Switch mortgage without a mortgage advisor

w00519772

This question follows my last question here: https://forums.moneysavingexpert.com/newreply.php?do=newreply&p=75701124 and specificlly point two.

I would be interested to hear from people who have switched mortgages in the past - I am specifically interested to hear whether or not a mortgage adviser/broker was used.

I am planning to switch my mortgage without a mortgage adviser (First Direct is the best deal I can find and they do not offer their products via mortgage advisers). I have asked a lot of questions and I am confident moving forward. However, I am concerned I will discover something at the 11th hour and have to decline, which would be avoided if I used a mortgage adviser/broker (because they would advise me of everything e.g. small print well in advance).

ACG

Do you fit criteria?
Do you pass affordability?
Is there anything in your circumstances that may cause a problem?
Is the house fairly standard?

Assuming you pass criteria and affordability, the house is within criteria and you have normal circumstances, you should be fine.

pjread

ACG is right (quel surpris )


If you have unusual circumstances I'd recommend using a broker; if you're well within normal criteria then it shouldn't be necessary.

comeandgo

Have done it twice, we had high wages, low loan to value and nothing adverse in any credit report so felt we had no need for a broker. Nothing difficult to it.

ACG

Just to add to this thread that a broker is not a price comparison service.
Of course we find you the best deal we can, but we also discuss the options you may not know about (offset mortgages, do you want the cheapest lender or the easiest etc), we then check that you do fit criteria, pass affordability and also deal with everything for you whilst you are at work etc.

20vt-rs

I have done it twice, moved from Halifax to HSBC, and then onto First Direct. I think if you have good credit rating, decent LTV and nothing that could cause any trickiness then you can give it a go. My friend is a broker and I did check with him first, he said he couldn't get anything better than HSBC and FD at the time, but he did say there are a lot of hoops to go through. He was right, lots of paperwork, sending in proof of earnings, bills etc which is all time-consuming. But if you are up for that and you seem straight forward then go for it...