nationwide mortgage through broker

lilyloo17

Just a quick question, i have a nationwide mortgage which was done through a broker last year as part of buying a newbuild we were pressured to use the broker suggested by the builder. However all went well and they secured us a mortgage at a rate which in essence we are happy with through nationwide.

However I have now realised as we are and were nationwide flex account account holders we may have been able to get a flexclusive mortgage through nationwide as account holders it offers better rates (but i think only if you apply directly ??) Our broker new we banked also with them as we used bank statements as part of the id. Did he not have any responsibility to let us know they were better rates with nationwide by not using him and going direct as an accountholder ? If we have got the flexclusive rate it would have been v approx £100 pm less and over a 5 yr fix that's a lot !! Although i don't really like to moan as he did get us a mortgage we were happy with ? Maybe its just hindsight.

thanks

ACG

A brokers job is to tell you about the most suitable product THEY can offer you, not necessarily the best product on the market.

The exception to this would be if the broker was independent.

They do however have to tell you what service they offer (Tied, multi-tied, Whole of Market or Independent).

In essence, unless he was independent he doesnt have to tell you (and may not even know) about products available if you went directly to the lender.

kingstreet

If you hired the broker on the basis he was offering "whole market" advice and would receive a commission for his services, he would only recommend products which paid a commission.

On that basis, you would need to research "direct" products yourself.

lilyloo17

Ok thanks guys yes that's seems sensible i suppose they can't tell me what they don't know about and i think the flexclusive products aren't available through brokers although not sure. Pretty sure they weren't whole of market I wasn't really wanting to partake in any blame game or anything like that !! Just at back of my head kept wondering should I have known about that product which could of saved me nearly £5k ( ! Oh well i probably couldn't have gone direct to nationwide anyway as the builders were pretty insistent on us using there broker, overall we were happy with the rate anyway - but who wouldn't have liked £100 cheaper !!

Thanks again