using a broker?

mandyy

i'm having a issue with nationwide at the moment. see other thread:eek:

if this doesnt pan out would a broker be the way to go..been in this house 9 years with right to buy discount 56% can get it for 30k. have a 3k loan which they said wasnt a problem but, could pay it off if needed. credit cards are clean. full time employment. my bank said excellent credit rating. nationwide said passed no problem. what are the pros and cons of using a broker and prices?

Glastoun

Through a broker we got a 3-year fixed deal at 4.49%, 90% LTV, loan around £130k, no application/booking or legal fees, and no broker fees as they get paid via commission. The broker mavens here could say if that's a good deal or not but it was good enough for us.

Moneysupermarket comes up with better deals, but often when clicking through they're not available (LloydTSB) or might have criteria that we don't know about (e.g. minimum time in employment). I've had fixed term employment contracts recently so needed a lender who was okay with this. The broker knew who to approach, and indeed seemed to scope out our situation with them even before our application went in so I'm fairly hopeful that there won't be any surprises further down the line. If there were I'd think a broker would know best how to handle it rather than just us on our own.

You could well get a better deal going direct, but for us we needed to be sure we were going to get a mortgage within a set timescale, rather than saving 0.2% here or there.

ACG

A broker will manage the whole process from start to finish and take a lot of the pressure off you. they will also search and find a good deal for you.

As to whether you need one or not, this is a fairly straight forward case. You should be able to do this on yourself but if you dont want/need the hassle and you want a helping hand a broker should be more than capable of doing this for you - this is like a bread and butter case for us.