50 Reasons to use an Independent Mortgage Broker

Let_Us_See

50 Reasons to use an Independent Mortgage Broker



Applicants

When there are more than two borrowers


So you don't think single or joint applicants should use a broker?

koexelek

mrginge wrote: »

Hmmm.. A mortgage broker promoting the use of mortgage brokers.

As much as i do enjoy and appreciate reading amnblogs' useful advice, it does get a bit grating that every other post is basically an advert for or blatent nudge towards a broker (obviously not Amn themselves as that would of course not be allowed under forum rules).

That's a good point. Must be annoying for a member of the public to be told " speak to a broker" over and over again, even to the most basic question.
I would not give specific advice without possession of the full facts, but I am happy to give generic information to try to help people out.

amnblog

Is it not brokers that provide the tips and steers on here that address the problems of the posters?

Many posters find themselves with a problem because they have approached a lender direct rather than using a good broker.

mrginge

What proportion of total mortgage lending is via broker compared to direct?

kingstreet

mrginge wrote: »

What proportion of total mortgage lending is via broker compared to direct?

It's about 67/33 in broker favour at the moment.

hcb42

most of those have never applied to me, but I was a first time buyer at 18 and managed to go to the buidling society all by myself and answer simple questions to get approved..

Secondly surely it is easy to get a mortgage within 15 years of retirement - you might take it out over 10 years...!

amnblog

hcb42 wrote: »

most of those have never applied to me, but I was a first time buyer at 18 and managed to go to the buidling society all by myself and answer simple questions to get approved..

Secondly surely it is easy to get a mortgage within 15 years of retirement - you might take it out over 10 years...!

Two points worth noting.

1. underwriting of mortgages has changed beyond all recognition in recent years and particularly in the past 6 months. An 18 year old first time buyer will not be accommodated by answering a few simple questions at the building society.

2. Applicants approaching state retirement age can run into issues with affordability due to the periods over which lenders make their affordability calculations.

caileag

I've done pretty diligent research and reckon I know the mortgage for me - it's with HSBC. It's a fairly simple case; a remortgage, 41% LTV, 2.7 times income. No other credit, no financial problems in past.

Does HSBC deal with brokers, or only direct? If they do, would there be any value in me going down that route?

Thanks, Caileag

ACG

HSBC deals with brokers at countrywide... but I think you would be better applying direct rather than use their brokers.

caileag

Thanks AEG, I'll do that. I've always dealt direct in past, but was worried that the market had changed, so it might be foolish.

So, tonight I call HSBC. What fun! :cool: