Mortgage Broker? Use This Website?

carmo78

Hi all.
Newbie here. So, i've been playing around with the mortgage calculator on this website to see what kind of mortgages we can attract. My partner has also instructed a Mortgage Broker who has come back with results that have significantly higher rates than what I return on this website.
The info i provided to the broker is essentially what i'm putting into the search on here, obviously not quite as much detail.
I guess what i'd like to know is, is it worth just applying through this website, and standing down the mortgage broker? Or is that too simplistic a question?
Thanks in advance for any advice.

ukri

Which website are you referring to?

carmo78

Sorry, Money Saving Expert Mortgage Best Buys.

dunstonh

My partner has also instructed a Mortgage Broker who has come back with results that have significantly higher rates than what I return on this website.

Is the mortgage broker on a limited panel or whole of market? 

Are you looking at total costs of the deal over the tie in period or just the headline rate?

ukri

The website gives you the cheapest rates available in the market.

The broker (in theory) gives you the cheapest rates in the market that you are eligible for.

So they are not directly comparable. You could ask your broker about why he/she did not recommend this much cheaper lender and I am pretty confident he/she can give you a good reason.

ukri

If it is the mythical AIB that you are after, that is a wild goose chase that I went on myself a few months ago. I won’t spoil the excitement for you.

carmo78

I did think it may be to do with eligibility, something which the search on this website doesn't go into too much detail, whereasI'm guessing the broker does. It has to be said that we both have strong CheckMyFile scores though (I think!), averaging at about 750 across the both of us. I'm a bit of a novice with all of this.

carmo78

dunstonh said:

My partner has also instructed a Mortgage Broker who has come back with results that have significantly higher rates than what I return on this website.

Is the mortgage broker on a limited panel or whole of market? 

Are you looking at total costs of the deal over the tie in period or just the headline rate?

Unsure of the first question, to be honest. I'm mainly focussing on the rate and the monthly period on my search results. For example, Money Saving Expert suggests a 2.59% fixed rate, over 3 years, with monthly repayments of 978. Whereas the best we had back from the broker, for the same figures, was 3.14%, over 3 years, with monthly repayments of 1053, over the same term. As some have suggested, it's probs best I raise it with the broker.

ACG

You mention the rates, but what about the fees? 
General rule I work to, if you applying for a mortgage below £150k on a 2 year deal, it is probably cheaper to pay a higher rate and lower/no fees. The broker may be finding you the cheapest deal rather than repayments?