mortgage calculator not even enough to buy a house...

deaston

I disagree that brokers are worth their weight in gold. Everytime I've used a broker, I've found a better deal myself.

And there's no such thing as a whole of market broker, as some lenders refuse to go through brokers.

Brokers were useful 20 years ago, but with the internet, it's easier to just research yourself. Plus you gain a better knowledge of what different criteria mean for you and how you can improve your lending power next time. Just handing all that to some bloke who calls himself a broker teaches you nothing.

csgohan4

deaston wrote: »

I disagree that brokers are worth their weight in gold. Everytime I've used a broker, I've found a better deal myself.

And there's no such thing as a whole of market broker, as some lenders refuse to go through brokers.

Brokers were useful 20 years ago, but with the internet, it's easier to just research yourself. Plus you gain a better knowledge of what different criteria mean for you and how you can improve your lending power next time. Just handing all that to some bloke who calls himself a broker teaches you nothing.

This is the same guy that can't even decide on buying/selling a house? I feel sorry for the broker you engaged then


Have you done your research on Brokers? Some lenders are direct only and do not deal with brokers. That's not their fault. But good brokers can access most deals, even those not on the best buy tables.


If you have adverse credit good luck going Rambo


BTW lenders don't publish their criteria, so what exactly are you talking about?


It is really simply really, if you can't afford a mortgage you can't get a house. Improving your lending power is simply saving more and not living beyond your means.


If your working, do you have time to call lenders all the time and setup 2-3 hour interviews?? I had no contact with my lender as my broker did it all for me, hassle free. If your willing to take time off work to deal with lenders go for it.

deaston

csgohan4 wrote: »

Some lenders are direct only and do not deal with brokers. That's not their fault.

Thanks for confirming that there's no such thing as a whole of market broker.

deaston

csgohan4 wrote: »

If your working, do you have time to call lenders all the time and setup 2-3 hour interviews?? I had no contact with my lender as my broker did it all for me, hassle free. If your willing to take time off work to deal with lenders go for it.

*you're *you're

On the mortgage I've just taken, the best deal the broker got me was at 2.29%. I then went off and found 1.99%. With my loan, that's a difference of £91 per month. As we've fixed for two years, that's saving £2,184, so yes, taking a bit of time out to do some research myself was well worth it. Brokers aren't free, someone has to pay them. It makes sense that the lenders would offer cheaper deals direct.

kingstreet

If you think a broker's job is saving 0.3% on the rate for a couple of years, you're sadly mistaken.

The kind of people HSBC want, HSBC get.

We're busy helping people buy homes, getting them the amount they need at the best terms available to them taking into account their personal situation/circumstances.

Quote fodder for your average vanilla sub - 60% borrower, we aren't. There's already a home for that business, HSBC etc.

kingstreet

BTW, our terms of business reads;-

Whose mortgages do we offer?

We are not limited in the range of mortgages we will consider for you but not deals that you can only obtain by going direct to a Lender.

So we're quite upfront about what we can and can't do...

deaston

kingstreet wrote: »

If you think a broker's job is saving 0.3% on the rate for a couple of years, you're sadly mistaken.

The kind of people HSBC want, HSBC get.

We're busy helping people buy homes, getting them the amount they need at the best terms available to them taking into account their personal situation/circumstances.

Quote fodder for your average vanilla sub - 60% borrower, we aren't. There's already a home for that business, HSBC etc.

Not sure why you keep mentioning HSBC.

I didn't say a broker's job is to save 0.3%. I said it's the borrower's job to save that 0.3% by going direct and doing their own homework.

I can't ignore that every time I've tried to use a broker (three times) I've found a better deal myself. With my most recent effort, the broker told me I absolutely woudn't be able to borrow enough to buy the house we were looking at as my earnings weren't high enough (I'm a Ltd. company). But I went and looked for myself and found a bank that would take into account my dividends and salary as well as ignoring that my most recent tax year was slightly lower than the previous two.

So my experience is the opposite of what you claim. The broker didn't help me get the amount I need. In fact, he almost caused me to lose my perfect house by making me think I couldn't afford it.

kingstreet

Noted. Your broker experience should not be viewed as representative of all brokers.

There are good and bad in all walks of life.

I mention HSBC because it is probably the most likely end-point for anyone who can choose a lender purely based on rate, which is all you mentioned as your reason for choosing your lender.

kleapatra

deaston wrote: »

I tried really hard, shopped around, researched deals etc etc. I'm lucky that I earn very well and had a very large deposit (50%) and I managed to get 4.7x my income, so I'd be surprised if you managed to borrow more.

Don't bother with a broker. Waste of time.

I just borrowed over 5 times my income, not particularly high earning or a huge deposit.

And anyone who thinks a broker is a waste of time has either never met/used a good one or is just stupid

Yue

I agree, I think a broker is the way to go! I borrowed over 5x my annual income through a free mortgage broker recently, while the online calculators were telling me 'no chance'.