FTB mortgage without a broker

Mishomeister

amnblog wrote: »

I think the ref to TM is tongue in cheek to make a point guys.

Spot on.
Just wanted to highlight how crazy the idea is to ask for the advice on forum (and the fact OP IS asking for advice suggest they don't know what they are doing) wher you can get it from qualified person for free.
So the reference to together was to highlight that you get what you pay for.

MoneySavingSue

I was in the same position and decided to go with a broker. I had done a lot of research beforehand so was reassuring as FTB to know what i had read I understood correctly by having someone to give advise. For me the best part was actually having someone on my side as the sellers estate agent was very pushy and the broker offered to keep them updated directly.

Lauralou79

FTB here and we did it alone, did read lots on online Info including this forum. We felt it wasn’t that difficult to be honest. The appointment took less than 2 hours and all paperwork was pretty simple. I found the solicitors part of House buying more stressful tbh. Ok we may not have got the best best deal but we are happy with what we got. This obviously is different between lenders and personal circumstances.
If we had adverse credit or more difficult circumstances then I do think brokers would have been the way to go. But for straightforward cases I’m not sure they are always needed if people have a little time.

eschaton

ACG wrote: »

You will see from my posts in this thread, I am not one to say everyone should use a broker come what may, but the market was massively different in 2015 let alone 2005.

Lenders are fussier and underwriting has become stricter in the main.

I do agree but what good would the broker have been for me in 2017 when he was that useless in 2005.

I'm only talking from my own experience, not saying that all brokers are the same. I only used one because I was busy at work but had to do it myself in the end anyway. I only had 6 weeks between offer and moving in so I couldn't waste any more time after his efforts in week 1.

ANDR£W

" if you want to know how to extinguish a fire,Ask a Fireman"

getmore4less

Charlotte09 wrote: »

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

50% LTV and if everything else is fine(debts income being the main ones) then rates are not your issue you will have access to just about any decent lenders best rates.

The problem is you don't seem to have a clue about the important factors that influence the choice of product and lender.

Comparison tables won't help.

You can learn this stuff by reading up or talking to someone(parents are often a good place if they have ever had mortgages but also often out of date) but it does take time and in particular the lender experience will be more uptodate with a broker.

With the rates you will have access to you also need to consider the mortgage as part of your bigger financial objectives, savings, pensions and retirement.



where to start learning.
1. Interest only, repayment
2. Tracker, fixed, offset, follow on, SVR, ERC, fees
3. retention, remortgage
4. extra borrowing, porting
5. lender experience

With lenders there are some with a track record of being competitive so can be a better choice for the low LTV people as you don't have the short term change requirements of the higher LTV people.

comeandgo

I have got all my mortgages myself, no problems. Keep pay slips, P60’s bank statements as they will need them as evidence. Check for any charges if overpayments made, if you will not be in a position to overpay then these won’t matter, is there an early redemption charge? What happens to the mortgage rate at end of period? I did all mine on line, never visited an office or spoke to anyone.