50 Reasons to use an Independent Mortgage Broker

Dave_Ham

Your interpretation of value and the surveyors may be different.


On a relative basis, we have had more downvaluations on both property value and rental value via Virgin mortgages than any other lender.


This may be bad luck and we do not use Virgin excessively on buy to let front..


You make no reference to anything to do with the property, so assume this is as standard as can be??

M0ney

It is a one bed flat in 1st floor (total of 3 floors) not near any businesses, no maintenance issues, 2 months ago BOS index said £88,500ish, Zoopla says £95,600, I've told VM £89k looking to borrow £64k but do have a couple thousand to reduce the loan if needed...

Rental income should be between £450-£500pm.

Armorica

amnblog wrote: »

I disagree with ACG, it is my belief is that everyone would benefit from using the right broker rather than going direct.

That's clearly not correct (and I've been told the opposite in the past). Particularly (and certainly historically) if you have an existing, long standing relationship with HSBC and uncomplicated circumstances there is no value to going through a broker.

The original list could easily be cut down to about 10 -15 really good reasons to use a broker, rather than padding it out with so many additional weak/borderline ones.

Yorkie1

amnblog wrote: »

These 50 points are designed as a 'heads up' to borrowers.

They are 50 potential curve balls that can stop you getting lending if you don't know what you are doing.

I disagree with ACG, it is my belief is that everyone would benefit from using the right broker rather than going direct.


<snip>

YES, I AM PROMOTING THE USE OF MORTGAGE BROKERS FOR ALL BORROWERS

Armorica wrote: »

That's clearly not correct (and I've been told the opposite in the past). Particularly (and certainly historically) if you have an existing, long standing relationship with HSBC and uncomplicated circumstances there is no value to going through a broker.

The original list could easily be cut down to about 10 -15 really good reasons to use a broker, rather than padding it out with so many additional weak/borderline ones.

I agree with Armorica. By padding out the list and essentially saying that your advice to any mortgage query will simply be to say "see a broker", you dilute the credibility of that advice when someone actually would be better off (i.e. the 10-15 reasons referred to by Armorica) because you can't distinguish the wood from the trees. Effectively it's like the boy who cried 'wolf' in the old fairy tale.

Armorica

Yorkie1 wrote: »

I agree with Armorica. By padding out the list and essentially saying that your advice to any mortgage query will simply be to say "see a broker", you dilute the credibility of that advice when someone actually would be better off (i.e. the 10-15 reasons referred to by Armorica) because you can't distinguish the wood from the trees. Effectively it's like the boy who cried 'wolf' in the old fairy tale.

Because it's theraputic...it doesn't fulfill me with confidence at all lol

Three of the most relevant reasons were right at the bottom (if already declined), shows scant ability to focus or prioritise key points (pretty important if you don't want to wade through tons of potential arrangements including many that aren't helpful).

GMS

M0ney wrote: »

It is a one bed flat .

It will come down to the valuers comments. I referred a one bed to Virgin recently and they indicated they weren't keen on one bed properties due to possible resale issues.

If the valuer confirms suitable security with demand for rental and sales then the property would usually be acceptable.

kingstreet

Armorica wrote: »

That's clearly not correct (and I've been told the opposite in the past). Particularly (and certainly historically) if you have an existing, long standing relationship with HSBC and uncomplicated circumstances there is no value to going through a broker.

Yep. Mr Super Vanilla.

RedSky1974

I initially went to see a broker and I was impressed. I was going to use him but then decided to check out First Direct and their product was preferable. The broker, the estate agent and the estate agent broker all said "don't use first direct / HSBC they are slow."

In my case, this is complete and utter tosh. First direct have been incredibly easy to work with, the offer was sent out in about two weeks. Surveying was booked in very fast and report done the next day. Excellent customer service and they were pick up the phone after about one ring.

I'm now glad that I went direct and ignored the advise which I kept hearing about HSBC / FD being slow. Perhaps they only say that because they don't get the commission?

I found applying online very easy and efficient, however, my case is very straightforward and I have a good history. I imagine I'm not the type of person who would benefit from a broker?

kingstreet

crouchmagic wrote: »

Perhaps they only say that because they don't get the commission?

No. We say it because people keep telling us this is the case.

That goes for plenty of other lenders in the post-MMR environment too.

TBH I'm too busy to worry about the kind of people who can go direct to HSBC. They don't need a broker.

RedSky1974

kingstreet wrote: »

No. We say it because people keep telling us this is the case.

That goes for plenty of other lenders in the post-MMR environment too.

TBH I'm too busy to worry about the kind of people who can go direct to HSBC. They don't need a broker.

Fair enough