Do you actually need a Mortgage Broker in 2020?

Majoggy

I was against using a broker as I felt I was willing to save the money and do it myself.

However my partner found it all very stressful and twisted my arm. I'm glad we did. He wasn't the cheapest but he found a better deal than I could find, was very responsive and reassuring.

We could have done it ourselves but it has the potential to be time consuming and stressful. If you're ok with that, then go it alone.

Bonniepurple

Like everything to do with buying a house, you don’t *need* a broker - but it makes life much easier.  I’ve never sought a mortgage before and I have found a broker who can talk me through the process.  Apparently I’m pretty simple, but I’m sure they’ll be issues along the way.  You *can* move yourself (the cheapest), you *can* hire movers, or you *can* hire packers and movers.  Personally, having done both moving myself and hiring movers, this time I’m going for packers as well.  The additional cost is more than offset by the sanity saving.

idkwhattosay

Every time you have to deal with the Law, you either end up pulling out your hair or just giving up. I've been looking at buying a property for the last few years, albeit casually, and the whole process is just vomit inducing so I never really started it. It's funny how we've advanced in some aspects, technology-wise, such as buying a car online with a few clicks, but to buy a house you still have to jump through hoops like in some bureaucratic Soviet republic from the late 80's. It's not like you won't be paying through your a-hole for the next 25 years for the pleasure of borrowing the money, you also have to dance around like a clown for their entertainment. For people like me a broker is a must. I have no time, desire or willpower to deal with bureaucracy. There's a difference between "needed" and "required"; a broker is not required, but is very much needed. Unless you're one of those rare masochists who actually enjoy doing it all by themselves.

But wait, it doesn't stop there! You then actually have to choose a broker and everyone has a horror story to tell...so you end up going round and round in a vicious circle of "what is the best way to do, so I don't end up in a financial disaster".

Thrugelmir

idkwhattosay said:

Every time you have to deal with the Law, you either end up pulling out your hair or just giving up. I've been looking at buying a property for the last few years, albeit casually, and the whole process is just vomit inducing so I never really started it. It's funny how we've advanced in some aspects, technology-wise, such as buying a car online with a few clicks, but to buy a house you still have to jump through hoops like in some bureaucratic Soviet republic from the late 80's. It's not like you won't be paying through your a-hole for the next 25 years for the pleasure of borrowing the money, you also have to dance around like a clown for their entertainment. For people like me a broker is a must. I have no time, desire or willpower to deal with bureaucracy. There's a difference between "needed" and "required"; a broker is not required, but is very much needed. Unless you're one of those rare masochists who actually enjoy doing it all by themselves.

But wait, it doesn't stop there! You then actually have to choose a broker and everyone has a horror story to tell...so you end up going round and round in a vicious circle of "what is the best way to do, so I don't end up in a financial disaster".

Always consulted a solicitor on matters of law not a mortgage broker. 

britishbug

This journey?........ now????.... without a broker?!?!?!......... I just couldn’t be bothered...... no house would be worth the hassle. 

[Deleted User]

Using a broker or not can be compared to many things in life.   
 
I can change tyres and brakes on a car but i wouldn't know where to start with an engine rebuild or changing a suspension arm.  I dont even know if a suspension arm is a thing ive just made up or if it exists so i would definitely need help with that.  

So if you are the equivalent of a tyre change then you might be happy doing it yourself.  Plenty people still go to kwik fit for that though.  Those people might be able to change a tyre, but its probably less hassle to them to get a mechanic to do it quickly.

Its the same for mortgages,  people could do it themselves but its usually a lot less hassle to have someone do it for you

How much you are prepared to pay for that service is up to each person

idkwhattosay

Deleted_User said:

How much you are prepared to pay for that service is up to each person

How much do brokers normally charge?

haras_n0sirrah

for a straightforward case £300-£500 seems to be about average
If you have heavy adverse it will likely be a bit more.

SouthLondonUser

If you are in a good financial situation and have the time and patience to compare a few deals, you do not need a broker.
If your situation is not standard then a broker can help.

Having said that, I did not need a broker for my last 2 mortgages but I decided to use one (the same) because the bureaucracy of applying without a broker was driving me nuts.

The first time I had chosen HSBC as a lender as it had the best deal for our situation at the time. However, HSBC required my wife and me to show up in person, at a branch, at the same time, Monday to Friday; since we work very far from each other, at least one of us should have taken half a day off work for that. No way. I went through a broker who gave me the very same deal with HSBC, but without the need to take time off work and go in person to a branch both of us. Since then, I will always use the same broker. By the way, if HSBC's process had been more reasonable, they would have saved on the broker's fees as I would have been able to go to them directly.

jurgen19

I’ve just been accepted for a mortgage subject to valuation by HSBC. I never used a broker and it all went smoothly (up to now) but the amount of stress and sleepless nights I had due to worrying about questions I had no answers to really isn’t worth it. In future I will probably opt to go down the broker route and let them deal with all the headaches lol