Go direct or use a broker?

amnblog

and if you don't mind living with the consequences if you get it wrong.

Goldiegirl

I think you are making people feel unnecessarily nervous by saying things like that.

If you are financially savvy, are confident to make decisions for your self based on your own judgement and research, and know that your situation is straightforward, a broker isn't an essential.

Personally I'd go direct.

In the same way that I dealt with my dad's estate, the application to the Court of Protection for receivership of my mums affairs, and then later, my mums estate. All without a solicitor.

I knew that I had the skills, research ability and confidence to do a good job.

Like I would in obtaining a mortgage.

ethank

I personally would always use a broker.

Idiophreak

amnblog wrote: »

and if you don't mind living with the consequences if you get it wrong.

Indeed. I know someone that applied for a Tesco mortgage direct instead of getting a Tesco mortgage through a broker.

The Tesco mortgage he went for, despite having the same rate, term and T&Cs, turned in to a tiger one day and ate him while he was watching Neighbours.

Cautionary tale.

Goldiegirl

Idiophreak wrote: »

Indeed. I know someone that applied for a Tesco mortgage direct instead of getting a Tesco mortgage through a broker.

The Tesco mortgage he went for, despite having the same rate, term and T&Cs, turned in to a tiger one day and ate him while he was watching Neighbours.

Cautionary tale.

In that scenario, if the mortgage had turned in to a tiger and eaten him, I suppose his wife and dependants would have a valid mis-selling complaint if the loan had been sold by a broker

amnblog

Those of us that deal with mortgage applications every day have seen numerous examples of direct applications going wrong - either initially, or later when the borrower wants to make a change.

We have all also placed cases with a lender that were rejected when the applicant went direct.

sebtomato

ethank wrote: »

I personally would always use a broker.

then you would miss out on some of the best deals around, as some banks don't work through brokers but only directly to customers.

sebtomato

amnblog wrote: »

and if you don't mind living with the consequences if you get it wrong.

Really sad and desperate to scare people off just because your business is increasingly redundant.
Most people getting direct mortgage deals will have no issues.

JPB123

sebtomato wrote: »

Really sad and desperate to scare people off just because your business is increasingly redundant.
Most people getting direct mortgage deals will have no issues.

I've lost count of the number of posts I've seen on here asking for help. I wouldn't say that made advisors redundant. And if the market is so simple for most people, why have the FCA now insisted that any interaction is on an advised basis?


I will now make a prediction that in 2-3 years time, a large proportion of those individuals going direct will then come on here bleating about being mis-sold because they didn't check criteria properly. As advisors, we have a legal and ethical duty to make sure the likelihood of that happening is either nil or as low as possible.

I am an Independent Mortgage Adviser

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.

JPB123

sebtomato wrote: »

then you would miss out on some of the best deals around, as some banks don't work through brokers but only directly to customers.

I can give advice on the whole market, including direct only deals. I recommend the most suitable deal for a client. Not all advisors work in National chain estate agents with about 5 lenders to deal with and a single-tie protection provider.

I am an Independent Mortgage Adviser

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.