Found a better mortgage than broker...

nimdy

I visited a broker earlier in the week. He was clear to point out he was all of market and was only paid from proc fees from the lenders, so no cost to me. We went through affordability and he has given me two options - a 2yr and a 5yr fix.

I thought I'd have a look around online, plugging in the same numbers as I gave the broker and have found a better deal than he was able to offer for the 5yr deal. Shall I contact him to ask if he is able to pursue this product through his broker network (if that is the correct term to use)? There must be reasons why he hasn't shown me this deal. The reasons could be:

• It is a new product that has come on the market since he did his searches
• The lender I found is stricter with affordability criteria, hence excluding it from products available to me.
• This lender doesn't offer referral fees or doesn't go through broker channels so cannot offer it

The product is here: http://www.westbrom.co.uk/mortgages/fixed-rate-mortgages/5-year-fixed-rate-mortgage-75-ltv-14614 from the West Brom Building Society.

Is this considered stepping on the brokers toes by finding better deals and questioning him?

kingstreet

Some products are "direct to lender" only and brokers don't have access.

"Whole of market" is best described as "whole of market for lenders/products available to brokers but you should research direct to lender only options yourself."

That's what our terms of business states.

cahillg81

That new West Brom 5 year fix only came on the Market on Wednesday afternoon.

[Deleted User]

Just remember - the cost of their fees has to come from *somewhere* - i.e. you

I went for a first direct mortgage that my broker couldn't use. It wasn't hard to sort the paperwork out myself; and probably saved myself a grand on the next 'best' mortgage.

I'm sure loads of people use brokers who don't need to use one

amnblog

The product didn't exist.


A poor excuse for not recommending it.


The main reason for not recommending a product is that the Lender will not want the client. An element that borrowers often overlook.

cahillg81

amnblog is also right. West Brom are notoriously frugal with affordability.

nimdy

Thanks everyone. So possibly 'all of the above' from my possible reasons. What is the best course of action, ask the broker if this product is available to him and am I eligible, or go direct to the lender?

amnblog

You have engaged the broker, why not see what he has to say?

dunstonh

It can also depend on how you employ the broker. If you employ them on independent basis (which is fee based) then the broker can include non commission paying deals and recommend those that wouldnt normally transact via brokers (which can be awkward as those lenders will require you to go through their processes as well as the broker going through theirs).

If you employed the broker on commission basis (whole of market) then they wont normally include those lenders who do not pay a commission and/or do not transact via brokers.