Is there any advantage using a broker for the nationwide helping hands mortgage?

tommydog40

There is one property that I am considering and due to the price, I would need around 5x my income. Nationwide gave me a DIP on the phone in less than 10 minutes. The helping hands mortgage is based on the 5 year or 10 year fixed rate. When speaking to a Nationwide representative, they told me that brokers are not able to secure better rates on this product. Not sure if this is just sales talk, but it would not surprise me as this seems to be a unique product in the market place right now. Unless anyone knows any similar products? Just wondered what peoples thoughts are on this?

csgohan4

Get a broker to see what your options are. Why limit yourself to one lender based on a DIP which are not as accurate as an application. 

Getting x5 your income although not impossible is not common. 

You have also omitted important info, like gross salary, deposit, property value, debts  e.t.c

tommydog40

csgohan4 said:

Get a broker to see what your options are. Why limit yourself to one lender based on a DIP which are not as accurate as an application. 

Getting x5 your income although not impossible is not common. 

You have also omitted important info, like gross salary, deposit, property value, debts  e.t.c

That's my point, there does not seem to be any other providers lending such multiples for my situation.  Yes there are a few other lenders offering 5x plus income, but they restrict it to certain professionals or certain salary. If the brokers really can't get better rates on the nationwide helping hands mortgage, it will all be a bit of a waste of time and an added broker fee.  Deposit will be 30k on a 230k property, so will need to borrow 200k.  Salary is 37k and no debts.  I have banked personally with nationwide for the last 20 years and never been in debt in my life.  

csgohan4

tommydog40 said:

csgohan4 said:

Get a broker to see what your options are. Why limit yourself to one lender based on a DIP which are not as accurate as an application. 

Getting x5 your income although not impossible is not common. 

You have also omitted important info, like gross salary, deposit, property value, debts  e.t.c

That's my point, there does not seem to be any other providers lending such multiples for my situation.  Yes there are a few other lenders offering 5x plus income, but they restrict it to certain professionals or certain salary. If the brokers really can't get better rates on the nationwide helping hands mortgage, it will all be a bit of a waste of time and an added broker fee.  Deposit will be 30k on a 230k property, so will need to borrow 200k.  Salary is 37k and no debts.  I have banked personally with nationwide for the last 20 years and never been in debt in my life.  

Good paid brokers charge on mortgage offer not before, gives them that much more incentive. 

By all means go with Nationwide, but how do you know there are no lenders offering what you want? You haven't even tried and some offers are brokers only or only available via intermediary portals. E.g most BTL products are brokers only as a crude example. 

Best buy tables only go so far

tommydog40

csgohan4 said:

By all means go with Nationwide, but how do you know there are no lenders offering what you want? You haven't even tried and some offers are brokers only or only available via intermediary portals. E.g most BTL products are brokers only as a crude example. 

I have done quite a lot of googling and I can't seem to identify any products that would offer the income multiple in my situation (salary, profession etc), other than Nationwide.  I am also drawn to Nationwide, as they are one of the more ethical organisations and the reason I do my day to day baking with them.  My decision is not just financial, but I have certain ethical criteria.  I would be unwilling to consider any products from the below , as these would conflict with my personal ethics:

Barclays group

HSBC group

NatWest Group

Lloyds Banking Group 

Santander banking group

Citigroup 

Not sure if there are any brokers who specialise in sourcing products with an ethical criteria in mind? Also not really sure how I would even source a broker.  Yes I can read online reviews of brokers, but I have no personal experience and many reviews could be fake / marketing based. Some of the smaller brokers may also have hardly any reviews.  Hypothetically if a broker did identify the Nationwide product and it came at the same interest rate through the broker as going direct, I would be no better off and would have to pay a broker fee.  What would you do given my situation / criteria?

csgohan4

tommydog40 said:

csgohan4 said:

By all means go with Nationwide, but how do you know there are no lenders offering what you want? You haven't even tried and some offers are brokers only or only available via intermediary portals. E.g most BTL products are brokers only as a crude example. 

I have done quite a lot of googling and I can't seem to identify any products that would offer the income multiple in my situation (salary, profession etc), other than Nationwide.  I am also drawn to Nationwide, as they are one of the more ethical organisations and the reason I do my day to day baking with them.  My decision is not just financial, but I have certain ethical criteria.  I would be unwilling to consider any products from the below , as these would conflict with my personal ethics:

Barclays group

HSBC group

NatWest Group

Lloyds Banking Group 

Santander banking group

Citigroup 

Not sure if there are any brokers who specialise in sourcing products with an ethical criteria in mind? Also not really sure how I would even source a broker.  Yes I can read online reviews of brokers, but I have no personal experience and many reviews could be fake / marketing based. Some of the smaller brokers may also have hardly any reviews.  Hypothetically if a broker did identify the Nationwide product and it came at the same interest rate through the broker as going direct, I would be no better off and would have to pay a broker fee.  What would you do given my situation / criteria?

As you have limited the majority of the mainstream lenders by choice, then you will have limited choices I'm afraid. There are criteria which are not published in the public domain and brokers will know them through their own experience and clients having gone through them

I have used brokers on here to great affect, but personal preference where you get yours from, either word of mouth or unbiased or google.

Good luck. If you want ethical choices, your going to have to pay a higher price potentially. 

[Deleted User]

I do loads of mortgages for people that end up with the same deal that they had found themselves.  Brokers dont just find deals. They help you all through the transaction and can provide high quality advice across lots of protection areas as well and help you when you get stuck on the legal work.  

If you know what you want then a broker wont talk you out of it,   they will confirm its the right option and then help you for the whole transaction

csgohan4

Deleted_User said:

I do loads of mortgages for people that end up with the same deal that they had found themselves.  Brokers dont just find deals. They help you all through the transaction and can provide high quality advice across lots of protection areas as well and help you when you get stuck on the legal work.  

If you know what you want then a broker wont talk you out of it,   they will confirm its the right option and then help you for the whole transaction

I agree there, I got a free broker last year, I knew what the cheapest deal was at the time through best buy tables, got him to apply for it, gave me his own intermediary best buy table confirming it was the best buy at the time and applied, job done. 

Easy case for the broker as I knew what product I wanted and couldn't beat it

tommydog40

Deleted_User said:

Brokers dont just find deals. They help you all through the transaction and can provide high quality advice across lots of protection areas as well and help you when you get stuck on the legal work.  

What do you mean "get stuck on the legal work"  My employer will pay the legal conveyancing fees, but I need to submit 3 quotes to them from different solicitors.

[Deleted User]

tommydog40 said:

Deleted_User said:

Brokers dont just find deals. They help you all through the transaction and can provide high quality advice across lots of protection areas as well and help you when you get stuck on the legal work.  

What do you mean "get stuck on the legal work"  My employer will pay the legal conveyancing fees, but I need to submit 3 quotes to them from different solicitors.

Average purchase transaction is now 16 weeks. Solicitors igbore everyone in the transaction if they can. Eveb the client paying the bill doesn't get a great service 

I have done hundreds of purchases over my career and am a damn sight easier to get hold of than a solicitor.  A client has a quick question on anything they give me a call or drop me an email and get a response.   On the flip side, pop over to the house buying forum and see how easy people find it to get hold of their solicitor to answer an easy question at the moment.