Why use a broker (holiday let)?

emv

I'm looking for a buy to let mortgage for a holiday let & the market is pretty narrow. I've spoken to a couple of brokers who want to charge around £500 but I know the lenders who they'll approach & wondered whether there's a really good reason for not going direct to them?

No offence to any mortgage brokers, but I've just worked with one for 4 months for a residential mortgage & it took a painfully long time & then the details on the application were only about 50% correct & we were turned down for not meeting one of the lender's basic criteria, so I'm a bit wary of them now!

Em

Let_Us_See

You pay your money, or not, and decide your option.

amnblog

I got a bad haircut once.


I still don't cut my own hair.

emv

Any more helpful comments? It was a serious question, just wondering what the benefits of applying via broker would be.

King_Slayer

Because they know what they're doing.

They will know which lender most match your circumstances. Do the leg work and ensure that you have all the documents required. Also hasten he lender on your behalf and the list goes on.

ACG

If you get a good broker, they will do the work for you, fight your corner if there is a problem and other than an hour at the outset to complete a factfind thats all you will need to do in the main.

A bad experience does not mean every broker and every application will be a bad one. Broker could have had an off day or he/she could just be not very good.

As for whether that is worth £500 is another matter, only you can decide.

King_Slayer

Also best to use one that has access to the whole market and not just a selected panel. That way they would be able to get you the best possible rate.

King_Slayer

ACG wrote: »

If you get a good broker, they will do the work for you, fight your corner if there is a problem and other than an hour at the outset to complete a factfind thats all you will need to do in the main.

A bad experience does not mean every broker and every application will be a bad one. Broker could have had an off day or he/she could just be not very good.

As for whether that is worth £500 is another matter, only you can decide.

Mine was worth every penny! Changed lender on their advice which saved us loads! Had we did it ourselves, we would've initially gone with the high street lender, that we had our AIP approved with, which would've resulted in us paying approx 1.12% aer more. :eek:

dunstonh

so I'm a bit wary of them now!

Measuring the quality of 50,000 odd advisers on one is a bit over the top.

emv

There's only one lender who would lend to us, the holiday let buy to let market is tiny so I think the usual advantages of having someone with whole of market access don't apply.

And yes, I'm not judging the whole world of mortgage brokers on one, though it was a large company & the 4 months it took to get from our enquiry to application did mean we lost access to two offers within that time. Going direct to lenders may have meant we didn't have access to those rates, I know.

amnblog

emv wrote: »

There's only one lender who would lend to us.

This statement is based on?