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Do I need a broker?
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chiefdave
Posts: 104 Forumite
So long story short I'm looking to release around £33K equity.
At the moment I have an interest only mortgage of £122,470 and a property value (at least according to Zoopla) of £193,333.
That means if I remortgaged at £154K I could come in under 80% LTV.
I'm also planning to switch from interest only to repayment.
Using the process on this site I've found a 2 year discount variable from Furness BS which comes in at £634. More than happy with that and I can apply directlu to them.
So my question is what is the advantage in this scenario to engaging a broker? Will I just be paying for someone else to do something I can do myself or is there more to it than that?
At the moment I have an interest only mortgage of £122,470 and a property value (at least according to Zoopla) of £193,333.
That means if I remortgaged at £154K I could come in under 80% LTV.
I'm also planning to switch from interest only to repayment.
Using the process on this site I've found a 2 year discount variable from Furness BS which comes in at £634. More than happy with that and I can apply directlu to them.
So my question is what is the advantage in this scenario to engaging a broker? Will I just be paying for someone else to do something I can do myself or is there more to it than that?
Learn from the mistakes of others - you won't live long enough to make them all yourself.
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Comments
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Might be an idea to read the stories of people who did it themselves and weigh up whether you want to go through the hell they just did.
Personally I don't recommend products where for the first two years the product is really cheap and then doubles after the product period.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
You can do it yourself, a broker just helps to ensure you fit the lenders criteria and makes the whole process a lot smoother for you and fixes any issues that may crop up along the way.I am a Mortgage AdviserYou 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.0
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I would not get too closely attached to a valuation from Zoopla. They are notoriously inaccurate.
Try sourcing an 85% product just in case. See if it's the same lender.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »I would not get too closely attached to a valuation from Zoopla. They are notoriously inaccurate.
Try sourcing an 85% product just in case. See if it's the same lender.
Basing calculations on Zoopla - just one problem you might encounter if you try to do it yourself.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
I often try to explain things with the baked beans analogy.
You can go to Asda, Tesco, Waitrose, Sainsburys, Lidl and Morrisons to buy a can of beans.
The cans are the same with different labels and in many cases made in the same factories. So you look at the price to make your decision.
As they say 'it's not rocket science'
The difference in our world is that:
The labels look the same but the small print is different
The size of the can varies but you cannot see it on first glance
The contents of the can may vary wildly but your don't know that until the can is back home and open
You spend weeks in the queue for the till
When you get to the till you find they won't sell you the beans- or may offer you half a tin
Brokers know their beans and don't pick up a can you cannot buy. Also, they get in the queue for the till on your behalf.
Buy your own beans and you are likely to drop them on your foot.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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