First time buyers - broker or no broker is the question

harvey115

To sum up all.

You have a border line case (not completely straight forward) so its up to you.

If you have the time, effort and comfort with the process, then go direct. To be honest it is not easy to tell what happens because things change all the times. You may find the process dead easy or the most stressfully thing you did in your life.

Otherwise get a broker.

All I can say is best of luck...

PS - majority of the general public go direct to get a mortgage

SummerRainDrop

Wow, I never thought that the deposit being gifted might be a "problem", always thought money was money.

Will lenders ask how we got the deposit?
Do we tell them if they don't ask?
Can they not ask, approve a mortgage provisionally, then ask and decline their initial offer?

Edit: Just went through all replies again and someone did mention we have to ask if they would accept gifted deposits. Ok, so we will be upfront about it and ask specifically whether they would give us a mortgage with a gifted deposit.

Edit 2: Are there any websites posting recommendations for mortgage brokers? I have no friends, family or co-workers who have recently (or ever) used one, so no one I know can point me to someone they were happy with. I have looked on Unbiased dot co dot uk, but it is more of a directory.
Or do you just make appointments with a few and see who you feel comfortable with?
This is my other concern in case we decide to go with a broker rather than DIY - who do we go to... As someone extensively relying on reviews before buying anything/going anywhere, I feel quite lost choosing/finding a broker.

Edit 3: We don't have the option of changing jobs at the moment, so upping our salary is not exactly an option in order to be in a more favourable position.
But would it make a difference if we have a higher deposit (30% of a £200k property for example) or is this just details?

DannyboyMidlands

I'll do it for you.

£400 to do a search and then fill in a form for you sounds like money for old rope. In fact, you could fill it in and sign it before you come to see me. I'll just check it and then get on with all the other.......erm.....stuff.......

Conrad

SummerRainDrop wrote: »

As someone extensively relying on reviews before buying anything/going anywhere, I feel quite lost choosing/finding a broker.

I got this sense about you from your OP and it is one reason I am saying go direct. I've been doing this 20 years, and people with your nature that have a liking for intense research, combined with a reticence to make hasty decisions, nearly always end up going direct to lender as this suits thier internal psychology in terms of sense of self control.

By all means try some local brokers but you will find you wont end up using one, I can almost guarantee it. You will dislike thier tendancy to want to get cracking and not waste time, afterall, as with your own work, time is not a free commodity to be squandered on lengthy chatting. No truly sucesful high earning broker likes wasting a second. Some new prospects you just know are there to do business and get on with it, others you just know will be time vampires happy to use others time for free - although they would not like thier employer asking the same of them.

I'm just levelling with you here - brokers really do not like time vampires or Which magazine types that are forever second guessing everything - a little knowledge is a dangerous thing - tis the same reason GP's hate it when thier patients bring in a ream of print - outs off the net. It's the reason I find these spread sheets on here a bit of a waste of space.

You can go alone, stop pontificating and dithering:A

Dave_Ham

DannyboyMidlands wrote: »

I'll do it for you.

£400 to do a search and then fill in a form for you sounds like money for old rope. In fact, you could fill it in and sign it before you come to see me. I'll just check it and then get on with all the other.......erm.....stuff.......

I am not going to bite today as too happy, if it was that easy why would this forum and others be full of straight forward cases where there were no issues.

No merit in posting a post like this which does not benefit the OP or any other viewing, just does no favours for the forum or life in general to drop in inflamatory comments just for the hell of it..

SummerRainDrop

Cheers, Conrad :beer:
Really appreciate your thoughts, as you sensed quite rightly I am looking not just for the best deal, but for the right approach for my internal psychology as you said.

There is my partner's internal psychology and thoughts on the subject to consider as well:D

We will go through the thread again once he is back from work.

I am extremely grateful for all replies, each one gives me a new perspective on the matter. Very much appreciated, guys!

P.S. Pointing me in the direction of an adviser would be very helpful as well, but I suppose that would be against the forum rules.
Is a take-the-yellow-pages-and-start-calling approach good enough (shall we decide to go that way)?

Conrad

SummerRainDrop wrote: »

Cheers, Conrad :beer:
Really appreciate your thoughts, as you sensed quite rightly I am looking not just for the best deal, but for the right approach for my internal psychology as you said.

There is my partner's internal psychology and thoughts on the subject to consider as well:D

We will go through the thread again once he is back from work.

I am extremely grateful for all replies, each one gives me a new perspective on the matter. Very much appreciated, guys!

P.S. Pointing me in the direction of an adviser would be very helpful as well, but I suppose that would be against the forum rules.
Is a take-the-yellow-pages-and-start-calling approach good enough (shall we decide to go that way)?

I'm going to guess that your psychology would point you towards a non fee charging broker.

Now is this the BEST option? Unlikely. A broker earning less per case has to work harder and is thus has less time on case - she is more thinly spread.
She needs to earn commision so will only recommend lenders that pay her.

See what I mean - broker are not for you. If you want me, I'll charge you £500 up front:D:beer:

SummerRainDrop

In general - is the fee paid upfront or once the mortgage goes through?

If upfront, I would probably not use your services however generous the £500 offer sounds

One thing you are wrong about though, I would definitely consider paying a fee, if I feel comfortable with a broker and feel they would do a good job in finding me a deal and keeping me sane I am more than happy to pay a fee. Problem is finding someone recommended.

harvey115

Try unbiased.co.uk or take Conrad's offer

SummerRainDrop

harvey115 wrote: »

Try unbiased.co.uk or take Conrad's offer

Thanks, will do.