online and going into banks in person to find out about what sort of offers are available, monthly repayment amounts etc. I spoke to various bank people but only got a proper mortgage advisor in one bank who did an agreement in principle for me. I'm not going to get any more agreements in principle done for now but it was helpful to have the one to know that a mortgage is possible for me.

My question really is, does it make a lot of difference getting a broker? Reading a lot of the posts and advice has got me wondering whether it is necessary or not.
From what I'm reading it sounds like getting a broker is a good idea - I'm guessing it saves a lot of hassle in the long run?

A lot of the mortgages I have found out about today seem pretty reasonable (e.g. 2 year fixed 2.69% with a 495 fee with the SVC at 4.1% currently(Santander)), would brokers be able to find cheaper deals that I can?

If it is best to get a broker, can anyone recommend a broker in or around Cardiff?

TrickyDicky

a broker can look at mortgages from may banks at once. "advisors" in banks are nothing more than salesmen who only sell their own poducts.

so unlss you're after a specific deal, a broker will always be better.

hcb42

It depends how much work you want to do yourself. Personally, I would just use newspapers and price comparison sites to determine the best rates/mortgages out there, pick one, and apply myself, but then I've always been switched on with finances.

Yorkie1

I used a broker as a FTB because the whole process was new to me and I didn't want to have to deal directly with the lender.

Next time around I will check whether a broker can match direct deals, but not necessarily use them because I'm far more confident about the process now (and informed about it too).

sopaz

I think it depends on your situation, however you can give someone like London and Country (lcplc.co.uk/) a call for free and see how their offers compare?

My situation was a little odd (PHD student, so most banks wouldn't lend) and although I never took the mortgage out, the rate found by L&C was way cheaper than I could find elsewhere.