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use a mortgage advisor or not?
Comments
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TBH we only get paid for recommending financial products.
The fact we're expected to know about and deal with every other facet of the homebuying process is more to do with others not fulfilling their roles, than us not accepting things for which we're neither qualified, nor regulated.
We often keep chains together, work out issues between lenders and THEIR surveyors, obtain documents for one solicitor to give to another and so on...
L&C is not geared up to handle such issues. Its business model does not have the kind of capacity for its advisors to run around after surveyors, agents and solicitors smoothing the way. That kind of personal involvement can't be accommodated in a "fee-free" process, IMHO.
Smaller brokers can and will do that, within a commission + fee setting. Ours, for example, sees us earn around 0.32% of the mortgage, plus a broker fee of £249. However, we are limited to a fairly narrow geographical area, as we always deal face to face and we can't afford to spend £100 of a £249 fee on fuel to get from one end of the country to another.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Use L&C they're free!
No they are not. They only consider commission paying deals and the commission is factored into the price of the deal that you pay.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Do your own research and find the best deal you can, then see if a broker can better it. If they can, use them. If not, don't!
I've bought twice before without a broker and this time I've used one. The two previous times, the broker couldn't beat what I'd found. This time was trickier as I'm not in a permanent job which ruled out quite a few lenders. I could have put the time in myself, ringing round to see who'd lend to us, but I just didn't have the time or inclination. So this time we've used a broker, who's found us the type of product we wanted on terms we're happy with.
I think that in the future, if we're a straightforward case (both in permanent jobs, no credit history problems), then I'll DIY again. It takes about 20 mins to fill in an application. But if we're ever in a situation again where we're a non-standard case then I'd use a broker as it does then save a lot of hassle.0
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