Mortgage Broker Advice

Harmonica89

Hi there,

Just a quick question regarding the services that a mortgage broker can provide. I've had an offer accepted on a flat and I'm currently starting to arrange a mortgage.

I have an appointment coming up with a mortgage broker where I'll be charged £400 to find me a deal and process my mortgage application.

I'm just wondering if there is any real benefit to this fee? I have found suitable deals using MSE's comparison tool. Does the mortgage broker get special rates that I can't find? To me this seems that I would save money applying for the deals I've found myself.

Any advice would be appreciated.

amber_man

You can ask your broker if they will take a commission from the lender rather than you paying them a fee. I think if your case is in any way unusual, a broker will be able to offer you advice and use their knowledge of different lender's requirements to make sure you get a deal. Some offers are only available to intermediaries - and your broker can liaise with solicitors and estate agents to get things moving.

I guess it is like having an accountant - you can do it yourself, but an accountant saves you time, is more expert in the detail than you are, and will save you the cost of their fee in direct costs and price of your time if they are a good one.

We used one last time as FTB and were super pleased and relieved to have the help and advice. We're less green this time, but plan to use one again because the circumstances are a tiny bit complex (mix of salary and self employed income) and because we don't have the time to do the research and form filing with the accuracy that is needed.