Coventry BS - Better to go through a broker?

prettypig

Hi,

I am planning to remortgage shortly and would prefer a five year fixed deal. I have narrowed my selection down to the Coventry building society. I'm wondering if it would be better to engage a broker or just apply direct?

As far as I can see, it's a fairly straightforward situation. House value approx £450k, mortgage value £265k. However, we do have about £5k on credit cards - mainly from home improvement work over the past year.

Obviously a broker may be able to offer a completely different deal, but if I do decide to go with the Coventry, am I likely to be better applying though a broker or direct? How do ID checks etc work if you don't go through a broker? Do I need actual bank statements and payslips for the Coventry or are downloads from online banking OK?

Thanks

Theguywhovapes

Hi prettypig

The stuff Coventry BS ask for is pretty standard. Online bank statements won’t be acceptable for ID purposes. Original/certified copies of passport/driving license usually suffice. Latest payslip& p60 should be all that’s required for income verification

Hope this helps

dunstonh

He also said that any remortgages I do with them in future will be free!

he lied.

1 - that business model has failed in every firm that has offered it. They Phoenix under a new brand and dont have to honour the commitment. They have to otherwise 5-10 years down the road, they are only dealing with "free" mortgages and cant earn the money to pay their bills.
2 - the mortgage rates you pay factor in the cost of commission paid. So, unless Raj is going to be refunding you the commission, you are still paying for it. it is not free.

hutman

be prepared to spend 3 hours on the phone with them.. i gave up