Mortgage Broker or non

mummy2014

Hi All

Just looking for some advice really really we went to see a Mortgage Adviser yesterday and he showed us different figures etc. However when I came home I found the exact deal myself is it worth using him or going direct to the bank.

Thank you

Neutrinno

I may be bias (obviously) but using a broker isn't just about getting a deal. They will take the stress away of having to deal with the majority of the application process and save the hassle of having to deal with the lender. It may save you alot of time (and stress) by not having to go to branch meetings etc, as they will liaise with the lender the whole time for you. They may also present your case better to the lender, which means a greater chance of being accepted which is very important when you have to get this right first time!

ap1985

I got to agree with ImRob. Dealing with a mortgage broker takes a lot of stress away from the process. They will ensure that is everything is okay before submitting to the Lender and it is very likely that they will know lenders processes etc to ensure the whole process runs smoothly. I would definitely recommend a broker!

mummy2014

thank you very much i will be using a broker.

kingstreet

Broker jobs;-

1% sourcing product
99% everything else.

David_White

kingstreet wrote: »

Broker jobs;-

1% sourcing product
99% everything else.

Couldn't agree with this more!

kingstreet

You spend money to get the enquiry. You set up a file and make sure you've done your initial compliance disclosure.

You get a list of lenders in product order (rate or total cost over initial period) then you spend hours doing affordability calculators for each one and poring over criteria to ensure nothing is going to catch you out.

You prepare illustrations for the applicant, then do an agreement in principle.

Then it's collect and analyse the documentation and ensure what you have been told matches and you still meet the lender criteria.

Then, you submit the application and nurse it through from application to offer to completion, looking after the myriad little issues that come up along the way.

You produce post-sales compliance documentation and issue it, ensuring the applicant understands it and that all data is correct.

Estimated time to move from enquiry to completion in broker hours is now close to 13, IIRC.

You retain liability for the advice for the next gazillion years just in case they fancy making a complaint which costs you a min £500 to the FOS if you dare to turn it down.