Best mortgages, best to go with a broker or direct?

Ianh82

hi

looking to get a 220k propoerty with a 30-40k deposit.

is it best to go with the free independant mortgage brokers in the EA or direct to the banks. the advisors go on about special rates not available to the general public or the banks own staff.

looking at 5 yr fixed rates.

millysg1

Most people will tell you to go to a whole market, independent broker NOT with an EA.

I personally went straight to the bank both times I bought my houses (though I ported the second time). But It was very unlikely I would have any issues, 40% deposit, no debts, loans, pefect credit history for both me and my OH. etc

ACG

You cant get fee free independent brokers - Independent means they charge a fee and rebate any commission. Typically the fee will outweigh any commission. You can get fee free whole of market brokers - but I would always avoid estate agent based brokers.

We can sometimes get deals not available by going direct to the banks and likewise sometimes the bank have deals not available to us brokers.

If you go to a bank or 2 you are limited to their deals, if you use a broker they can search the market and ensure you are on a competitive deal (even if it is not necessarily the cheapest).

Brokers go beyond just looking for the cheapest deal (or should do). We offer help/support/guidance and if things do go wrong we know who to speak to to get it resolved.

Ianh82

thanks, i'm going to try a big whole market broker online - from money saving expert. fee free. impartial.