Mortgage brokers

cod3

Hi

I was looking to move to a fixed 2 year deal with my current provider. I have a low LTV so have been offered their lowest % rate quoted on their website. No fees.

A colleague at work is in the same situation, but has a high LTV. She called her mortgage broker and he quoted her a better % than the one stated on the website for her LTV bracket. No fees.

Do brokers therefore get better percentages for their clients and is it worth me phoning one? Thanks in advance for any advice

ACG

There is no set rule.

Depending on the client we can get better rates than if you went direct, but likewise there are some lenders who will offer better deals if you go direct and dont use a broker.

Its worth checking with a broker, they will search other lenders not just your current lender, so they might find you a better deal elsewhere.

betmunch

Some Brokers have Exclusive deals available to them. It depends on how their business is set up, what mortgage club they belong to, and which lenders they will consider.

cod3

Thanks for your replies

I have just been in the "intermediaries" part of their website and can now see there are additional tiers available to brokers that are not on the "punter" part of the website. This has explained why my colleague was offered her rate. Looks likes my rate can't go any lower with my exisiting provider so I will probably just go for it.

Sammie_UK1

Hi,

Sorry to crash in on your thread but my query is slightly related and didnt want to start a new thread.

How can I find recommendations/view reviews for a local mortgage broker?

I don't know of anyone who has recently used a broker so can't ask anyone to recommend someone.

Thanks

ACG

Google local search some will have reviews, freeindex.co.uk - there are reviews on there.
But take them all with a pinch of salt you dont know whos written them, it could be the advisors wife or brother.

Sammie_UK1

What should I ask and what checks should I do to ensure a prospective broker will do his/her job properly and find me a decent/suitable deal, efficiently and cost effectively?

GMS

Sammie_UK1 wrote: »

What should I ask and what checks should I do to ensure a prospective broker will do his/her job properly and find me a decent/suitable deal, efficiently and cost effectively?

Any recommendation made will need to be backed up with evidence of research and an explanation as to why the selected product is the most suitable for your needs.