Buy to let mortgage-do i use broker?

Sandie11

Hi

I am currently looking for a new BTL mortgage as my old one expires end July.

I have done a bit of research but not sure if to do myself or go through an advisor as sometimes they can get rates we do not see.

Can anyone recommend anyone ?

amnblog

What did you do last time?

ACG

With BTL's unless its a fairly small mortgage (or the broker doesnt charge a fee) i would say its usually better to go via a broker - it open you up to a whole load of lenders who only deal with intermediaries.

For a small mortgage, paying a brokers fee probably isnt worth it.

a1a1a1

How small would you say? I know the fees are costly for arrangement fees.

GMS

How much are you looking to borrow?

Bounderby

Thread hijack, but for me £90k against £120k value

Sandie11

My mortgage would also be £90k, but against £180k property value.

I did use a broker last time, but he did nothing i could have done very easily.

I have asked 3 different brokers, and fees tend to be around £500 which seems high for just chasing an application.

Dave_Ham

Therein lies the issue of perception.

If only our workload and professional competence involved just chasing an application.

GMS

£500 may be saved by the broker having access to a better product than you can find direct.

Why not do your own research and see if a broker can beat it?

You may find a broker willing to do it for less than £500.

ACG

If i charged you £500 but you saved £1000 would you see that as an unnecessary expenditure or a great saving?

But as Dave says, chasing an application isnt our job, if that was it we would charge nothing as the commission alone would cover an hours work.
What we do and what you think we do are probably miles apart.

GMS raises a good point, do your own research and see if a broker can beat it by more than their fee, whilst that ensures from your side you are getting your moneys worth, it does also mean you are spending time on something we are being paid to do.

Sandie11

ACG wrote: »

If i charged you £500 but you saved £1000 would you see that as an unnecessary expenditure or a great saving?

But as Dave says, chasing an application isnt our job, if that was it we would charge nothing as the commission alone would cover an hours work.
What we do and what you think we do are probably miles apart.

GMS raises a good point, do your own research and see if a broker can beat it by more than their fee, whilst that ensures from your side you are getting your moneys worth, it does also mean you are spending time on something we are being paid to do.

Sorry my remark was perhaps a bit flipant.

I have recently gone direct with a mortgage for my own property, and found it very easy, the hardest part was locating all the information they need,from there its a matter of chasing them.
With regards to the Buy to let, i have done lots of my own research and find that the brokers only match what i have found.

Thanks for all advice