Anyone used estate agent mortgage brokers?

dunstonh

The general rule of thumb is to avoid estate agent brokers unless the broker is a local independent. Some of the smaller boutique estate agents dont use salesforces but use local independents. Some of the larger estate agents/Nationals use tied sales reps.

Remember that most mortgage brokers are standalone firms not attached to estate agents. You typically find them working in advice firms like IFAs or whole of market advisers or dedicated mortgage advice firms.

JWPopps

I used a mortgage broker through the estate agency I bought my house via, which cost me £400. This is apparently a 'lifetime' fee, but I suspect if he moves on before I need him again it would prove non-transferable.

He was an independent agent, sort of loosely affiliated with the estate agency - I got a lot of bumpf about him and his relationship with them before I paid.

I only used a broker because it was a first time buy and I had no idea what I was doing. He helped me to chase up solicitors... in fact I actually ended up going with the solicitors he recommended, as by some coincidence they are also the firm both of my parents have used in the past (small towns... tsk). I felt he was very helpful - I am confident he found my best deal, even knowing that he didn't have access to every deal on the market. It turns out my best deal was with my bank anyway, possibly because of my record with them, which suggests I didn't need the broker, but he was available whenever I needed to ask stupid questions or didn't understand something.

MUCH more helpful than the solicitors were, and also more helpful than I suspect the mortgage adviser at the bank would have been (I used to work with the MA at my local bank...).

Could I have saved my £400 and done it myself? Sure. Would I have been nearly as confident? Not a bit of it.

So I suppose it really depends on how confident you already are that you don't need to speak to them.

amnblog

JWPopps wrote: »

I used a mortgage broker through the estate agency I bought my house via, which cost me £400. This is apparently a 'lifetime' fee, but I suspect if he moves on before I need him again it would prove non-transferable.

Who's 'lifetime'? His or yours?

dunstonh

I used a mortgage broker through the estate agency I bought my house via, which cost me £400. This is apparently a 'lifetime' fee, but I suspect if he moves on before I need him again it would prove non-transferable.

Or the company fails. This model is unsustainable. They are committing themselves to a lifetime of free advice. In 10 years time, how are they going to continue doing their job when there is no income coming in as they are only dealing with people on their lifetime free advice.

Companies that offer this tend to fail sooner or later.

amnblog

I am going to ask my local garage how much to service my car for life?

SephirothX

JWPopps wrote: »

I used a mortgage broker through the estate agency I bought my house via, which cost me £400. This is apparently a 'lifetime' fee, but I suspect if he moves on before I need him again it would prove non-transferable.

He was an independent agent, sort of loosely affiliated with the estate agency - I got a lot of bumpf about him and his relationship with them before I paid.

I only used a broker because it was a first time buy and I had no idea what I was doing. He helped me to chase up solicitors... in fact I actually ended up going with the solicitors he recommended, as by some coincidence they are also the firm both of my parents have used in the past (small towns... tsk). I felt he was very helpful - I am confident he found my best deal, even knowing that he didn't have access to every deal on the market. It turns out my best deal was with my bank anyway, possibly because of my record with them, which suggests I didn't need the broker, but he was available whenever I needed to ask stupid questions or didn't understand something.

MUCH more helpful than the solicitors were, and also more helpful than I suspect the mortgage adviser at the bank would have been (I used to work with the MA at my local bank...).

Could I have saved my £400 and done it myself? Sure. Would I have been nearly as confident? Not a bit of it.

So I suppose it really depends on how confident you already are that you don't need to speak to them.

Well that's the thing, you can either spend countless hours doing the research yourself on your finances or pay someone else to do it.

It's the same with insurance. I rented my flat through the estate agents I'm buying this house through and the constant pestering from their insurance department was so bad I had to block the phone number. I can understand why some people would use a broker as finding good mortgage deals can be a complex issue but I really don't want these companies managing every aspect of my purchase when I can save money doing it myself. I've already saved £240 by going with a solicitor colleagues recommended over the one the estate agent wanted me to use.