Halifax Mortgage via Broker or not?

scottishgirl87

Our broker has recommended that due to our circumstances we apply for our mortgage via the Halifax. We both bank with Bank of Scotland and so are fine with this, however, I have just done a quick search on MoneySupermarket to compare the brokers quote, using the same details, and while the monthly payment is only around £10 cheaper a month there is £1000 cashback on completion on offer.

I'm going to discuss with our broker ASAP but is there a chance they could "match" this offer?

Also, are we more likely to be accepted if we go via the broker or will it not make a difference?

I have not spoken to Halifax direct (and I'm a but scared to right now incase they do a credit search before I speak to broker) at any point so I'm not entirely sure of what their terms and conditions are with regards to the cadhback. I have, however, found an article which states this offer ends on the 6th.

Dave_Ham

Your broker will not match the cashback, unless your mortgage is over about £2,000,000

If you are comfortable with the process, happy to go into the branch in office hours, speak to someone who potentially has days off, holidays etc. then go directly.

The process is pretty similar, but typically (and not always the case) the branch staff are not as experienced and unable to give credible "advice"

That said £1,000 if achievable is appealing..

All the best

scottishgirl87

Dave_Ham wrote: »

Your broker will not match the cashback, unless your mortgage is over about £2,000,000

If you are comfortable with the process, happy to go into the branch in office hours, speak to someone who potentially has days off, holidays etc. then go directly.

The process is pretty similar, but typically (and not always the case) the branch staff are not as experienced and unable to give credible "advice"

That said £1,000 if achievable is appealing..

All the best

Thanks, Dave. I'm still really unsure what to do - are you likely to have a better chance of being accepted if applying via broker? Or do we have the same chance of being accepted whether we apply direct or not?

Dave_Ham

You definitely have a better chance of being accepted on appropriate terms with the more experienced inputter.

Whether that is your broker or the halifax mortgage advisor is open ended...

Good luck

Goldiegirl

I used to work for the Halifax.

If a customers information is entered CORRECTLY and TRUTHFULLY into the system, if makes no difference whether you go via a broker or direct to the branch, the end result is the same.

scottishgirl87

Goldiegirl wrote: »

I used to work for the Halifax.

If a customers information is entered CORRECTLY and TRUTHFULLY into the system, if makes no difference whether you go via a broker or direct to the branch, the end result is the same.

Thanks. Do you know if the same applies to the amount they will be willing to lend? Halifax website is quoting less than we need but broker isn't

Goldiegirl

I left the Halifax three years ago, but certainly at that time you couldn't borrow more if you applied through a broker.

Anything quoted on the website would be a guide only.

Nobody knows exactly how much you could borrow until the customers information is keyed into the system - things like the credit score can affect how much a person could borrow. Once everything is keyed in the Halifax system (well it did 3 years ago) all the information is analysed by the computer. If the system rates a person as a Pass A, they would probably be allowed to borrow more than a person with a Pass C.

Also, things like credit commitments are taken into consideration. I'm not sure if you broker has keyed an Agreement In Principle into the Halifax system? If he has, then that would be a good guideline. If he hasn't, then he might be making an educated guess!

Dave_Ham

Sorry, that was my original point that it should be the case but experience tells me it is not. Certain things need to be inputted perfectly and it is not just the numbers like credit commitments; all of the dates need to tally and middle names spot on etc. as this will affect the credit scoring that could affect the multiples on offer.

Have a chat with your broker, tell them your fears. Speak to someone in branch and take a view on which one you believe/trust more..

All the best