We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Is it wise to get 2 mortgage brokers to compete for my business?
Options

jamie20151
Posts: 1 Newbie
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
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
0
Comments
-
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 RIP0 -
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.0 -
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 AdviserYou 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.0 -
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 BrokerYou 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.0 -
@ ACG & DavidWhite - I see one of you is a mortgage advisor and the other a mortgage broker, is there a difference?0
-
Nope, both the same.I am a Mortgage AdviserYou 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.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards