Halifax mortgage through broker rate different than on website

captainusa

Hi,

Just got a quick question from someone in the know. I'm currently going through a broker who has gone through Halifax. He's yet to put through the full app, but has said they have done their check and are willing to lend to me. I'm a first time buyer, borrowing 90% LTV. Anyway, the rate they are offering through him, his .1% higher than on the website and doesn't include the £1000 FTB cashback option currently running. Why is this? Would it be worth me ringing Halifax direct and having a check with them.

Bear in mind, using their online calculator, it indicates that they would only lend me just short of what I need, where as through the broker they will lend the amount I need. Just don't want to mess anything up.

Thanks.

opinions4u

Different products through different distribution channels.

The £1,000 is probably paying the broker a commission .

captainusa

Thanks for the quick reply. Do you think it would be worthwhile to try and see what Halifax have to say going direct even though their calculator indicates they would not loan me the amount I need?

ACG

I would be very surprised is £1000 commission was being paid on a ftb product.... have a look at section 13 of the kfi to check the commission.

Some lenders do offer different products directs than through an advisor... typically they are lower rates.

You have to do what is best for you, that may be going with the better rate and £1k cashback or it may be going with less stress and hassle - best isnt always the cheapest. If problems arise you cant sort out you then have to either go back cap in hand to the broker or find a new one.

captainusa

ACG,

That's what I was thinking. I'll have to have a think about it. £1000 is quite a bit of fees paid! Although, the mortgage broker has done quite a bit of work and has been very helpful!

captainusa

Just an update in case anyone at all was wondering. Stayed with the broker as I wanted to be in by Christmas. Had offer accepted on 9/11/12. Had mortgage arranged by 15/11/12. Exchanged 14/12 and completed 19/12. Very hassle free process, but next time I buy a house I feel confident to find a mortgage by myself.