broker vs direct etc

garbled_2

Background
FTB
Identified house within first 2 weeks of looking.
Got an offer accepted after another 2 weeks of haggling.
Appointed Solicitor 1 week after acceptance.
Currently looking for a suitable mortgage (70% LTV).

Got a couple of brokers to give their best deals for a 2,3 or 5 year fix. Both quoted identical deals from Nationwide.

Did online comparisons to find several deals with lower interest rates for the 3 or 5 year fixes. Have a few questions:

1. Is there any inherent advantage to using a broker (e.g. greater acceptance rate with lenders etc) than going direct to lender? The cheaper deals I can see online are mostly direct from lender.

2. Even if the fix is at a lower rate it appears that the SVR at the end of the fix is much higher for the cheaper deals on offer. Since I suspect everyone remortgages when nearing the end of the fixed deal is the SVR at the end of the fix just like the APR for the full term of the loan really a relevant quantity to consider while comparing deals?

3. Even 2 weeks after accepting our offer the estate agent hasn't taken the house off the market in spite of the solicitors now making contact and the Notice of Sale being received. Could they be pressurised by the threat of withdrawing?

Perhaps many of these questions have been asked and answered before but due to the rather stressful nature of my current existence I haven't been able to read this site in as much of detail as I would like to! So, will real appreciate any comments from all you gurus out there!!

GMS

1/ A broker may be able to assist and 'grease the wheels'. If you are happy and confident to deal yourself then do so. Ensure all criteria is met, not just chasing a rate.

2/ SVR should be considered. What if for any reason you cannot remortgage after the fixed period? Do you want to be at the mercy of a lender variable rate? If SVR is disproportionate to other lenders do you want to take a chance? Consider a follow on rate linked to base rates rather than lender SVR if concerned

3/ Do you have a mortgage in place? Solicitors appointed should be enough to indicate a commitment on your part but if no finance in place then vendor may be worried as to your ability to complete the transaction. Present a Decision in Principle along with solicitor instruction to prove intent and insist on removal from market. More so confirm surveyor appointment.

Good luck with it all, I hope you secure the prperty asap

garbled_2

Thanks for your tips.

I did get an AIP from Barclays since I had accounts with them. This is for a much higher amount than I need and cost me a credit search (I didn't know then that this was an adverse point for the credit report in itself!). I do not intend to go with Barclays but perhaps should send that AIP to the agent in order to force them to take the house off the market.

I will look more carefully now at the follow on rates to see if any of those are tracking the BoE rate at the end of the fix.

Otherwise my check list has included: low rate fix, overpayment facility, daily interest calculation, portability, reasonable booking/product fees and exit fees.

First Direct look good on paper but I suspect are very choosy like their HSBC parents!