Is a Mortgage advisor needed in my situation?

Jwalker95

I've had an offer accepted on a house (WHOO!) and I'm going through apply for a mortgage now. I've been looking online (through martin lewis + comparison sites) and have really found a mortgage that I believe suits me and my situation. I've also taken advice off family friends who are really into real estate who say that it looks a great deal. Affordable payments, 2.45% interest, 5 years fixed, no fees at all (First Direct)

I have a stable income, been in my job 5 years. No debts. No direct debits apart from phone contract + gym membership. Own my car. Have my deposit sorted and saved in full along with extras.

The estate agent was offering their mortgage advisor to me and I thought why not y'know it can't hurt. Nice woman, took me through some deals. And I was looking at really the same deals as I saw online. 2.5% interest, similar monthly payments etc. And the final stinker was that if I took a mortgage and she progressed it, they charge £499. Like, I can afford it, but I'd rather buy furniture than spend it on something that I don't seem I need.

So my question is, do I really need a mortgage broker to assist in my mortgage, or can I simply.. do it myself?

chunkytfg

If you have a simple history i.e. good stable job, no debts, minimal outgoings, good deposit etc then beyond the fact a MA could possibly find you a slightly better deal then probably not.

if I was looking to pay £500 though i'd want to find my own MA who covers the whole market just to be sure you have the best deal.

dunstonh

First Direct are known to cherry pick on criteria. So, as long as you are not pushing limits in any area, you should not have a problem.

The estate agent was offering their mortgage advisor to me and I thought why not y'know it can't hurt.

Never use estate agent brokers (unless its a small local independent agent). If you are going to use a broker, then use an independent/whole of market broker (in all areas - not just mortgage).

somethingcorporate

What's your LTV?



TSB are offering 2.44% on a ten year fixed @75% LTV with a fee. (This is the deal I am looking at for when my current fixed is up in March).

DD265

We have really appreciated the hand holding we've had from our broker. Maybe not the most straight forward application (but certainly not the worst I'm sure!) as we have some debt and a low LTV. For us it's been well worth the £500 fee.