Direct or via broker?

Butterscotch-

I'm looking to get a mortgage but unsure of how easy/difficult it would be to go direct (I'm looking at YBS). Looking for some advice on the process as there is a difference of 0.3% on a 5 year fixed.

ACG

Is there a local branch of YBS? I can see your in scotland but we have a few YBS's in manchester so it might be such a stupid question :P

Alternatively have you tried applying on their website or calling them to see if they can send you an application form?

Butterscotch-

We do have a local branch. I'm not sure if I worded my question correctly. I want to know what I'd have to do if I went direct. I assume I don't just apply and the money appears in my bank account to pass on to my solicitor?!

hcb42

If you apply direct you just go through process with them...not difficult particularly.

Butterscotch-

But what exactly is the process? I'll maybe see if I can give them a call at lunchtime.

ACG

Thats part of the point....you can call them at lunch time.
My job as an advisor acting for a client means i can call them at 9am to ask for something, if it doesnt get done i can call them at lunch time and then at 4.30 before they close. You can call them at lunch time its then playing on the back of your mind has it been done and if it hasnt your more stressed and trying to find 5 minutes so you can call them just before 5 when they close.

We also get everythign we (should) need in one swoop at the start, this means you can wipe your hands clean of it and relax if you want.

We act as a central point, dealing with solicitors, lender, buyer (you), estate agents. The whole process could be really simple and you end up paying more for the advice than anything else as in we maybe put in a few hours work, but the lenders could kick up a fuss and want to check the ins and outs of everything meaning were on the phone getting annoyed and screaming at the lenders to stop being a pain in the !!! and release the funds. We also have account managers at the lenders and if you use the solicitors we recommend we have the relationships in place - meaning we can lean on people to pull their fingers out and get a move on...or in some cases to slow everything down if your waiting for a certain date.

Its like anything you can probably do it yourself (i can lay a carpet, but by the end of it i was shattered), the difference is... like any professional, we can make it look easy.

Butterscotch-

Technically I can call them at pretty much any time of the day if I have to, I just prefer to wait until lunchtime. The bigger worry would be having to go in to the office during working hours to sign various bits of paper.

£1800 seems a heck of a lot to pay for someone to do it for me.

ACG

£1800!!!!
That IS a lot!

How much is the purchase? Are you being charged 1% of the purchase or somthing?

I charge about an 1/7th or 1/8th of that + any commission on top.... Im not touting for business, im just trying to give you an idea how much less you can get an advisor for with a bit of looking around. I think most charge closer to about £400-500 though.

and for £1800 he should be coming to you and letting you keep the pen once youve signed the paperwork :P

Wh05apk

£1800 is taking the michael!

Walk away find another broker.

Butterscotch-

It's not a fee. It's the difference in going with 3.69% with the mortgate adviser (who is free) and going direct for 3.39%.

ACG

Ah i read your post as though your paying the advisor.

Have you told the advisor about the deal you have found to see what they can do to match or get that deal?