What are the benefits of using a broker vs getting the mortgage direct with bank

nik_k

spaceboy wrote: »

Can anyone tell me how the cashback thing works?

I can only speak for myself, but our cashback amount will be transferred to our solicitor with the initial release of the mortgage funds. (i.e. on completion). This will then be included in our completion statement, so will either result in funds being paid to us if the statement is an overall credit, or will simply help to offset the amount we need to pay if the statement is an overall debit

haras_nosirrah

I have a client where part of the couple who is buying worked for Thomas Cook

The lender did a search and identified everyone who worked for Thomas Cook and withdrew their offers. Problem was my client had already exchanged.

I spent most of wednesday and yesterday on the phone to barclays, with the help of my amazing bdm we got it referred to quite high up, managed to evidence that despite not fitting their calculator by 30k the lending would still be affordable (fortunately the husband is the much higher earner and they have been saving her salary for a year as I got their mortgage offer out in february for a newbuild that completes in November. Their rent is higher than their new mortgage will be)

Have heard this morning that they have agreed to honour the offer despite it not strictly fitting their calculator as an exception. Whether other thomas cook applicants will be as lucky I don't know. There were apparently 20 applicants in the same position (exchanged but not completed)

Probably the most worthy 48 hours of work of my 12 year career as a broker as the clients were facing bankruptcy if they couldn't complete as they would have lost their 16k deposit, have to find another 16k to make the 10% contract and would possibly have been sued.