Talking to multiple mortgage brokers?

gcpbuyer

Hi there
I've been speaking to a broker and they have set up a mortgage from a lender. 
The rate is slightly high I feel. 

Is it ok to talk to another broker? I understand the lender will have done a hard search so it may affect my chances of getting another one. 
Would it be ok to shop around now I have an offer?

MWT

Have you told the broker that you think the rate is high?

With a few limited exceptions, your current broker already has access to the same lenders as a new broker would, they effectively do the 'shopping around' for you...

K_S

@gcpbuyer One hard search should not scupper your chances of another mortgage application.

There's nothing to stop you from talking to another broker and finding another deal but given that (it looks like) you've already got an offer, it would help to be clear about why you think the rate is "sightly high" and/or why you think you have access to better rates. The broker should have sent you something called an 'Evidence of research' showing why they recommended that product and where it stood in relation to the "cheapest" products in the market.

The ideal time to have done this would have been prior to making an application.

getmore4less

What deal have they found you?
lender, amount, rate, LTV, term, income multiplier.

what deal do you think is out there that is better.

Some rates are just not as good as they were 12 months ago and will seem high and some are a bit better.

That gifted deposit is that all or some of the deposit?

ACG

When you say "set up a mortgage" what do you mean? 
If you mean you have an offer or an application in - what has changed from you giving them the green light to proceed to now? 
If you mean they have given you an illustration/DIP and you are unahppy with what they have come back with then speak to the broker about it. 

There is no harm speaking to a broker or 2, but having them all do DIPs/applications can cause problems. 

gcpbuyer

getmore4less said:

What deal have they found you?
lender, amount, rate, LTV, term, income multiplier.

what deal do you think is out there that is better.

Some rates are just not as good as they were 12 months ago and will seem high and some are a bit better.

That gifted deposit is that all or some of the deposit?

The deal is 1.84% for a 25 year, LTV 74.5%, amount to borrow is £300,500
I only ask as when I look at mortgage calculators I see better rates. I was wondering if speaking to another broker would bring some of these lower rates into play. 

DanielsRNCEL

gcpbuyer said:

getmore4less said:

What deal have they found you?
lender, amount, rate, LTV, term, income multiplier.

what deal do you think is out there that is better.

Some rates are just not as good as they were 12 months ago and will seem high and some are a bit better.

That gifted deposit is that all or some of the deposit?

The deal is 1.84% for a 25 year, LTV 74.5%, amount to borrow is £300,500
I only ask as when I look at mortgage calculators I see better rates. I was wondering if speaking to another broker would bring some of these lower rates into play. 

Are there any initial fees? Fixed over a certain period?

There are cheaper rates out there but don't forget to take into account the fees.

MWT

gcpbuyer said:

The deal is 1.84% for a 25 year, LTV 74.5%, amount to borrow is £300,500
I only ask as when I look at mortgage calculators I see better rates. I was wondering if speaking to another broker would bring some of these lower rates into play. 

Just speak to your current broker and point them at the 'better rates' and see what they say...

ACG

MWT said:

gcpbuyer said:

The deal is 1.84% for a 25 year, LTV 74.5%, amount to borrow is £300,500
I only ask as when I look at mortgage calculators I see better rates. I was wondering if speaking to another broker would bring some of these lower rates into play. 

Just speak to your current broker and point them at the 'better rates' and see what they say...

This. 
Speak to the broker. A customer of ours came back to me yesterday to tell me they had found a cheaper rate with their current lender. I found the same product, I also ran everything by the lender but something ruled it out. I dont go back to customers and say you could have had this if xyz because that is like a kick in the teeth. 

getmore4less

gcpbuyer said:

getmore4less said:

What deal have they found you?
lender, amount, rate, LTV, term, income multiplier.

what deal do you think is out there that is better.

Some rates are just not as good as they were 12 months ago and will seem high and some are a bit better.

That gifted deposit is that all or some of the deposit?

The deal is 1.84% for a 25 year, LTV 74.5%, amount to borrow is £300,500
I only ask as when I look at mortgage calculators I see better rates. I was wondering if speaking to another broker would bring some of these lower rates into play. 

what sort of mortgage?  purchase, remortgage FTB any other factors like tight on income or defaults......

£300k will be the fee based option for most lenders.
Agree that looks a bit high for a 2year rate but might be OK for a 5y rate  very good for a 10 year rate.

what's included valuations solicitors cashback fees.......  they all influence the rate

75%LTV  with ~£1k fee,  2y under 1.45% , 5y under 1.7%.

if that 1.84% is a no fee then you need ~1.76% or better with a £1k fee,  if rest of costs are the same.

Talk to the broker