Bank or Broker?

ashley987

My husband & I have always banked with HBOS, literally since we were teenagers when it was just bank of Scotland, we are now early 30’s. Our accounts are with them our loans have been with them etc.

My question is has anyone stuck solely with their bank for their mortgage application just for the simplicity? Does loyalty to a bank count for anything? Our AIP is only asking for 3 months payslips from my husband (I assume because of overtime). The AIP makes it sound so straightforward. Going to a broker/advisor means providing everything which I don’t mind doing but it just seems so much easier with our bank.

Will we be losing out massively sticking with Halifax Bank of Scotland?

csgohan4

Sticking with your bank is not money saving, loyalty doesn't pay anymore, an independent broker has a whole of the market panel of lenders to look for you, a bank only has theirs.


Providing info is the norm, bank or broker, but for the sake of convenience you would rather pay more for your mortgage?

dunstonh

Will we be losing out massively sticking with Halifax Bank of Scotland?

I am not a mortgage broker but I do employ some and I am not seeing many Halifax mortgages going through at the moment. Who is best tends to rotate. This month it will be xyz bank, not month it will be abc bank.

If you go to Halifax, you will only get Halifax. if you go to a broker, then you get the choice of Halifax and others within the marketplace. If Halifax are best, the broker will give you Halifax. if not, they will give you who is.

My question is has anyone stuck solely with their bank for their mortgage application just for the simplicity?

I was with my lender for the whole term. However, that was because I was on base rate tracker and didnt need to change. Credit Crunch was good to me. People will have different reasons but simplicity is not really good enough. A broker can have your mortgage turned around quickly and easily.

Does loyalty to a bank count for anything?

not with a bank. It may with a broker. (repeated use for example or if you are a servicing client with the IFA).

Going to a broker/advisor means providing everything

Brokers usually upto 6 months bank statements and a few months payslips and that it is it. Payslips you already have to provide. Bank statements can be downloaded PDFs emailed straight to the broker or handing over the printed ones for them to scan. No hassle.

Will we be losing out massively sticking with Halifax Bank of Scotland?

Financially? probably yes.

datlex

A broker can give you an idea of which mortgages are available to you. You may find they will do a free consultation. You can you chose whether to proceed with them for a fee or your bank. When I was looking at a mortgage the broker recommended by the estate agent didn't look at shorter periods for my mortgage than I had requested. The Halifax mortgage lady did. He looked at how much I needed to borrow over the period I requested. She looked at that and how much I would be happy to pay at present as a result my mortgage is over a shorter period.

dunstonh

When I was looking at a mortgage the broker recommended by the estate agent didn't look at shorter periods for my mortgage than I had requested.

Estate agent brokers should be avoided unless its a local independent agent. The chains tend to operate more on a sales staff basis and tend to have newer brokers who are starting out in their career. Its a good first place to learn the job. Hence the quality tends to be lower than independent brokers.