Broker...............

pippin06

I've never used a broker service but a lot of advice on here seems to be to engage one.

What are the pros and cons and how do I go about finding one??

Thanks

ACG

Pros:
They will search the market.
They will do all of the work.
They will guide you and prepare you for next steps.
If there are any issues they will know who to speak to and how to resolve it.

Cons:
You could get a bad one (general rule of thumb is to avoid estate agent based brokers).
It may cost you a fee.

Ask friends/family, try google?

Alphamare

There are a couple lenders post office for example that don't deal with brokers. So it's worth finding out who they are and checking their rates to compare to what your broker quotes you.

ACG

2 posts and both about the same company eh...

How much commission are you on?

Alphamare

Um I'm not. I've used a broker but since having lost out on that house due to bad survey results I checked the non broker lenders only to find that they may offer better rates than what a broker could get us. That said depending on how 'easy' PO is? We will probably go back with our broker.

I do not work for the post office I just used them twice/three times as a good example!

ACG

My last post was aimed at ywamer not you - sorry.

11 posts and all about the same company.

Edi81

I've reported a couple as spam.

ACG

Same here.

kingstreet

It's worth remembering "Post Office Mortgages" is just a front for Bank Of Ireland which has a lousy record of customer retention products when your initial deal ends.

What happens at the end of your first offer if you can't move on and they offer you nothing but SVR? It's the same as Accord and its 5.99% SVR. Not worth the risk, IMHO.

Alphamare

Oh ok thanks for explaining that! I made a thread asking about them and someone just said bank of Ireland which means nothing to me. Now it does.

Why would we be unable to remortgage with another lender though? (Move on?)

kingstreet

Change of circumstances, property value fallen, any number of different things.

There are plenty of mortgage prisoners unable to move to a new lender and this is likely to increase following the introduction of "MMR" affordability from this weekend.