Broker or go it alone?

[Deleted User]

If you had the option of going for a FTB mortgage from a broker for £1206.20 more over 5 years, versus going it alone and sorting it all out would you think the broker was worth that extra?

I've no real rush to buy and my credit searches have all come back as expected so nothing exciting or unusual.

I don't particularly mind form filling although to be frank I don't really know the process although I don't mind learning.

Thanks

ACG

It really does come down to you and your circumstances (not just credit score).

If something goes wrong and it hits the fan, would you see £1200 as worthwhile for someone to sort it out?

If it hits the fan, are you in work during the day? Will you have the time to sort it out.

Nobody can guess what will happen, all a broker can do is help to reduce the chances and if it does go tits up they will resolve it for you.

Im not saying you should or should not use a broker btw, each to their own. £1200 isnt a small amount of money, but £15-20 a month is nothing in the grand scheme of things.

danthemoneysavingman

I went to a broker for a few options, then looked to see if I could use one of those "50% of fee" cashback arrangers. I could, then I did, all went smoothly and was £500+ up from it. Worth looking into

kingstreet

AFAIK as execution-only is no longer available via brokers, I don't know how such firms will be able to continue to offer this.

MMR has had a big impact on the way mortgage business is done, with lenders no longer able to offer "information-only" unless it's online only with no face to face component.

[Deleted User]

Anyone else...

Mrs_Soup

Have never used a broker for mortgages but then who knows if I have the best deal- possibly not. Also don't have very complicated circs- always borrowed well within amount offered in principle, employed, repayment mortgage. Nothing that seemed worth paying someone else for when I can fill in forms and make appointments myself.

Hayleyloulou

Broker.
I could have done the form myself - but that's not all the mortgage application entails! I would have been taking a complete gamble on who to apply too and having a broker who asked me for all my info prior to the initial app was great. She sat down and discussed all our options as she was able to have an understanding of our situation. Not only that, but I would not have had the time (or facility) to send all my documents as soon as they responded etc. Every time she's had a response/notification it's been forwarded.
I think it is worth the money.

Thrugelmir

Not everyone has a forte for financial matters. Really an individual choice, which is often allied to the complexity of personal circumstances. If you happy to spend time doing legwork then there's nothing that should impede you.