First time buyer with Which? Mortgage advisiors.

AlistairM

Which have come back to me, not my broker though, he's "not in"


Apparently what's gone wrong this time is that while they did ring up when they said, but they processed a product that was out of date, so it instantly expired.


They said the broker would try again tomorrow.


I'm on hold to the bank waiting to see if I can drop the broker and just deal with the bank directly. This can't be allowed to continue.


--additional--


I got through and they said that they had got the details from the broker and should have it processed in 72 so there wasn't a need to stop using the broker.


This sounds like what they said before though. I have no clue what's going on anymore. I'm so angry at this whole farce I'm shake thinking about it.


I'm just hoping it'll be ready by the time the contracts are ready to be exchanged.

kingstreet

KayTM wrote: »

I'm sure that if you can find a good broker, they're worth their weight in gold. But that didn't happen to us. We had a bad experience of using a local broker who did nothing to help us, and a good experience of using a lender's factory line "advisers"

Dunston is talking about a local broker versus a call-centre broker, not the difference between using a broker and going direct to a lender, as you did.

Satsumas v clementines, not oranges v apples.

dunstonh

I'm sure that if you can find a good broker, they're worth their weight in gold. But that didn't happen to us. We had a bad experience of using a local broker who did nothing to help us, and a good experience of using a lender's factory line "advisers".

No you didnt. You are not comparing like for like. You went direct to lender. The OP used a factory line/call centre broker. I am referring to local broker vs call centre/factory line broker. You are referring to direct to lender.

The one thing that is always going to be an unknown is the work ethic and personality of a broker or staff member or bank staff member. You are always going to get good, bad and indifferent in any distribution channel. However, an local established broker lives or dies by their local reputation and only gets paid on completion.

AlistairM

I take to heart what dunstonh says. It's too late for me, but I hope that by sharing my expereicance I've had with Which can help other people avoid the mistake of using them.


As I've said. My case is a simple one. We can easily afford the loan repayments even if interest rates rise. Both been employed for a long time with stable jobs. Large deposit, perfect credit crating. It should be an easy decision.

The only thing that is causing problems is the broker constantly getting things wrong. Things haven't moved forward since the 27th of August!

csgohan4

I would complain to them and if not happy to the FCA. Even more so since you paid them some fee up front.

Get another a broker asap as your seller isn't going to wait much longer.

KayTM

I went direct to the lender after being badly let down by a local broker.

I'm not sure what a call-centre broker is, unless it's a factory line bod there to facilitate deals from a specific lender's point of view.

I'm not a professional at this - you are - perhaps you can explain, please?

kingstreet wrote: »

Dunston is talking about a local broker versus a call-centre broker, not the difference between using a broker and going direct to a lender, as you did.

Satsumas v clementines, not oranges v apples.

KayTM

dunstonh wrote: »

However, an local established broker lives or dies by their local reputation and only gets paid on completion.

If the one I used lives or dies by his reputation, I hope he can afford to buy himself a small plot.

But he won't need to, will he? Because he'll be constantly fed with new unsuspecting clients from the big chain of estate agents for whom he works. Nice work if you can get it, eh?

I really do see why brokers need to promote their services. I've no doubt some of you add a lot of value. But brokers are not infallible, and some "brokers" don't do a very good job. It's probably better to accept that than to push the idea that everyone will be better off if they use a broker.

I am unlikely ever to use one again. Other people on this forum are very likely to want to use a broker. I guess it depends on how they view your responses to various questions.

dunstonh

But he won't need to, will he? Because he'll be constantly fed with new unsuspecting clients from the big chain of estate agents for whom he works. Nice work if you can get it, eh?

And there you have it. Estate agent broker. The other bit of guidance given on this boards is to never use an estate agent broker (apart from small independent agents). Regional/National Chain Estate agent brokers have a dire reputation.

I really do see why brokers need to promote their services.

For the record, I am not a broker.

It's probably better to accept that than to push the idea that everyone will be better off if they use a broker.

No-one would say that. However, it is important to recognise the different distribution channels that exist when criticising people. I am sure there are good estate agent brokers out there but they are tarnished by the reputation which does seem to suffer much the same issues as the factory line call centre ones. i.e. mortgages handed to them on a plate and only want to deal with the easy stuff.

kingstreet

KayTM wrote: »

I went direct to the lender after being badly let down by a local broker.

I'm not sure what a call-centre broker is, unless it's a factory line bod there to facilitate deals from a specific lender's point of view.

I'm not a professional at this - you are - perhaps you can explain, please?

This whole thread is about someone using a "warehouse" type broker where everything is done over the phone, rather than face to face. As a result, opening hours may be shorter and the OP as he's seen, is finding it difficult to get in touch to establish what is happening with his application.

HTH

csgohan4

The other thing is, the which mortgage fees is more than what alot of good brokers charge for in simple cases. £499