Find a Mortgage - yourself or via Broker / Advisor?

Bucki

Hello every body

First, I want to thank you for all your advise on my last thread where I was looking to buy a 240k property.

You indeed, opened my eyes and made me realise that I was ‘day dreaming’ and being too ambiguous overall. 

Now I am looking for properties up to £190 and less with a downpayment / deposit if max £60-70K. 

Moving forward... wanted to ask about the Mortgage.

An advisor charges at least £299 up to £600 for the advise and wonder if this fee can be avoided if I dis search myself?

Question is; is it OK to search online for mortgages lenders or am I possibly missing out on better rates?

Does the search via Advisor / Broker give you always better rates / benefits / packages?

Please advise and let me know what is best possible option. Including the link where I would look out for lenders with any sort of cashbacks etc.

Many thanks

[Deleted User]

You're not sure about having an advisor yet you post asking for advice..... Ironic

If you are against paying for a broker then there are plenty who dont charge 

DCFC79

If you want to use an advisor then use one, I myself would use one, they are doing the work co pared to you doing the work, going to 2 lenders and applying.

Randomreader

I’m In the process of re-mortgaging to buy out my ex. I decided to use a mortgage advisor and so glad I did. He could access mortgages available through advisors only and he is also a whole of market advisor so checked a wide range of providers.  

I got an offer I am happy with and am using the mortgage providers solicitor to complete the remortgage. 

They sent me forms through the post for completion that quite frankly confused me. A call to the advisor and a 15 meeting with him and the forms were completed and in the post. 

Well worth the £250 fee to know it has all be done properly and with very little stress on my part. 

Bucki

Deleted_User said:

You're not sure about having an advisor yet you post asking for advice..... Ironic

If you are against paying for a broker then there are plenty who dont charge 

Asking advise from people on here who are not mortgage advisors.

why, do you object??
If you cant help then dont be an .....

Bucki

Randomreader 

Well worth the £250 fee to know it has all be done properly and with very little stress on my part. 

I wouldnt mind the £250.
the one from W H Brown charging £499 one of fee and then £99 for each application.

🤦🏻‍♂️

K_S

@bucki I am probably biased, but I would always recommend using a whole of market broker I won't go into the details because the MSE guide covers some of the reasons to use a broker quite well. There might be more reasons why a broker would be advisable in your case, but that would depends on the particulars of your requirements.

If you are averse to paying a broker fee (nothing wrong in that, this is a money saving website after all), there are plenty of fee-free brokers recommended on the MSE page. If you do choose a fee-charging broker, try find one where its only payable on receipt of the mortgage offer (quite common) or completion (much less common).

Good luck!

flashg67

I used one and don't consider my self a particularly unusual borrower. They paid for themselves when what appeared to be an 'easy' mortgage application  was scuppered by a self employed income query. The broker knew who would be ok with this particular issue and who had the best lead time ro price ratio -  it's not always about getting the cheapest mortgage, but knowing which lender to choose for a particular circumstances

C_N_

I assume the William H Brown one has been sent your way by an estate agent? I would avoid using them and finding an independent one. You have a few options, there are Mortgage Advisors on this forum you can DM and ask for details, otherwise there are links to free ones on the home buying guides on this website. Alternatively you can Google and find some that are highly rated, it doesn't particularly matter where they are based as it can all be done over the phone/zoom. 

You can always apply directly and some lenders are direct only, such as First Direct, so you can go on their website and have a look at their rates and see how they compare

Bucki

Yes, it was William H brown agent that recommended. Why would you say to avoid them?? Because they dont have best deals , because they are bad or just too expensive?

As per the free mortgage advisors, this got me confused : “ If you do choose a fee-charging broker, try find one where its only payable on receipt of the mortgage offer (quite common) or completion (much less common).” what does this mean?

How much do the Advisors on here charge ? And will the advisors fee include all the process of paper work and the contact with solicitors and whatever is needed?

i am new to all this and I dont know what the whole process of buying a property consists of. 

Bucki

For example, the W H Brown broker got me a Mortgage in Principle from NationWide bank.

now, would it not be same if I go direct with the bank? Would i not get the same benefits / offer / rate? 

This would of course safe the £500 + £99 from W H Brown.

On other hand, am I than left out of the process with solicitor etc? Or will this be dealt by the estate agents?