To mortgage advisor or to not mortgage advisor, that is the question...?

dimbo61

Getting a mortgage is like many other jobs !
Would you fancy taking your car engine out if you needed to change the clutch ? It is possible if you have the right tools and help!!!!
You would do your homework and find out as much information as possible about the subject.
So do you want a tracker, offset, long term fix? Interest only or repayment? term 15 years or 35 years ?
Long term plans, kids, career ? location, type of property ?
Pension ? retirement plans, age ETC
The list goes on and on which is why a broker can sit down with you and the other half and do a fact find to search for the best mortgage deal for you !
I am not a mortgage broker and found my own mortgage deal last time but I am also on my 4 house

kingstreet

I like the clever dicks best.

They come along thinking they know it all, then when you tell them their chosen lender, for example, won't do 90% on a newbuild, they tend to get a little deflated.

They've gone through affordability and got an AIP but the one thing it often doesn't do at AIP stage is ask if it's newbuild. Wasted credit search and all their bluster gone in an instant.

I shouldn't gloat, but sometimes people really do get my goat.

Wh05apk

kingstreet wrote: »

I like the clever dicks best.

They come along thinking they know it all, then when you tell them their chosen lender, for example, won't do 90% on a newbuild, they tend to get a little deflated.

They've gone through affordability and got an AIP but the one thing it often doesn't do at AIP stage is ask if it's newbuild. Wasted credit search and all their bluster gone in an instant.

I shouldn't gloat, but sometimes people really do get my goat.

but the customer is always right!

I get a lot of business from dejected HSBC wannabees, HSBC have some great rates, but can take weeks to get an appointment, then after applying and waiting another couple of weeks they just say no, quality service..............

ACG

Im sure we all have examples of where people thought they knew better and come back to us or think were lying just to get the business.
I can think of loads of times ive thought i know better and gone and done it my own way just to eat humble pie later down the line.

It dont really like to see people fail, in my eyes if they can get a better deal elsewhere go for it...i would! But at the same time, sometimes its better to pay a bit more and get the advice and service that comes with it.

EDIT: Unless its one of those arrogant people, in which case i dont mind seeing them fall on their face.

Nine_Lives

ACG wrote: »

I would suggest you get your credit reports to ensure there are no red marks your not aware off (ignore the score just go off the red, orange and green markers) - the companies are experian and equifax.

I've done mine & everything seems to be in order. No bad marks against me at all.

What i do have is a lot of bank accounts with my name & therefore a lot of applications. I don't think i've ever been declined though (don't remember it). On Noddle (i know you didn't mention them) i get a 3/5.
The missus has only done Noddle, not Experian/Equifax & she got a 4/5 (hasn't applied for as much as me or for something as recently as me). She had an incorrect address listed through Noddle, but as said, she's not done the main 2 as she doesn't like calling up to cancel (poor excuse i know).



Who is it you would see that'd pick out suitable houses for you? Is that the estate agent & the EA alone? Is that not as common these days with websites such as rightmove/zoopla - where people can search on their own?
We can discount a lot of houses just through websites such as rightmove. If it's in an area we point blank refuse to live in then it'll be discounted. If it's a mid terrace then we'll instant discount it (we don't want one). The list goes on. This whittles a lot down to a small list of houses that we'd then be interested in seeing.

So based on this, is it even worth going to an EA beforehand & saying .... we're looking for a house & this is our criteria...??


Back on the topic of mortgage advisors, i've asked people i know for recommendations & i've only had 2 people recommend anyone. I found a website for one of them with a quoted price of....

For mortgage advice, you can choose how we are paid. Pay a fee, usually £950 and we will rebate the commission to you, or pay a lower fee, typically £350, and we will accept the commission from the lender.

I'm not awful with maths, but i can't get my head around whether that's ok or what works out better in the long run.

The other person recommended to us has no price on their website.

ACG

For every £100k mortgage, the commission would be around £300-330.
£200k would be £600-660 etc etc.

Hopefully that helps you decide which would be more beneficial for you.

Nine_Lives

In that case then it's a bit of a no brainer. The lower fee would be paid. Even if the commission was £400 it'd still be cheaper in the long run going with the lower fee.