Mortgage broker - ask me anything

deeleys

Suseka97 said:

deeleys said:

haras_n0sirrah said:

deeleys said:

Hi 
I've recently put a deposit down on a new house and have been pointed in the direction of a mortgage advisor to do a financial check.  I told them I was with Santander and I just wanted to do a mortgage port, as I've got a low interest rate and an 8K penalty.  They checked with Santander who agreed in principle and said they needed 1 months pay slips.  We are doing an hour and a half zoom meeting with the advisors on Monday and they have requested a massive amount of paper work and I've read some of the threads on here about their hidden costs and the hard sell.  Is it possible for me to just go directly to Santander and organise the porting myself?
Thanks
Steve

An hour and a half zoom meeting? Who has time for that.
In terms of paperwork as brokers we need standard packaging even if the lender doesn't need it - payslips, bank statements, proof of deposit, Id - we need it all as the lender or fca could come back at any time and request documents and we have to have it on file. I would be surprised if the lender didn't need it too even if it doesn't go to an underwriter.
With regards to costs no broker costs should be hidden. It should be on an idd and should have been given to you prior to work commencing. 

I may be biased but at the moment I think using a broker is a good thing even if they go the same lender. Getting an appointment with some lenders can take a month, it can take 2 hours to get through to some lenders for an update, filling out the forms correctly, all things the broker does on your behalf. Whether you have the time to do it yourself or are happy for someone else to do it is up to you.

Thanks.  We've been with Santander for many years and bank and have savings with them.  I just think it is a lot of work to get this amount of information together for a straight mortgage port.

Just adding my experience here - albeit with a different lender.  We actually went direct to Nationwide with the mistaken view that because we'd banked with them for 16+ years, had a mortgage with them for longer and had all our savings accounts with them, that the fact all we wanted to do was port the mortgage it would be a straightforward (and short) telephone call.

We were shocked that the DIP was initially declined, then after having to send off a whole bunch of paperwork it was approved. Okay, we thought - that's the hard bit over and the full application will be straightforward.  Erm, no.  We ended up on a 3 1/2 hour telephone call having to go through all of our finances again.  Now in our case we'd had only just paid off all our credit accounts and had taken early retirement, so I can understand it was slightly more complicated.  But still, we had to dig out oodles of paperwork and answer a gazillion questions.  

We finally got our mortgage offer (some 2-weeks on from the full application) but if I ever had to do this all again I would definitely go through a broker.  Worth their weight in gold. 

Thanks for the information.  Definitely food for thought.  The broker rang me earlier, as I hadn't sent him the paperwork yet and I told him nicely that I wouldn't be doing anything other than porting the mortgage.  I said I wouldn't be purchasing critical illness, house insurance etc.  I think he got the message!!

haras_n0sirrah

I have my own question. Purely for research (being nosey) purposes.

Those of you who are getting mortgages now did you go
1) direct to lender
2) via a fee charging broker
3) via a fee free broker 
4) via an estate agency broker
And what made you choose the route you chose? Would you do anything differently next time?

 For those that chose a broker what made you choose that broker (were they the cheapest, most responsive, friendliest etc)

Bonniepurple

I am going to be going for a mortgage in the next few months, and what I did was what I normally do - Google.  I looked for reasonably local brokers as I like the thought that I can pop in stuff if needed.  I looked for a whole of market independent broker as I know I’m not going to be simple.  Once I found one I liked the sound of I contacted them to see if my plans were feasible.  Apparently they will be (and there’s me thinking that a first time mortgage applicant who’s already a home owner (inheritance), works part time and has a self employed husband who’s income has fallen off a cliff would be on the list of “don’t touch with a barge pole”!)

deeleys

haras_n0sirrah said:

I have my own question. Purely for research (being nosey) purposes.

Those of you who are getting mortgages now did you go
1) direct to lender
2) via a fee charging broker
3) via a fee free broker 
4) via an estate agency broker
And what made you choose the route you chose? Would you do anything differently next time?

 For those that chose a broker what made you choose that broker (were they the cheapest, most responsive, friendliest etc)

I changed product with the same lender on the last re-mortgage because it was easy to do and the interest rates were good.  Before then I used a fees free broker, which were recommended by the building company.

BigBus2017

I went direct to a lender 3 years ago (First Direct), my experience was very stressful, 2 hours interview on the phone for DIP and then another 2 hours interview before full application (it was very intense). We did get approved though. 

This time having slightly different circumstances regarding our new address which we had only lived for 7 days (parents house). We decided to use a broker even though we both have excellent credit history/score and a small LTV 39%. The broker was very open about the fees they charge and the commission they receive from different leaders. 

The experience so far had been incredible. No more stressfull interview. Although my MB did interview me regarding some of the transactions no where near like going directly to my first  lender First Direct. They also provided me with good advice with the overall cost and the options available with some lender offering more borrowing but the rate is slightly higher and some lenders offering less borrowing but better rate when it came down to affordability only  as my LTV was already low. 

However I initially approach a fee free broker before this broker before I sold my property, after submitting all my documents to this fee free broker, they never got back to me. After two weeks I chased them, who confirmed they will get back to me within 2 days. Unfortunately they never got back to me. They work for a big mortgage firm but the firm allows them to be self employed (not sure how it works). 

Btw I’m still waiting for Barclays to make a decision. I spoke to my broker yesterday who confirmed that the desktop valuation came back satisfactory.

Hope for some good news soon.  

somerlouise

haras_n0sirrah said:

I have my own question. Purely for research (being nosey) purposes.

Those of you who are getting mortgages now did you go
1) direct to lender
2) via a fee charging broker
3) via a fee free broker 
4) via an estate agency broker
And what made you choose the route you chose? Would you do anything differently next time?

 For those that chose a broker what made you choose that broker (were they the cheapest, most responsive, friendliest etc)

We are using a fee broker. He has been brilliant, we have a complicated situation and he has ‘held our hand’ through the whole process. I wouldn’t have even known where to start. 

We picked him due to recommendation from a few friends who had used him in the past. 

All this for £499, a bargain in my opinion. 

Meh123

haras_n0sirrah said:

I have my own question. Purely for research (being nosey) purposes.

Those of you who are getting mortgages now did you go
1) direct to lender
2) via a fee charging broker
3) via a fee free broker 
4) via an estate agency broker
And what made you choose the route you chose? Would you do anything differently next time?

 For those that chose a broker what made you choose that broker (were they the cheapest, most responsive, friendliest etc)

We paid £499 for ours, some people laughed at us for paying upfront but he gave us a few options, explained in full why Santander would be best for us, prewarned us we’d be in for a wait as they’re backlogged, the phone has been picked up EVERYTIME we’ve called, we get updates (even when it’s just to say that there is no update, but updates as to what Santander’s current dates are) and at one stage had to act as an unpaid therapist when I had a meltdown and cried down the phone. He’s worth his weight in gold 😂😂

mowgliisaG

haras_n0sirrah said:

I have my own question. Purely for research (being nosey) purposes.

Those of you who are getting mortgages now did you go
1) direct to lender
2) via a fee charging broker
3) via a fee free broker 
4) via an estate agency broker
And what made you choose the route you chose? Would you do anything differently next time?

 For those that chose a broker what made you choose that broker (were they the cheapest, most responsive, friendliest etc)

Hi Sarah,

we went with a broker who was suggested to us via our accountants..helped us move into our first home and now moving again. Absolutely phenomenal, always responsive, even over WhatsApp, always gives great advice and is truthful (explained santander has huge backlog but best chance due to self employed etc) very empathetic and understanding, and like @meh123, has been the occasional therapist when Ive had a meltdown and feared the worst. Charges only due when mortgage is offered. I think main things why’d id always use him is his honesty and Frankness, no empty promises, just facts.

PoppySoper

Anyone know of any 10% JBSP mortgages available at the moment? 

The_Posh

I'm a 58 year old looking to take out a mortgage (first time here - moved back from the USA a few years ago). Any suggestions for banks or buildings societies to try?