Is it wise to get 2 mortgage brokers to compete for my business?

Hi all,

I am coming up to the end of a 2 year fix on a £750k mortgage and want to change providers in order to get another low rate fix for 3-4 years (rather than move to their standard rate).

Question: in order to guarantee the best possible rate, should I engage 2 different mortgage broking companies to search the market and come up with the best option this time, rather than just one? This way I would have 2 competing offers?

Or, just use my normal broker (who got me the current deal) and maybe approach a high street bank direct separately just to ensure I am getting the best deal, rather than a 2nd lender?

Any ideas on this?

Thanks!

Jamie

Comments

  • csgohan4
    csgohan4 Posts: 10,587
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    edited 31 October 2015 at 12:47PM
    or you can search the MSE/ London and Country Best buy tables


    Edit:


    the cheapest interest rates may not be suitable for you depending on your circumstance, e.g if your self employed.
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • amnblog
    amnblog Posts: 12,389
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    Use a broker and use just the one Jamie.

    Get the advice, get the right product and don't confuse the situation with ideas and products that are not appropriate.

    If you are confident in your original broker use them.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ACG
    ACG Posts: 23,624
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    Speaking purely from a business perspective, I would not take this on if you told me you had another broker on the case or intended to get another.

    But as amn says, it can just confuse the matter. One person saying one thing and the other something else both trying to win the business. Its not worth it. Also 2 factfinds = 2 hours on the phone or in appointments, all to save a few quid each month.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Much like ACG has said, if a client tells me they've got another broker working for them I would be reluctant to take the case on fully.

    You need to keep in mind that the 2 brokers aren't going to speak to each other so you could end up having duplicate credit checks needlessly.

    Speak to a few by all means, but when you find one that sounds like they understand your situation stick with them.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • @ ACG & DavidWhite - I see one of you is a mortgage advisor and the other a mortgage broker, is there a difference?
  • ACG
    ACG Posts: 23,624
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    Nope, both the same.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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