Should I use a mortgage adviser?

elly.alice

Hello!

So my partner and I are buying our first home. We've had free advice off an independent mortgage adviser, but are at the point now where we need our AIP and to start the application as we've had an offer accepted on a house (much earlier than we thought! So feeling a little underprepared!)

I'm now doubting whether we need a mortgage adviser who will charge £400 for his services and whether he'll find us a better deal worth the money. But, I'm concerned doing it all alone will mean we mess up somehow?!

Any advice from those who've been through the process with and without a independent adviser welcome!

RhysHSCC

Use a broker. Honestly you can not go wrong with one. I work in the mortgage sector (not as an advisor, but more of a CSA role)and am looking to start an application soon, but instead of doing it myself I would rather get a professional to look after it to ensure it goes smoothly.

RhysHSCC

Also I deal with mortgage applicants who deal direct on a day to day basis, usually the applications can take longer as

1. direct applicants don't always give accurate income and expenditure details, which can cause delays further down the line. E.g. Slightly overstating income at AIP stage can become a decline when underwritten as it fails affordability
2. Broker are more likely to find the best deal over whole of market, lowest rate doesn't always mean cheapest deal, plus it saves the credit searches
3. You could end up saying something you shouldn't which can lead to decline cases. Brokers usually know what to say and how to put things across

I'm sure there are other reasons as above but I think it's worth the money if it means better chances of a mortgage offer

georgehere

I am not associated with the business of getting mortgages.

I have had several mortgages over the years and only once used a broker which was for a somewhat complex situation.

I would say if you are confident you know the difference between an interest only and repayment mortgage and you understand what the upsides and downsides could be of buying a fixed rate mortgage - then do it yourself .... unless you are in an unusual situation.

When I did pay for a broker, they found the same mortgage I found for myself when I searched online. What was good though was that they took all the hassle out of the application process and got it through vey fast - and I was very happy to pay the fee for that.

minimike2

I'm now doubting whether we need a mortgage adviser who will charge £400 for his services and whether he'll find us a better deal worth the money.

But, I'm concerned doing it all alone will mean we mess up somehow?!

Which is it - You don't need one, or you are concerned about messing up. It isn't both. Decide which it is then make the decision based on that.

Whistler23

Advisor all day long.

Also you had an offer accepted before an AIP, that sounds risky, and from reading on here I wouldn't have though any estate agent should have out forward an offer without checking your finances are in order? You are confident your credit files are all in order?

csgohan4

400 pounds in the grandscheme of things is a drop in the ocean for a mortgage costing 100's K.




Make sure you get a broker that only gets paid on mortgage offer. That way your interests are better served


Avoid Estate Agent based services too.

ap1985

I'd rather pay a broker then do it myself. A broker can take all the stress of the application away from you. Taking out a mortgage is enough stress for an individual without having to stress about dealing with the Lender.

amnblog

csgohan4 wrote: »

400 pounds in the grandscheme of things is a drop in the ocean for a mortgage costing 100's K.

Agree with this.

csgohan4 wrote: »

Make sure you get a broker that only gets paid on mortgage offer. That way your interests are better served

Can't agree with this. It's all about value for money and what suits you.

csgohan4 wrote: »

Avoid Estate Agent based services too.

Agree with this - frequently lacking in knowledge and poor service - sausage factory

Scottycameron1

Remember the majority of the people who will reply to you on this are mortgage brokers. In my opinion no need to use a broker you can compare rates and products yourself online go into the bank and make an appointment with there mortgage advisor and go from there as long as your honest with them you'll be fine. Good luck

kingstreet

Scottycameron1 wrote: »

Remember the majority of the people who will reply to you on this are mortgage brokers. In my opinion no need to use a broker you can compare rates and products yourself online go into the bank and make an appointment with there mortgage advisor and go from there as long as your honest with them you'll be fine. Good luck

Finding the rate is 0.1% of the job.

The other 99.9% is the graft of mortgage broking, ensuring the case fully meets lender affordability and criteria before you can submit even an agreement in principle.

Then it's about gathering the right documentation, submitting the application and looking after it and the house purchase, right through to completion.

You'd be amazed at the number of phone calls we take and emails we answer at all hours of the day and night, weekends, bank holidays, the lot.

It is not all about the cost difference between 0.2% on the rate for a couple of years and a bigger fee etc. Anyone can work that out.