mortgage brooker or go direct

landybabe

Hi all

I have spent the last couple of hours on here reading up and now am really confused.

What are the benifits of going to a mortgage brooker?, i understand they can look at the whole market but if you self employeed are they better to use?. We are currently with Halifax whom seem to be one of the main lenders so what harm is there going direct or do the brookers present your case better?

Thank you for the time in reading

Goldiegirl

If your application is straightforward and you haven't got any 'issues' which could cause difficulty, and you fairly sure you know what you want, then there's no harm in going direct to the lender. You'll see a mortgage advisor who will see your through the application process.

However, if you have anything that might cause a problem with an application, such as a poor credit history or you are self employed, a broker would know which lender would look more favourably on your case, and place your application accordingly. Also, if you need help comparing interest rates between lenders, a broker could help with that.

The lender's mortgage advisor will probably be tied to advising on insurance products offered by that bank, a broker may have access to a wider range of insurance products

It's up to you to decide what you will be most comfortable with.

Thrugelmir

landybabe wrote: »

I have spent the last couple of hours on here reading up and now am really confused.

A broker will guide you through the various options. Other people feel comfortable with sourcing a mortgage themselves.

Rather than confuse yourselves further, consult a local broker. Speaking face to face with someone is the best policy.

ACG

Being self employed can be a problem with some lenders - it depend son how creative your accountant is really.

There is nothing wrong with doing it yourself and going to halifax and if your happy with that thats fine. A lot of people tend to want the best deal possible and i dont think halifax are offering the best rates at the minute.

Basically a broker takes it all from you, gets you a good deal looking at more than just one lender and does the donkey work for you - nothing to say you cant do this yourself, but at the same time if you wanted a TV would you limit yourself to just LG when looking at brands or Argos when looking for retailers? If not, why would you do it with probably your biggest financial outlay?

landybabe

Thank you and sorry for the spelling errors. We had an adviser come around last week whom works within the estate agent we are using and i didnt warm to him!. Prob cos we told us that even though we will have about a 50% deposit from the house sell and we have healthy savings this wont help as my other half is self employed and employed and they would only take the self employed income into count as he is now100% self employed......its a mare!!.

GMS

EA brokers are often not the best.

What is the breakdown of earnings? How much do you want to borrow? What deposit do you have? How many years accounts for the self employment?

ACG

Your trusting someone with all your info and dealing with them at what could be a stressful time, you need to get on with them.

But in the main estate agent brokers are not the best, they have business put on their desk, they dont have to work for it so there is no incentive for them to pull their finger out.

Thrugelmir

landybabe wrote: »

We had an adviser come around last week whom works within the estate agent we are using and i didnt warm to him!.

Then find some one else. See if a friend or colleague can make a recommendation.