FTB - direct or through a broker?

[Deleted User]

If you're using a broker, you're going to be paying for it. When I was a FTBer, we used one

Second time around, i tried one, but frankly they couldn't get the best deals since some places won't use brokers (e.g. HSBC). Frankly, using First Direct for our mortgage was pretty easy. The paperwork wasn't too bad and I think it's probably saved us a few grand so far.

I'd only use a broker if you're in an unusual position. Frankly, i found it a lot easier without one; it only adds another person to rely on.

Dan-Dan

that is the question i have been wrestling with ringo....use a broker or not

kingstreet

Dan-Dan wrote: »

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....

Right. Sorry, I hadn't put two and two together.

I ended up having to ring MSN for the nearest member to you. Then you rang them and all hell broke loose. No-one ever phones them for a broker.

Aye. Dealing at arms length makes life difficult. Double the ID and address verification stuff and always the risk you could be used to perpetrate fraud. Working face to fac reduces that, but it means you can't travel too far, otherwise the costs outweigh the potential income for me, or savings for the client.

I have no idea how much it would cost to do a client visit to your part of the world. Six hours driving and 300 miles? About £70 just for the fuel...!

Dan-Dan

I am in luton area , not too far!

What is in a brokers remit then , is it handholding through the mortgage application only , or more in depth , i.e helping with solicitiors etc ?

P.s i have no idea whatg you mean about ringing MSN , i havent rung anyone lol

kingstreet

Oh blimey!

I spoke to someone yesterday. I thought it was you.

Then, while I was finding him a network member in his area, he also called the network, or so we thought.

Sorry. It must have been someone else...

Dan-Dan

ha ha , to say i was confused would be an understatment , i havent even sold the house yet!

kingstreet

Someone rang me yesterday.

It's double confusing because my colleague, Peter, is away at the moment and all the phone lines are diverted to my mobile. I have to spend about five minutes working out who is ringing and where they are from.

A fella called Adam, from CM22 area, was looking for a broker and I explained the face to face thing. He asked me about other brokers in our network, so I had to ring them for a name. I called him back, but it was busy.

About five minutes later, the network phoned me to say someone had just called them and it sounded like the same fella...

It was pure coincidence you mentioned the face to face thing the day after this happened. Sorry for the confusion...

Dan-Dan

Dont worry about it Kings , not a problem!!!

kingstreet

Dan-Dan wrote: »

What is in a brokers remit then , is it handholding through the mortgage application only , or more in depth , i.e helping with solicitiors etc ?

Introduction to homebuying and mortgages
Factfinding and establishing borrowing power and purchase price
Establish right lender/deal
Complete applications and look after processing until completion
Provide written illustrations and recommendations
Find solicitor and liaise through purchase through to completion
Source appropriate protection products, if needed.

There's more, but these are the basic areas.

Dan-Dan

filed in memory.....thanks Kings