Mortgage Brokers

zak2012

Hi All
I am a first time buyer and found a property.
the mortgage broker is charging 500 + 100 admin fees to set me up with a mortgage provider.Can i avoid paying this by going to a bank on my own? what is the experience that members have of these brokers and is it worthwhile to use them?
Thanks

ACG

Also posted here https://forums.moneysavingexpert.com/discussion/5765955

MRPEEVED

Just used a mortgage broker. Cost £499 but in our case, it was completely worth it. They should work out exactly what you can afford and will find the best deal for you. They will tell you exactly what paperwork you need and help you with any questions. It is a good chunk of money though and you can do it without a broker.

Reue

Our broker was referred by a friend and didn't make any charge as long as you were a fairly simple case and so good chance of approval. They make their money from referral fees but were still whole of market.

I don't know why you'd consider paying a broker when there are lots of good free ones available.

OnTheLadder

We used a mortgage broker. As a first time buyer it was invaluable as he explained us through the whole process, and was there for us with any questions we had. We were recommended to him by a relative and have since recommended him to others. Like Reue, it did not cost us a penny, was the whole of market and he made his money from referral fees. You can go to the bank directly, but we found that our broker could find better mortgage rates for us as a result of his relationship with the mortgage companies.
I'd ask friends/colleagues/relatives for recommendations to see if you can find a free one.

ziggycj

I have no choice but to use a broker. I'm on a fixed term contract so all the high street banks are saying no (you have to be permanent). Went to a broker and they've been able to find provider that will give me a mortgage fixed at the same rate I was looking at anyway. There fees are £500 but the provider is one that you can't go to direct so there's no way I'd be able to do this without a broker.

xsor

I used one referred by my brother.

It didn't cost anything, and not because he referred me to him, just simply because he does not charge anything.

He gets his money if you take out the mortgage he recommends, and he did not give me any restricted options - as I have always checked them again online.

I'm not sure if it's hard to find good ones out there that don't charge a fee, but it's worth a try to save the couple of hundreds of £