Do we need a mortgage broker?

JoeK_3

Most of us have all experienced hard times at some stage in our lives and received letters from banks telling us that they are going to charge us £27 for bouncing a cheque or non payment of a direct debit or standing order.

Now is the time to hit back and take some of that money back from them by taking advantage of the discounts that they have to offer to existing and new borrowers.

But do we need a mortgage broker to do this?

There are massive savings to be had by remortgaging and the bigger your mortgage, the more the potential savings. So, if there is massive saving to be had, why do people not remortgage more often?

Surveys conducted by lenders have identified that some people are just not aware, whilst others have said that they just could not be bothered. Some people have stated that the mortgage market is just too complicated.

Well, the range of UK mortgages has increased dramatically over the past few years and although this increase in mortgage types has added complexity, it has also introduced fierce competition, which has in turn resulted in the availability of some very attractive remortgage products for the customer. With over 40,000 mortgage products to choose from, how do we ensure that we get the best mortgage and remortgage rates?

What are your views?

JoeK

MortgageMamma

Mine are completely biased of course I think everyone should use a broker

However, AndyWallace said yesterday that I view my own industry as more critical than it actually is, so I would like to know what do people really think?

Would you use a broker - if so, what are your reasons?

If not, again what are your reasons?

Mr_helpful

Taking Joes point about there being 40000 plus deals how is it possible to find the BEST for your client. Put simply its extremely difiicult and by changing the deals every five minutes makes things worse. Ithink the lenders know this and use Choice / Confusion to off load their more profitable products first. Im sure this is what lenders with high fees and lower rates are up to. Its a very old tactic Confuse your market and then sell them what you want to.

MortgageMamma

But if the market was simplified we would be out of jobs

Its the fee's that make the products complicated btu I don't agree its IMPOSSIBLE to find a client the best deal, you just have to take a bit of time over the maths (and evidence your maths on file!)

MortgageMamma

Saying that I do think sourcing systems could be a little bit more helpful in that respect - having used trigold, brain, mortgagelink and m2000 I have never been fully satisfied with any of them