Direct or Broker

Kynthia

I'm trying to decide between two options. Should I apply to the Post Office direct for a 2.99% mortgage or go through a broker for a Santander 3.09% mortgage? There isn't much in it once I take into account the lower arrangement fee and free valuation for Santander so it's more about the differences between the two companies.

I'm looking to get this sorted quickly as the seller wants to move into rented asap, therefore I've decided to avoid Yorkshire BS and Accord as I've heard they take weeks to decide. Are Santander and the post office relatively quick at processing a mortgage? I believe both allow the arrangement fee to be added to the mortgage, unless anyone knows differently? Also I'm a bit unclear on the post office overpayment policy as it mentions a minimum of £500 and no reduction in term during the promotional period. So does this mean I can't reduce the term during the fixed period and I can't overpay by £100 per month but must do £500 lump sum overpayments? Any other comments about the two lenders is very welcome.

Paully232000

If Accord are the best for you don't discount them. I can only talk from personal experience but from submitting our paperwork to our broker to getting an offer for a mortgage it took 4 weeks.
I am not sure if that is normal/average across the sector but looking back on it it didnt seem too bad. They did come back to us for more information after we had submitted everything at first which at the time seemed bad planning on their part, but on hindsight not too bad.
and we are far from a normal case.
Cant use them without a broker i know, but using a broker for us was by far the best 299 we spent.

amnblog

The broker is giving your personal advice which is regulated and needs to be correct.

The Post Office is offering you a product at your own risk.

Simple.