Why use a broker (holiday let)?

Let_Us_See

emv wrote: »

There's only one lender who would lend to us

If your research has been thorough you will be aware there is more than one Holiday Let provider, although you may have settled on this one due to a process of elimination?

Sourcing a suitable lender is only a small part of the added value of an adviser.

I wish you luck with your application.

emv

I spoke to two brokers who both said in our circumstances (property value/loan amount) there's only one lender who would consider us. I've looked around some of the others & their minimum loan amount is more that we want to borrow.

M5captainmac

A good broker is worth their fee ten times over in my opinion.

I had a fantastic broker. Paid what some would considers high fee, but everything was excellent and considering I was no where near a routine case I felt it was money well spent.

Go with the broker 500 saved is not worth the stress of going it alone!

Lifes_Grand_Plan

Not sure about holiday let mortgages, but I am in a similar position with a residential mortgage and I think I will approach the lender direct.

Unless you are a complex case then, certainly with residential mortgages, there aren't enough real benefits to using a broker that off-set a £500 fee..... I just use a combination of the best buy tables and mortgage comparison sites etc.

Mortgage brokers can promise X, Y and Z (as some mention above in their "reasons to use a broker", but unless you have used that particular one before or have a personal recommendation then who can guarantee that the reality will match the promises? Even then, past experience doesn't guarantee future performance.

I'm sure i'll get slated by some of the brokers on this site for saying this but that's my opinion.

I suppose it comes down to how confident and prepared you are doing things on your own, and if you are willing to take the risk of doing it yourself rather than use (someone who claims to be) a professional.

Mortgage_Mark_2

Lifes_Grand_Plan wrote: »

rather than use (someone who claims to be) a professional.

Charming..!

amnblog

Lifes_Grand_Plan wrote: »

Not sure about holiday let mortgages, but I am in a similar position with a residential mortgage and I think I will approach the lender direct.

Unless you are a complex case then, certainly with residential mortgages, there aren't enough real benefits to using a broker that off-set a £500 fee..... I just use a combination of the best buy tables and mortgage comparison sites etc.

Mortgage brokers can promise X, Y and Z (as some mention above in their "reasons to use a broker", but unless you have used that particular one before or have a personal recommendation then who can guarantee that the reality will match the promises? Even then, past experience doesn't guarantee future performance.

I'm sure i'll get slated by some of the brokers on this site for saying this but that's my opinion.

I suppose it comes down to how confident and prepared you are doing things on your own, and if you are willing to take the risk of doing it yourself rather than use (someone who claims to be) a professional.

Would be a valid post if you were not displaying your patchy knowledge of the mortgage market elsewhere on the forum LGP.


Irksome to someone who claims to be a Professional.

Lifes_Grand_Plan

amnblog wrote: »

Would be a valid post if you were not displaying your patchy knowledge of the mortgage market elsewhere on the forum LGP.


Irksome to someone who claims to be a Professional.

Assuming you refer to the post I think you do, I would love to know how double checking something that I was already pretty certain about qualifies as "patchy knowledge"..... :rotfl:

As for the "someone who claims to be a professional" comment, its very much a case of "if the cap fits...." so if you are a professional mortgage broker then it doesn't apply to you, so why worry about it?!?!

Still, as I said, no surprise to see mortgage brokers being upset by comments saying no to use mortgage brokers though, hey?

ACG

If you use a broker or not, its entirely your choice.
I once heard someone use the phrase a little bit of knowlege is worse than no knowledge at all - as people tend to think they know enough (I am not saying thats the case with you).

To give an example, I did a case last month. Client insturcted me and then did his own research. I came back to see him when he presented his findings...
He found a cheaper rate than I came back with (although I had seen the deal on my sourcing software). The problem was, they would never have accepted the property he was purchasing. So in that moment alone my fee was paid for by the money he would have wasted on a valuation.

My point really is that, whilst I did not mind him doing his own research (although I would have liked to have known in advance) the value of a broker shone through because not only do we have sourcing software to find the cheapest deals that are updated twice daily, we also have access to account managers, areas on the sites with extra info (not jsut the intermediary area), underwriters etc etc. I also managed to get an offer in under 72 hours which was less than he would have been able to get an appointment.

This client was a straight forward case - both employed, 3x income, no kids/debts etc and on the face of it the property was notmal - although due to past experience, I knew there could be an issue with some lenders.

As I said each to their own, I have no issue clients trying themselves and then coming to me as they are the ones who see the value and appreciate the effort the most I think. But it can cost time, money and affect your credit score by not doing a thorough job.