is it ok to work with two brokers?

super125

i have one who charges that has a deal [almost] on the table and another from larger company that does not charge looking into deals for us. Is that ok?

kingstreet

Nothing wrong with that, just don't have them both doing credit checks for an agreement in principle.

ACG

As above, only have 1 doing the application.

Do they both know they are in competition? If I were one of them, I would back out.

Annisele

So long as they both know about the other, they're both happy to work on that basis, and only one of them is doing credit checks, I don't see a problem.

I think it's unlikely you will find two brokers happy to work like that, if you can it's all good.

kingstreet

If someone calls us and they already have a broker working on their case, we have to try to come up with an alternative approach.

Our builders won't accept us standing aside and telling them to get on with it with their first broker.

amnblog

Working with two brokers end in tears.

To be avoided.

if you are not comfortable with the current one, have the confidence to switch to another, but don't play two ends against the middle.

super125

many thanks for your advice. Im not looking to mess people around but i do want the best deal and will go to whoever can get me that. I just wanted to see what deals they could bring to the table and then go with the best one.

amnblog

Are they both agreeing to to do the work based on the knowledge that at least one of them will not get the business?

ellie27

amnblog wrote: »

Are they both agreeing to to do the work based on the knowledge that at least one of them will not get the business?

We are using a broker at the moment.....however if I am looking for a car I shop around and to see who/where I can get the best deal on the best car so is it not similar to that? How do I know the broker we are in touch has found us the best deal and no other broker could find us anything better?

kiddakidda

ellie27 wrote: »

We are using a broker at the moment.....however if I am looking for a car I shop around and to see who/where I can get the best deal on the best car so is it not similar to that? How do I know the broker we are in touch has found us the best deal and no other broker could find us anything better?

You can't really compare this situation with buying other products.

You are better offer having initial conversations with Brokers and by all means shop around until you have found someone that you are confident with and you feel can help you.

It's not just about the best deal in terms of interest rate etc, a good broker will know if a particular lender will accept your application in the first place.

egoode

I have kind of done that before. My purchase took 17 months from offer to completion and after my initial mortgage offer expired I did approach a different broker to see what deal they could get me but I made it clear to them I had used another broker previously and I may still use them.

They did find me a deal that was ok but wasn't exactly what I was looking for whereas my original broker found me a deal with everything I wanted which was a fixed rate initially, an offset and full internet access. It also had a cheaper fee and a similar rate to what the new broker had suggested.

I personally don't see any issue with it. However the people objecting seem to be mortgage brokers and probably don't like doing lots of research and not have money to show for it at the end of the day. However ultimately they are in a sales job and many sales jobs involve work that doesn't lead to a sale and mortgage broking is no different in that regard.