FTB mortgage without a broker

Charlotte09

Hi

We are now starting our search for mortgage and as we have 50% deposit of house value, we only require 50% mortgage. My husband is not keen on using a broker and says we can do it ourselves. So really where do we begin?!

Having used the comparative tools so many lenders come up and terms I have no clue about. Should the big banks be your first point of appointment calls?

Thanks

amnblog

Begin by agreeing who gets the blame if you get it wrong - you or him?

David_White

A good broker will save you far more money and time than what you give them.

lee111s

I personally done it alone and wasn’t unhappy with the outcome.

It very much depends on your circumstances though.

I was single, with a 10% deposit, no debts, no CCJ’a etc, so pretty vanilla.

YHM

I love the concept of not using a broker, yet reaching out to them for advice (for free) on forums....

Dolly123

We are using a fantastic broker team that don't charge a fee, pm me if you want their details they deal with everything over the phone and by email,

Thrugelmir

YHM wrote: »

I love the concept of not using a broker, yet reaching out to them for advice (for free) on forums....

Surely brokers are too busy processing mortgage applications to waste their valuable time on a forum......

Thrugelmir

Charlotte09 wrote: »

Having used the comparative tools so many lenders come up and terms I have no clue about. Should the big banks be your first point of appointment calls?

All lenders are highly regulated and have to adhere to codes of business, conduct etc. If your circumstances are straightforward, there's no immediate rush and you are happy completing paperwork etc. Then there's no reason why you cannot do it yourself.

Ask questions on here and build your knowledge. Then you can decide which avenue is best to pursue. Which ever you choose. Having face to face contact is often the best choice. Unless you are totally confident in what you are doing.

ACG

Why does he not want to use a broker? It makes no odds to me if you guys use a broker or not, I am just curious as to why he is so against it.

So first thing is to do your research. That means, have a think about what you want from your Mortgage. Any idiot can find the cheapest rate you do not need a broker for that. It is the biggest loan you will probably ever have, so you need to make sure it is right.

By that I mean do you want the cheapest rate, do you want some stability in payments, do you want long term stability. Are you happy to wait a little longer to get an answer in exchange for lower rates or do you want a lender who will be quick and efficient but pay a couple of quid more each month? Do you want a lender who will look for holes in your application or a lender who will see an application looks ok and move on to the next one?

You will need to have a read up on lenders if you have a preference towards quick and/or easy.

You then need to look at the deals available with your choice of lender(s).

Check affordability.

Check Criteria.

Make the appointment to go through a DIP and application (I hear these take about 2-3 hours with lenders directly, but I have no first hand experience).

---

The alternative is to complete a factfind with a broker (takes about an hour) and let them do all of the above for you.

Theguywhovapes

If your going to do it alone, you will end up going with the lender with the lowest rate on comparison sites. This appears to be the case when I speak to FTB in my work (building society). They usually say you came up as lowest rate on such and such site which is why we went with you.

I was a FTB back in February, I did it without a broker only cause of my knowledge of the application process. If you’re not comfortable, or have any doubt, use a broker. They will be the best option IMO.

kingstreet

amnblog wrote: »

Begin by agreeing who gets the blame if you get it wrong - you or him?

It's time to resurrect your "Fifty Reasons To Use A Broker" thread.

Hope you subscribed to it!