Leave broker to go direct? As they are just down the road.

harvy2004

Hi MSEs,

I've recently applied for a mortgage through the recommended MSE broker. I was told after a few days of the application being processed that I would be contacted about what ID they need for the application. I also mentioned the names were wrong on the forms.

I didn't hear anything back, so I rang up and my case manager is off ill for a few days. I get a replacement and It seems they want originals of some documents, which is understandable. I think the idea is I send it to them and then they check them over(?) or something, before they pass it on to the lender. I also keep trying to get the name changed which they eventually picked up and said they will send the update to the lender. It seems like the process with the brokers will be long and drawn out.

Now my lender has a branch that is very close by and accessible. So my question is why go through the hassle of posting all these documents and potentially other future requests to a broker many miles away and wait for the turn around time (as well communication delays), when I can just go to the lender direct?

I assume that 1) It will be less risky as my documents can be checked with being posted anywhere 2) I can just break my contract with the broker 3) Doing so will not impact application

P.S I am a First time buyer, no experience. I like rockets.

TonyN1

Honestly I would stick with your broker, we do far more than just putting an application in! there is ALOT of background work that people don't see! It may seem easier to go and do it yourself but typically you will wait for about 2 weeks to get an appointment in most Bank or building society's branches. I would strongly suggest if you send originals get them sent special delivery and insist that they are sent back special delivery!

dunstonh

I've recently applied for a mortgage through the recommended MSE broker.

Would have been better to use a local broker who could deal with these things locally and quickly and hand hold you through it. Rather than the factory line service that MSE suggest people should use (and note, MSE has confirmed that only recommend firms that can handle the levels of business a referral from them can create. Not because they are the best option).

So my question is why go through the hassle of posting all these documents and potentially other future requests to a broker many miles away and wait for the turn around time (as well communication delays), when I can just go to the lender direct?

in most cases, the people handling the broker arranged mortgages will be completely different to the people handling branch based mortgages. You will just confuse the issue by going to the branch and it wont really be any quicker as they will have to post it on anyway.

sn1987a

We spoke to a few brokers and we decided not to use one for various reasons. We spent a lot of time doing our research on how to move on. I don't think going directly with the lender is a process for everyone, but is not impossible. We took our paperwork directly to the lender, photocopies were made and we kept them. We felt more in control being in direct contact with the bank, but our case was pretty straightforward.