Lending decision - Own bank vs IFA/Broker

kafka_1977

Hi all,
I was after some opinion/experience please in terms on the chances of improving lending by going to an IFA vs your own bank.

So my hopes of a remortgage (sole name) + divorce equity release were dented somewhat and were deemed borderline in terms of a decision with my current bank

Looking for 215k on a 55k p/a salary. LTV approx. 75%.

Since the sit down I've blitzed my DDs and saved about 150-200 per month and I started to wonder whether I might have a better shot at getting a decision if I looked further afield via an IFA/broker. Especially before going down the route of getting a credit score (mine's very good but didn't want to damage it by seeking multiple credit decisions)

I've always typically kept with one bank so this may seem a no brainer question to some - I just wondered if it is common to be able to get a markedly better decision via an IFA? (fully appreciate the need to know facts and figures)

The why's are a long story but I am desperate to keep my house and much in part owing to location of schools but also rental market for the same house would be £1300 - 1500 p.c.m. as opposed to say £1,000 - 1,100 for a 215k mortgage.

[Deleted User]

kafka_1977 wrote: »

I've always typically kept with one bank so this may seem a no brainer question to some - I just wondered if it is common to be able to get a markedly better decision via an IFA?

I'd be shocked if you didn't. Going to your own bank as a matter of course would be like expecting the supermarket nearest to your house to sell the cheapest baked beans.

They may, but they probably won't.

ACG

If you are in a good position, you do not need a broker, but it is still not a bad idea to consider one as we are generally more than just a price comparison service.

If your circumstances are a little more complex then it is a good idea to use a broker.

limiting yourself to who you bank with could be a costly decision.

kingstreet

If, purely by coincidence you are with the lender with the most generous affordability calculator congratulations.

However, you are only going to know that once someone capable of carrying out multiple comparisons has done so.