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Do "I" need a Mortgage Broker?
Comments
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This is arguably the most important one for purchases.- What are the underwriters like? An experienced broker will have a relationship with these people even though they are not officially accessible
99% of the time when I sit down with people and discuss the options, if the difference in cost is minimal, they would rather go with the easier lender.
I am jsut looking at mortgages for a house I have made an offer on, the repayments are £2.57 a month more between the first and third lender. I will be going for the third lender because the first is a nightmare and the second will not lend me what I need.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
This is arguably the most important one for purchases.
99% of the time when I sit down with people and discuss the options, if the difference in cost is minimal, they would rather go with the easier lender.
I am jsut looking at mortgages for a house I have made an offer on, the repayments are £2.57 a month more between the first and third lender. I will be going for the third lender because the first is a nightmare and the second will not lend me what I need.
At least you can pay yourself the broker fee and the commission"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
We had a broker for our first mortgage with the Co-op but have just remortgaged to HSBC and have done it ourselves.
We have saved £120 a month, got cash back for moving accounts, cash back for taking out a mortgage and got the reduced fee because we opened an Advance account.
It was pretty painful to be honest and took 3 months to go through, saying that, it's probably because of where we are and the team here are just puppets, all the real work happens on the mainland. I guess also because we were just remortgaging rather than a FTB, our case wasn't as urgent - which i can understand but it was frustrating.
I think that using a broker as a FTB or if your situation is complex rather than simple is a good idea as they will have access to more with a few clicks than you will ever have surfing or phoning. Your situation (like ours) seems pretty straight forward so I personally wouldn't use a broker0
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