Broker Etiquette

scottishgirl87

I've just posted another thread in the House Buying forum about a property we have placed an offer on and may have an accepted offer next week.

Now, I already have a Decision in Principle from a broker. If our offer is accepted am I able to find out from them what the best deal is they could get me and then potentially try and "beat" that deal myself online from one of the banks, etc. that don't use brokers? Or is that not how it works?

Also, is it possible to talk to more than one broker to again see where I can get the best deal? Quite happy to use the broker I got the DiP from but my work have recently issued a staff benefit with the local mortgage brokers (reduced fees, etc.) so I'm not sure whether to try with them also.

Should add the broker I've previously consulted is fee free so commission based.

Apologies for the stupid questions but as FTBers I'm not sure of the rights and wrongs!

ACG

All brokers are different.

Personally i tend to tell my customers who the deal is with.

That being said, why should i go and do some research spend my time doing the ground work for you (the customer) to then go off and see if you can beat it... should i not be paid for my time?

Why dont YOU find a deal, tell your broker what you have found. Ask if they can beat it, if not then job done you go your seperate ways. If they can then it shouldnt matter who its with as its beaten what you have found anyway.

scottishgirl87

ACG wrote: »

All brokers are different.

Personally i tend to tell my customers who the deal is with.

That being said, why should i go and do some research spend my time doing the ground work for you (the customer) to then go off and see if you can beat it... should i not be paid for my time?

Why dont YOU find a deal, tell your broker what you have found. Ask if they can beat it, if not then job done you go your seperate ways. If they can then it shouldnt matter who its with as its beaten what you have found anyway.

Thank you. As I'm a FTBer I'm still trying to grasp how it all works and completely understand your point, this is why I wanted to ask here first. I will do as you have suggested and see what I can find for myself before approaching my broker.

Conrad

Free brokers are the medical equivolent of halve a Doctor! Imagine going to a Doc who only recommended treatments that earned him dosh.

I don't know any decent fees free brokers, afterall, they wont even be mentioning all the lenders that pay them no commision. So they will be ignoring The Post Office, CO - OP, Direct Line and dozens more. Hardly a good service.
A decent fee charging broker like me WILL recommend these non commision paying deals.


As needing things free seems to be your priority, then I guess you should source your own mortgage. The direct deals are generaly better anyway!

Personally I see a brokers role as that of being there to assist clients with complex situations.

Also note that 'free' brokers are anything but, as they will be very zoned in on selling you thier insurance. When I go to broker discussion sites, you see them constantly posting this weeks business, such as 'I sold 2 mortgages, 3 life policies', so yeah, no one is free in reality.