Partner refuses to use broker

lushshez14

Hi everyone, 
Just wanted an opinion on an ongoing argument me and my partner are having. 
We are first time buyers with a 10% deposit saved.
I'm employed and he's self employed but receives is pay through CIS for two years and wants to go on this amount to get a mortgage (think you have to show 13 weeks of payslips)

He completely refuses to see a mortgage broker. We have a friend that's an advisor who has told him a few banks that accept the CIS and he thinks now its a waste of money using a broker as we should apply directly through them. I just think its safer to get someone who knows the lender most likely to accept us, I would hate for us to be declined and have a hard search on our credit file for nothing. His credit file is totally clear, mine has been for 3 years but I do have quite a few missed payments through 2017 - early 2018 and I took out a few payday loans 3 years ago (all paid) I'm all new to this so I'm sure their are other benefits to a broker and would be worth the money? Or is he right?

ACG

The pay day loans can be an automatic decline with some lenders, but I think that is a minor point as most lenders will be ok with them. 
The late payments are probably the bigger issue. 

I dont want to come across as biased but I dont think it would be a bad idea to use a broker. Thats not to say you cant do it yourself, but of the list of lenders you have some are probably a little more relaxed around the late payments (and PDLs) than others. 

I dont know what your partner does, but lets assume he is a brickie, if I watch some videos on youtube, does that mean I can do the job as well as he can? He will pick up on issues with the ground, the cement and other things I would not have a clue about. A broker is sort of the same, we will also pre-empt other problems that you guys may not have even picked up on yet. You also have someone on hand when you want to know how long things will take and do not understand certain terminology etc. 

I am not trying to upsell a broker as I am obviously not going to benefit from this mortgage, I am also not trying to make our job sound like brain surgery but like anything if you have someone experienced on hand you are likely going to get a better and quicker experience. 

csgohan4

Using a broker is reasonable, if he doesn't then his choice and his choice to go through the trouble of application submission and organizing time to do an interview via phone if required and having to send multiple documents while they are on their work time. 

Don't forget delays if you are not a vanilla case and having to go through more stringent checks which normally a broker would hand hold and deal with on your behalf. 

Paid or fee free brokers come in variety of types. But why use them for your most important purchase of your life, why indeed.

lspell1

You will have two obvious mainstream Mortgage Lenders available to you, that the vast majority of CIS cases go to.
Your case isn't simple for the reasons you've highlighted. Ultimately if you want to have the best chance of success in the quickest amount of time possible, go through a broker. If for any reason those two lenders decline, you'll be kicking yourselves.

MaryNB

You're taking out a 6 figure loan that's going to be hundreds in repayments each month. A good broker may be able to save you far more than any fee you might pay. 

My friend has a good salary, clean credit history and swears by her broker. He's got her really good deals  for her mortgage and remortgage and easily saved her hundreds over her initial fixed terms. 

amnblog

A conflict about prudence with money is not a good start.

Think on.

aoleks

Using a broker doesn't cost money, the good ones are free. They get paid by the bank when you take a mortgage out. Also, in your circumstances, a (good) broker would make a lot of sense.

[Deleted User]

aoleks said:

Using a broker doesn't cost money, the good ones are free. They get paid by the bank when you take a mortgage out. Also, in your circumstances, a (good) broker would make a lot of sense.

Bit unfair to say the 'good ones are free'
Everyone has different business models, free doesn't mean good or bad, it just means they do enough cases to get by on the lenders commission.  Otherwise they rely on cross selling insurance to make up the difference.

ACG

aoleks said:

Using a broker doesn't cost money, the good ones are free. They get paid by the bank when you take a mortgage out. Also, in your circumstances, a (good) broker would make a lot of sense.

Going off this logic it means I am not good. 

Good to know my value is based on how cheap I am. What happened to the phrase "Good, Quick, Cheap - you can have any 2"

Ganga

ACG said:

aoleks said:

Using a broker doesn't cost money, the good ones are free. They get paid by the bank when you take a mortgage out. Also, in your circumstances, a (good) broker would make a lot of sense.

Going off this logic it means I am not good. 

Good to know my value is based on how cheap I am. What happened to the phrase "Good, Quick, Cheap - you can have any 2"

No the good ones are the ones who know what they are doing and get results for their clients ,keep up the good work ACG.

ACG

Ganga said:

ACG said:

aoleks said:

Using a broker doesn't cost money, the good ones are free. They get paid by the bank when you take a mortgage out. Also, in your circumstances, a (good) broker would make a lot of sense.

Going off this logic it means I am not good. 

Good to know my value is based on how cheap I am. What happened to the phrase "Good, Quick, Cheap - you can have any 2"

No the good ones are the ones who know what they are doing and get results for their clients ,keep up the good work ACG.

Going off this logic it still means im not good