why brokers?

GoldenShadow

myright wrote: »

Thanks so much. That sounds good^

My next question is once your five years of fixed rate is over. What's next? If you want to change lenders does it cost to do so from Nat weather? Also for the fixed term did you pay an arrangement fee?

If we don't remortgage we will go onto the SVR. I am fairly sure you pay arrangement fees for a new deal whether with your lender or another, but your own lender doesn't do affordability checks if you switch product.

Arrangement fee is £995 for ours, we are adding it onto the mortgage and ideally will pay it off ASAP. You can get no fees but pay more interest. We looked at a three year fix but went for a five as we will fit into a better LTV bracket to remortgage then and hopefully get a better rate. As rates look like they're going up I'm not sure we will get a better one in 2-3 years than we have now.

Most people I know are going for the smallest rate on a 2 year fix, but long term, the maths and likelihood of rates going up even marginally doesn't make it worth it for us.

amnblog

50 Reasons to use a mortgage broker


https://forums.moneysavingexpert.com/discussion/5109933

dunstonh

*Kat* wrote: »

We only used a broker because it was a new build house, next time we wont though.

If that was the builder supplied broker then its best to avoid them (and estate agent brokers except when its a local independent agent who uses a local independent adviser).

Exceptions obviously apply but generally, the above have an average to poor reputation compared to most broker/advisers.