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Broker dilemma

edited 3 February 2020 at 6:40PM in House Buying, Renting & Selling
6 replies 362 views
DribiddiDribiddi Forumite
106 posts
Third Anniversary 10 Posts
edited 3 February 2020 at 6:40PM in House Buying, Renting & Selling
Bhihihihihih

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  • G_MG_M Forumite
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    With the current broker, you need to be quite firm.

    * If she's taking about insurance etc, just stop her & bring the conversation back to mortgages.
    * when she recommends bank A, ask her about alternatives.
    * make sure you understand (and have a written record to think about)

    - interest rate (and whether it's fixed, and how long)

    - loan anount
    - tie-in period if any
    - whether the

    - whether you can over-pay without penalty
    -
    Then ask which banks/lender she'd recommend for a different fixed period (eg longer or shorter), so you can compare more than one lender


    As for the agent's broker, the only risk is that the agent then knows (via the broker, though he should not share the info!) jow much you can afford. That gives the seller an advantage if you are negotiating the price you offer to pay....
    ** If I include a blue link in my post, click and read it before posting a follow-up question. The answer may be in the link! **
  • diggingdudediggingdude Forumite
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    meet with someone else and see what they can offer then decide
    An answer isn't spam just because you don't like it......
  • ACGACG Forumite
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    A brokers job is to discuss what you want from your mortgage and offer some guidance if it is needed. If after that discussion it was pretty clear what you wanted - lets say for instance a 2 year fixed rate, I can see why they would just come back with a product rather than discussing options. If it is obvious which is the best product then coming back with 2-3 options seems pointless.

    If you were not sure if you wanted a 2 year fix or a 5 year fix for instance then yes I would probably expect a couple of options and discussions.

    We do have an obligation to discuss protection with you but that should not be in a pushy way.

    I am not sure you should be playing brokers off against one another. If you did that with me I would tell you to stick with the other broker. I give 100% to my customers and if it is clear they are not completely happy with me/us, I would rather they went to someone they felt happier with. Choose your broker based on who you are happiest with, not who will save you 50p a month. If the proverbial hits the fan you want the one who will pull out all of the stops to rescue it.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • diggingdudediggingdude Forumite
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    ACG wrote: »
    A brokers job is to discuss what you want from your mortgage and offer some guidance if it is needed. If after that discussion it was pretty clear what you wanted - lets say for instance a 2 year fixed rate, I can see why they would just come back with a product rather than discussing options. If it is obvious which is the best product then coming back with 2-3 options seems pointless.

    If you were not sure if you wanted a 2 year fix or a 5 year fix for instance then yes I would probably expect a couple of options and discussions.

    We do have an obligation to discuss protection with you but that should not be in a pushy way.

    I am not sure you should be playing brokers off against one another. If you did that with me I would tell you to stick with the other broker. I give 100% to my customers and if it is clear they are not completely happy with me/us, I would rather they went to someone they felt happier with. Choose your broker based on who you are happiest with, not who will save you 50p a month. If the proverbial hits the fan you want the one who will pull out all of the stops to rescue it.

    I think there is a big difference between seeing another broker if you feel you are being taken for a ride and playing two brokers against each which i would never recommend as many brokers as you know are commission paid.
    An answer isn't spam just because you don't like it......
  • ACGACG Forumite
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    I think there is a big difference between seeing another broker if you feel you are being taken for a ride and playing two brokers against each which i would never recommend as many brokers as you know are commission paid.

    Agreed. But they said playing them off against each other. I had our garden done last year and got 3 people out and spoke to them. We chose one based on the way they came across and price. That is seeing different people to get some options. Playing them off against eachother would be something very different. I just used the OP words.

    The point I suppose I wanted to make is that it is a 2-3 month stressful time where a lot can go wrong. Choose based on more than the deal they come back with of the difference is peanuts.

    In all honesty if you are doubting the first broker after a few conversations, I would say go with your gut.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • edited 14 January 2020 at 11:05PM
    DribiddiDribiddi Forumite
    106 posts
    Third Anniversary 10 Posts
    edited 14 January 2020 at 11:05PM
    Thanks for your advice guys
    I’m going to give current broker benefit of doubt and see how next meeting goes
    As an add on how long does it take on average for mortgage company to make a decision?

    One other thing on broker.
    I have lived with my partner for 6 years but I have never amended my address with bank etc from my parents address. No nefarious reason for this - we pay all our dues but we’ve moved around a few times and I’ve always just preferred my mail going to my mum and dads.
    Broker is saying mortgage application will need to go against me at address I live at with partner and to get the address banks have for me amended. I am worried this is going to be an issue at underwriting, is she right to insist on this rather than me just saying I have up to now lived with my mum and dad?
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