Broker or go it alone?

[Deleted User]

Hi, at the end of July i'll be in a position to hopefully remortgage my house. I bank with Nationwide and after plugging my numbers in online calculators they are the only ones to accept my circumstances.

Now do i go ahead with them direct, and if its a no then proceed with a broker? Or should I get a broker first? What would you do?

Oh and sorry one more question is a Mortgage Advisor (whole market he specifies in his ad) the same as a broker?

My last two mortgages i've gone alone and been successful but this time it's very tight!

Daniel_Sparkes

Whilst I'm a mortgage broker myself, I'll give an impartial response.

As long as the broker (who would effectively be a whole of market mortgage adviser), doesn't charge you a fee for their advice, like myself, then I would suggest using a broker.

You've been successful in the past in conducting your own business, but the benefits of using a broker are they can ensure you're getting the best available deal, and also take away the sometimes stress, time etc out of the whole application process.

saverbuyer

Daniel_Sparkes wrote: »

but the benefits of using a broker are they can ensure you're getting the best available deal

Unless of course the best deal is through HSBC or First Direct.

[Deleted User]

saverbuyer wrote: »

Unless of course the best deal is through HSBC or First Direct.

I tried a broker last time we were moving house.. they were honestly rubbish at finding a deal. The last broker I used (on our first home) was also mediocre. I have little faith in a profession that can me replaced (in 80% of circumstances) by a website. I'm sure there's good brokers; in the same way there may also be good estate agents.

So for our last move, I ended up going direct with First Direct. Easy pease. If you're able to fill in a form, you can sort out a mortgage directly yourself through them.

"Whole of the market, except for the bits of the market that offer some of the best deals"

"Fee free" - except the cost for their services comes in terms of you getting a slightly worse deal than going directly.

Daniel_Sparkes

Valid point, but rest assured whole of market mortgage brokers have to ask the client from the outset if they want to consider 'Direct Deals' when researching the mortgage. If you find the broker doesn't offer this then I would question their ethics, and personally would steer clear.

If the client wishes for this to be the case then lenders such as HSBC will certainly be considered.

MortgageMamma

Is there a reason why you don't want to stay with Nationwide? a product transfer with them would be simple and less hassle than remortgaging? Have you seen any other deals that you prefer?

kingstreet

As I've said repeatedly on here, if you think a broker's job is trying to find a 0.1% saving for the sub 60% LTV "vanilla" borrower chased after by the likes of HSBC, YBS etc you'd be wrong.

You don't need us, we don't need you.

Our job is about matching lender criteria to borrower need and circumstance and achieving the best mortgage we can at the best rate we can for those who can't do it for themselves.

Sometimes we are sourcing from a point of view of lender service/speed, sometimes affordability, property type, employment type, costs/fees, a whole host of different things of which the rate is just one.

chelseablue

I'm on my third mortgage product.


The first 2 times I just went onto comparison sites and applied to who had the best rate and would lend me the required amount (was a single application)


Now I've bought with a partner who had a default in the past and we used a broker.


I would recommend using a broker, made the finding of products and the whole process so much easier.


When we need to re mortgage in 2018 I will be using a broker again, even though anything negative will have dropped off his credit report

[Deleted User]

MortgageMamma wrote: »

Is there a reason why you don't want to stay with Nationwide? a product transfer with them would be simple and less hassle than remortgaging? Have you seen any other deals that you prefer?

Sorry I mean I bank with Nationwide but my current mortgage is with NatWest. Since there has been a change of circumstance (a break up) NatWest will not consider Child Maintenance etc as income but Nationwide do, I figured as I bank with them they'd have access to Bank Statements etc and it may save time plus they offer cashback to Current Account holders, only a small incentive but actually their rates are quite competitive.

retepetsir

I am considering Nationwide too. I believe if you bank with them then they only require 1 months worth of statements (as they can obviously see the previous history). We have our joint account with them,

I've been speaking to a broker again this time round but the best deal they can offer is £600 more expensive once fees and charges are taken into account.

I'm also considering Tesco but I'm not sure how they actually rate as a lender? They are mainly a direct lender but seem to have good deals at the moment. Not sure how lenient they are though!

Phil_H_MLIA(dip)_Cert_PFS

Such a shame that folk, including other "advisers" seem to believe that advice is about whether 2.1 is lower or higher than 2.3
True advice cannot be thus quantified but a properly experienced adviser (qualifications are now fairly standard) will point out answers to the questions that you might never think of.
If the likes of Daniel above can afford to run his business with zero fees (as we used to) then there is remarkably little downside. Some of us are even true "whole of market" and will advise is their is a direct only offering that is lower!! (even though that is the least of importance)