Mortgage through broker or direct deal?

DepositSaver

I have now seen a mortgage broker, as well as done my own research into what mortages are available, with a view to getting an AIP. I think I have found a direct deal which is better than the ones the broker found for me and I have a couple of questions:

Is the direct deal I found really better than the broker ones? The products involved are all 90% LTV and are:
From broker:
Woolwich 2 year fixed rate at 4.29%, no arrangement fee, valuation fee £295
Leeds Building Society 2 year fixed rate at 0% for the first 3 months, then 4.59% for 21 months (am a little wary of the Leeds' SVR currently being 5.69% but would plan to remortage at the end of the fixed term), £199 arrangement fee, free valuation, £200 cashback on completion
Found myself:
YorkshireBank, 3 year fixed rate at 3.99%, no arrangement fee, free valuation, £250 cashback on completion

Everything else with a 3.99% rate or less has fees. I'm fairly sure the Yorkshire is the better deal, but I've looked at so many different mortgages in recent weeks that I'm a little confused and not trusting my own judgement. I can't see it on any best buy lists, whereas the I have seen the Woolwich one on a couple, which is making me doubt myself.

If the direct deal is the best one, I assume there is no way the broker could transact it for me? If that's the case is there any sort of etiquette for discussing it with the broker/telling them I won't be using them for my mortgage? They are a fee free local broker, so would get commission on any mortage I took out through them. I did email him with a query about one of the other products and mentioned that I had found the Clydesdale deal, and that I assumed it hadn't been found by them as it wasn't available throught brokers. He answered the query, but didn't mention the deal I'd found.

Do I ask him if he has anything can match it? If he can't and I decide to go with the Clydesdale is it just a case of telling him I've decided to go direct to a lender? I'd feel a bit guilty about taking up his time, then not using him, especially as I may want to use him if I want to remortgage when the fixed rate ends

Is there any compelling reason to go through the broker despite the deal being more expensive (probably about £20 a month more than the Woolwich at the top of my budget)? I am aware that there is some element of comeback if you buy on advice through a broker and the mortgage turns out not to be suitable. It would also be nice to have the broker's support through the buying process as I've never done it before, but at the same time I don't want to be paying more than I need to.

Thank you, and apologies for an essay!

ACG

All brokers do appointments with the intention of finding the most suitable product possible.

If you think you have found one more suited then just tell them. Its part of our job that we do appointments which do not go anywhere. You wont be the first and you wont be the last.

Nothing to feel guilty about at your end.

DepositSaver

ACG wrote: »

All brokers do appointments with the intention of finding the most suitable product possible.

If you think you have found one more suited then just tell them. Its part of our job that we do appointments which do not go anywhere. You wont be the first and you wont be the last.

Nothing to feel guilty about at your end.

Thank you! I think I'm just a little oversensitive about appearing rude!

I have just noticed an error in my original post - the direct deal I found was available both the Yorkshire and the Clydesdale, hence I start talking about Yorkshire, but further down the post mentioned the Clydesdale. Can anyome confirm that I right in thinking that the Yorkshire/Clydesdale deal is better than the Woolwich one?

Dave_Ham

You also need to put a value on your own time. To chase, answer, support through the process is the time of someone you will no longer add.

Add time to stress, Woolwich are a much more straightforward lender than some/all mentioned.

To have a mortgage offer 2-4 weeks quicker than another mortgage provider, again this needs to be valued.

Best of luck whatever you choose

ACG

Dave raises a good point. From experience with YBS unless it is a very straight forward case (or a big one) i would rather turn the business away than deal with them.

DepositSaver

Dave_Ham wrote: »

You also need to put a value on your own time. To chase, answer, support through the process is the time of someone you will no longer add.

Add time to stress, Woolwich are a much more straightforward lender than some/all mentioned.

To have a mortgage offer 2-4 weeks quicker than another mortgage provider, again this needs to be valued.

Best of luck whatever you choose

Thanks for this. I do have a nagging doubt at the back of my mind about doing it alone, and the time, and possibly hassle, that could involve. I have also read some not great things about the Yorkshire in recent days, so it's good to hear an opinion on the Woolwich. The difference isn't huge and is perfectly affordable, so could be worth it to have that extra suppport. If it was £50 saving a month, the stress could be worth at, at £20 max maybe not.

kingstreet

Clydesdale Bank and Yorkshire Bank are one and the same.

Not to be confused with Yorkshire Building Society, which is YBS, Chelsea, Norwich & Peterborough and Accord Mortgages.

DepositSaver

kingstreet wrote: »

Clydesdale Bank and Yorkshire Bank are one and the same.

Not to be confused with Yorkshire Building Society, which is YBS, Chelsea, Norwich & Peterborough and Accord Mortgages.

I was getting the Yorkshire Bank and BS confused. The deal I found was with the Bank, the bad reviews were of the BS. I have just found some terrible reviews of the Woolwich also. I think maybe going through the broker might be the way to go or I'm going to add mortgage chasing stress to general viewing-finding-offering-moving stress.