Mortgage application Online vs Mortgage intermediary?

squarecat

I would say broker every time.

I did our own application last summer using online, it wasn't slow - but I did spend a lot of time on the phone to the call centre and the call handlers I talked to said they generally waited for Joe public to chase them if anything got stuck, they generally only responded in writing by post if they needed extra info and applications direct were lower down their priorities!

I vowed then never to diss the service that they provide!

They know the market, they know the jargon, and they know how to present your information in the right way to get you the most appropriate product.

kingstreet

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.

I can only say our terms of business reads;-

"How are we paid?

We will not charge you a fee as £250 will be paid to us by the Developer. We will be paid by commission from the Lender.

We will charge you a fee on application of £250, we will also be paid commission from the Lender."

It's an either/or which is crossed through to indicate which applies.

We charge £250, or charge nothing. We have no other options.

Those who pay more to a broker have done so through choice. No-one held a gun to their heads, I suspect.

termhero

kingstreet wrote: »

Those who pay more to a broker have done so through choice. No-one held a gun to their heads, I suspect.

Definitely agree, and I cannot answer to their rationalisation for doing so either.


I guess it comes down to confidence.


I have used no fee brokers (is anything really free?) and brokers with a fee, which was £300.

Landofwood

Honestly, even if I did all the research myself and selected a preferred lender, I would still route my application through a broker.

The good ones have a direct line to an account manager who trusts them. This is valuable.