Halifax- Direct or Broker

bigfoot371

Hey,

I've been speaking to a broker and halifax directly. They called me to inform me of the current deal (£1000 cashback) and the broker also told me this was my best deal.

I bank with Halifax, are there any benefits or disadvantages to going direct or via a broker?

Would going direct save paperwork (because they can see my accounts and history) or would the lack of 'buying power' brought by a broker like L&C work against me?


L&C gave me the spiel why I should use them, then vastly oversold the benefit to using their conveyencer - so I lost trust in the bloke.

wjr4

Try and find an independent broker that is near you rather than an online broker (although most can be done via email/telephone). That's my personal opinion anyway - would rather use a broker who can see the whole of market and tailor the mortgage to your individual requirements than go directly to the lender. What is your LTV?

bigfoot371

It's 95%, I've done my own research and am confident that Nationwide and Halifax are the best available for my situation (without a family springboard).

Nationwide £500 cashback, fees of ~£175
Halifax £1000 cashback, fees of £280

2 yr fix repayments are comparable (monthly cost the same - v. similar rates) with no product fees.

Only want short fix due to ever changing work situation.

Don't want to pay a broker up front -budget's tight, but I've got the house at 12% under asking (pre-brexit) and a new roof chucked in. I'm comfortable at the price paid it's not a disastrous mid term investment, comfortable with terms of halifax deal.

wjr4

I've recently gone with Nationwide (not exchanged & completed yet though!) via a broker (I work for the company so don't have to pay the fee luckily! although it is only £500) and their rates dropped by 0.1% last week! How have you found them without product fees? £999 is being added to my loan (very slightly under 95% so managed to get it added). Do you bank with Halifax? Nationwide have special offers if you bank with them - wish I had known a few months ago as it might have made me switch to them! Nationwide's rate for 95% is now 3.79% and Halifax 3.69% but from my experience - Nationwide offered us the loan we required - Halifax offered £23k less!

skimper

Read the small print on the cashback, when we used a broker Halifax did a £500 cashback. But it was available if you went through a broker only them directly.

amnblog

All of this is assuming that Halifax are the most suitable lender.

Boredatwrork

amnblog wrote: »

All of this is assuming that Hlaifax are the most suitable lender.

Yes, what are the rates. Halifax are rarely the best, just the most common and considered by some to be the most easy.

amnblog

'Suitable lender' is about underwriting criteria as well as rates.

wjr4

amnblog wrote: »

'Suitable lender' is about underwriting criteria as well as rates.

This is the main reason I went with Nationwide instead! Rate slightly higher but knew we had a better chance of getting the loan we need.