Do we need for a mortgage adviser?

amistupid

I suppose it could be argued, if I need to ask the question, we probably do.

First time buyer.

Cost of house £115,000.

Deposit £40,00.

Leaving a £75,000 mortgage over 25 years

Gross income £21,000, no debts.


I have made enquiries and have spoken to a mortgage adviser who has quoted £395 for his services, which included searching for the best mortgage, completing the application, negotiating a reduction in the asking price and advice on house/contents and life insurance.

Could I not use mortgage/insurance comparison sites, do my own house price haggling and save myself nearly four hundred quid, or do mortgage advisers have 'access' to better deals that would save me money in the long run?

ACG

You do not NEED a mortgage advisor based on what you have said.
However, our job is not limited to finding you the best deal. If there are any problems (even straight forwad cases can hit some bumps) we are there to sort it out. We are able to deal with it during the day whilst you are at work and we can help guide you on timeframes and what to expect and when.

Only you can decide if you see value in aving the helping hand or not.

Sabriski

When we got our FTB mortgage we used a broker. They dealt with everything and took away all the stress of sorting everything out ourselves. Doing all the searches for deals, insurance, solicitors, etc takes time and if you don't know what to look out for you can end up losing out. Well worth the £395 fee in my opinion.

dunstonh

Do we need for a mortgage adviser?

no-one needs anyone when it comes to doing jobs. You can DIY in anything you do. However, the choice to DIY or use someone comes down to what you get from it. Do you prefer to do better things with your time or pay for someone else to do the work? Do you think you are going to be as good DIY as a professional? Do you know what you are doing? It is exactly the same in all walks of life.

amistupid

Sabriski wrote: »

Doing all the searches for deals, insurance, solicitors, etc takes time and if you don't know what to look out for you can end up losing out. Well worth the £395 fee in my opinion.

I have all the time in the world and can search umpteen mortgage/insurance/ conveyancing comparison sites. Do mortgage advisers have better access to better deals than Joe Public?

Malmo

Will you be able to invest time in understanding each lender's lending criteria to ensure you fit THEIR requirements? The process is not the same as buying insurance or even a personal loan.

ACG

Sometimes we do get exclusives.

Its not the comparison sites that take the time, that takes minutes. The research is criteria, timescales, do you know which lenders are easy to deal with or which will put you through the mill? For example there are 2 lenders I will not touch with a barge pole because life is just too short.

Malmo

ACG wrote: »

For example there are 2 lenders I will not touch with a barge pole because life is just too short.

At a guess, Accord and Leeds Building Society?

ACG

Accord is one of them. Leeds do not really come up in the market I tend to go after so I probably will fall in to the trap of using them again at some point. To be honest, I found Leeds to be ok last time I used them although I think I just got lucky.

Contemptuous

amistupid wrote: »

I have all the time in the world and can search umpteen mortgage/insurance/ conveyancing comparison sites. Do mortgage advisers have better access to better deals than Joe Public?

In some instances, yes.

dunstonh

Do mortgage advisers have better access to better deals than Joe Public?

There are broker exclusive deals and branch exclusive deals and direct exclusive deals. At different times, one distribution method may be better than another.