New mortgage application

Jenho

I have had an offer accepted with my partner. We have been advised to take a 3.09% mortgage with Nationwide by our advisor but my bank, First Direct, have a better deal (2.89%) and having done a bit of research Yorkshire Building Society have a 2.84% mortgage with lower fees and cash back. All are fixed rate 5 year deals with a 35% deposit. Our advisor tells us YBS and First Direct are very slow but I am concerned that he says this to ensure himself a commision! Any independent opinions on these mortgage providers would be appreciated.

ACG

YBS are slow (Although i have only used their broker subsidiary - Accord... i wont be using them again).
FD i have never used as they do not deal with brokers.

Its probably a mixture of the 2 to be fair - partly him wanting his commission and partly them being slow. Generally speaking the better the rate the bigger the backlog as everyone goes to them.

It really does depend on what you want. Do you want speed, do you want cheapness, do you feel like you need the helping hand the broker will offer?

poormaria

Accord / Yorkshire are slow, however if you have the right advisor, they can have contacts to get it moved on faster, trust me, this can really help push it through as I use them often. First Direct aren't slow in my opinion but everything is by post which can cause some delays.

Do bare in mind that an advisor should do the leg work for you, which isn't simply getting the mortgage offer out. Make them work for you if you decide to stay with the broker

You've not said how much you are borrowing etc neither so can't see if the savings you will make are small or huge

Hope it goes well

EmmG_2

I agree with poormaria. Your adviser should be doing more legwork if you go with them. Do they offer you a free service or do they charge? If they offer you a free service, they may be taking commission from certain lenders. If the adviser is charging you, it's unlikely they are taking commission from lenders.

amnblog

EmmG wrote: »

. If the adviser is charging you, it's unlikely they are taking commission from lenders.

Why would this be so Emm?

Caveat_Mortgagor

We bank with first direct and have recently had a mortgage agreed. Very straightforward.

Day 1: Did online application
Day 2 Telephone call to confirm details. For example i have a company car so my monthly salary is a bit lower than they would have expected given salary stated. Within 10 -15 mins was told over phone we have a mortgage agreed subject to sending them copies of statements for our other joint account - they said that they wanted to check that we hadnt exceeded our OD in the last 3 months.

Day 5 Received text from FD saying they have recieved requested info and had approved mortgage subject to valuation. They would send out offer docs and instruct valuation.

About 2 weeks later we got a text to say Valuation OK, confirmed they have recieved everything they need from us and await confirmation of completion date from solicitor.

Couldnt have been simpler.

MissMoolah

We applied to YBS on the 2nd Sept and have just heard today that our valuation has been booked for the 17th Sept. Not sure if that's classed as slow or not?

Jenho

Thanks all. Been into YBS today, probably going to risk it being slow. To answer your questions; advisor from L and C so no fee paid. Borrowing 113k