FTB - direct or through a broker?

RainbowRed

Hi. My partner & I are looking into buying our first house.

Finding it all quite daunting. Is it best to apply direct to the mortgage provider, or go through a mortgage broker.

Is using a broker less stressful? Do they liaise with solicitor etc?

Thanks in advance for any help.

lee111s

I'm a FTB in the process of buying. I went to Yorkshire Building Society direct as they were the best rate I could find along with no valuation fee plus £1000 cashback which will pay for the solicitor fees.

If you're going to do it yourself make sure you look at all the options including building societies etc. I didn't find it much hassle in all honesty, means I can chase up direct and don't have to go through a broker which is another potential point of failure/delay when anything needs done.

Dan-Dan

I have been looking at Natwest direct as we bank with them , ansd to be honest , there deals dont look that appealing (would be 60% LTV roughly , or better) , there is no mention of paying for valuation or legal fee`s or anything like that......

lee111s

Shop around, there's loads of places offering great rates with a 60% LTV!

Dan-Dan

its so tempting to play safe and go with the bank that knows me so well....its makes you think you will get the best deal with them!

JimmyTheWig

Dan-Dan wrote: »

its so tempting to play safe and go with the bank that knows me so well....its makes you think you will get the best deal with them!

Not likely.

I think this might be worth a try for someone with little credit history where their own bank could see that they had behaved well financially over the years. But in terms of getting the best rate there is no reason why your own bank would be any better than sticking a pin in a random list of banks.

Dan-Dan

I am learning these things Jimmy , thanks to these forums , i have been seeing all sorts of boasts about free legal fees , valuation etc , cashback etc , the best i can see illustrative with Natwestfor our oncoming situation is :


2 Yr fixed - 3.19% - 4 % £250 c/b
5 yr fixed - 3.59% - 4 % £250 c/b


No product fees on those two , i havent looked at trackers etc as i am the sort who likes to know what my bills are each month

Nothing anywhere in the way of tempting offers to help them stand out

kingstreet

The only difference in getting a mortgage from "your own bank" and a different one is about three months bank statements and a payslip or two. Your own bank can view your account conduct, the new one needs pieces of paper.

Otherwise everything else is pretty similar.

I wouldn't settle for a higher rate just because I had to do a bit of copying to get something better...

Dan-Dan

Ill be travelling to Stafford to see you at the time anyway king !

kingstreet

Dan-Dan wrote: »

I am learning these things Jimmy , thanks to these forums , i have been seeing all sorts of boasts about free legal fees , valuation etc , cashback etc , the best i can see illustrative with Natwestfor our oncoming situation is :


2 Yr fixed - 3.19% - 4 % £250 c/b
5 yr fixed - 3.59% - 4 % £250 c/b


No product fees on those two , i havent looked at trackers etc as i am the sort who likes to know what my bills are each month

Nothing anywhere in the way of tempting offers to help them stand out

Is this a remortgage and what's the property value, mortgage amount and remaining term?

Huh? Travelling to Stafford? How come?

Dan-Dan

It was tongue in cheek , you only work face to face i thought you said ? , anyway , our situation will be , value 185/190k , FTB , deposit of between 85 and 100k..sole applicant , no defaults or late payments , on the roll....