Mortgage application Online vs Mortgage intermediary?

Mortgage_Mark_2

amnblog wrote: »

You need it free to make sure you get what you pay for Mark.

Oh definitely, I mean you might end up killing your family, but that sense of pride that "I did it myself", that's priceless.

termhero

Mortgage_Mark wrote: »

Why don't you fix your own car when it breaks down, or fix your own boiler when you have no heating or hot water?

Same logic applies.

I fix my own car, when it needs work. I do this because it's an old car, and I am able to do it.


I would also not use a Broker if re-mortgaging, as I'm confident I know what I'm doing.


If my boiler broke down I would need a plumber, as I wouldn't have a clue.


^ That is the correct logic.

Mortgage_Mark_2

termhero wrote: »

I fix my own car, when it needs work. I do this because it's an old car, and I am able to do it.


I would also not use a Broker if re-mortgaging, as I'm confident I know what I'm doing.


If my boiler broke down I would need a plumber, as I wouldn't have a clue.


^ That is the correct logic.

It may be your correct logic, and hopefully you do know what you're doing when remortgaging, but most people really don't have a clue and only think that's the best approach. Such a shame because often there's the possibility of a product through a broker that you can't get direct, which may even save more than the cost (if any) of said broker.

I guess a bit like you fit a new fuel pump to your car, however there is a different type of fuel pump which only your local garage is authorised to fit, which can save fuel, maybe wiping out the cost of using said mechanic.

Bit short sighted really, cheapest isn't always best. Which is funny, as using your logic, if a local mechanic could fix your car for you for just the cost of the parts that you yourself would fit, you'd get him/her to do it wouldn't you?

So why not use a fee-free broker, if cost is all you're worried about?

termhero

Mortgage_Mark wrote: »

So why not use a fee-free broker, if cost is all you're worried about?

I'm not worried about cost, that's quite an assumption you've made there.


Obviously I didn't explain myself very well, so I'll try again.


If you're unsure what you're doing and feel using a Broker will provide value - use a Broker.


If you're comfortable what you're doing and feel no value in using a Broker (fee or "no fee"), then don't.


The question was asked where is the advantage in going direct, to which there was a reply It's free to go direct, which is true.

There is a definite market for Brokers, with mortgage changes and history of applicants, but if you use profession comparisons (car mechanic, plumber), then the same rule applies, if people need a mechanic or plumber, they'll use one, if they don't need a Broker, potentially saving thousands, they don't, regardless of biased smart comparisons on forums.

amnblog

termhero wrote: »

, if they don't need a Broker, potentially saving thousands, they don't, regardless of biased smart comparisons on forums.

Thousands? That would be nice - I think we had better put our fees up!

termhero

amnblog wrote: »

Thousands? That would be nice - I think we had better put our fees up!

My brother is currently buying, using a broker, costing thousands, I don't have the exact figure, he just replied thousands when I asked him.


I have a work colleague who paid £1800 to a broker last year.


So yeah, put your fees up.


It's great when brokers post factual, helpful posts.


It's not so great when brokers post smug/ironic posts.

westv

£1,800 is a ridiculous amount to pay/charge.

amnblog

termhero wrote: »

My brother is currently buying, using a broker, costing thousands, I don't have the exact figure, he just replied thousands when I asked him.


I have a work colleague who paid £1800 to a broker last year.


So yeah, put your fees up.


It's great when brokers post factual, helpful posts.


It's not so great when brokers post smug/ironic posts.

Your brother and your colleague are paying/have paid well over the odds.


Most brokers charge up to £999 hence my surprise at your 'thousands' comment.

termhero

westv wrote: »

£1,800 is a ridiculous amount to pay/charge.

For me it would be, but I'm not fully aware of my colleague's situation. I know it wasn't simple and he was happy with the service he got (mortgage obtained - property bought).


So bearing that in mind, he got value from it, I wouldn't make that judgement.

termhero

amnblog wrote: »

Your brother and your colleague are paying/have paid well over the odds.


Most brokers charge up to £999 hence my surprise at your 'thousands' comment.

I don't disagree, but these two example validate my 'potentially thousands' comment.