Mortgage brokers - yes or no?

ACG

There is no definitive answer, it comes down to you. 

When you are doing the research are you looking at rates or at you looking at rates and fees?
Are you looking at criteria, affordability, timescales or are you just looking at rates? 

Any idiot (I am not calling you an idiot btw) can find the cheapest deal. Nobody needs a broker to find the cheapest deal, if you think that is what we do, you might be in for a surprise. 

We will do the research (rates, fees, criteria, affordability, time frames etc). 
We will deal with the underwriters concerns.
We will be on hand for you to ask questions to... what happens next, how long until..., I am having a wobble, please reassure me - all of that is part of our job. 
We will deal with the estate agents if they start applying pressure. 

kingstreet

I can't remember the last time I did a mortgage based on the lowest rate available. It's just not what brokers are about.

Cactus_Flowers

I used a broker as a FTB, but don't think I'll use one next time unless it turns out to be a complicated mortgage/purchase situation. It feels like I paid for the peace of mind and having someone to bounce questions off of - though in hindsight they didn't tell me anything I didn't already know, and although they started well they got a bit pants towards the end of the process.

bramptonbrew

We are recent FTB and used a broker this time. We had a lot going on at the same time as buying the house, so it was something we could pass on to someone who knew what they were doing and took some stress off our shoulders. The broker we went with didn't charge a fee, but got a commission from the lender. Next time we buy I think we will look at doing it ourselves, but I wouldn't rule out using a broker again.

Drawingaline

We have used a broker the three times we have purchased. First time we got one of the ridiculous 110% mortgages from Northern rock! 

Second time was after the crash (we sold six months before it then rented, we were extremely lucky) and the broker found a lender who would count income such as child benefit and tax credits.

Last time was middle of the pandemic and I was self employed. 

Each time I feel we have got something from using a broker. First two times we used the in house broker, third time we used one not affiliated with the EA, but who has a good local reputation. 

It has cost us a bit extra in fees, but nothing huge considering the amounts when buying/selling properties. And each broker has been great at hand holding when needed, and assisting us with what is required for the application etc. 

caprikid1

Always used a brokers for all my transactions. I get good swift services and never pay for it (Commission from deal is enough), even get the odd meal out if I recommend someone. 

Saves me the pain of researching the market and if a deal gets tricky he can push it through IE when my partner changed jobs mid transaction.

I should admit that I work in the industry and have better knowledge than most, ultimately speak to a broker see what he can offer and make your own mind up. Don't under estimate the work involved.

fewcloudy

logface100 said:

I am looking to buy for the first time. The received wisdom is to use a mortgage broker. However, I have found that using simple mortgage comparisons is bringing up better deals than those with online brokers like L&C (recommended by MSE). I have also emailed two brokers who haven't bothered to reply, plus my friend almost lost out on a flat due to a broker's negligence. I have one friend who went to NatWest (her bank) and got the best deal. Please advise on what you would do. I know that a broker can make the red tape easier. I also know that brokers "have access to the best deals" etc, but I am yet to see this. Many thanks for your time. 

@logface100

You see a lot of posts on here, where people regret NOT using a broker, where you can tell their mortgage woes would likely have been avoided if they had used a broker.

You very rarely see posts where people regret using a broker.

As you are a FTB I would recommend you use a broker for sure.

NQManchester

I’m pretty competent with mortgages and have straight forward finances so couldn’t really see the point of using a broker but did on our latest purchase. It was helpful because they knew which lenders were taking longer or shorter times so I could factor that in to my choice. I did at the time think it was annoying waiting for updates rather than seeing how it was progressing myself direct but I have since done additional borrowing with the same bank and it was a lot more effort and took a lot longer even tho they already had us as customers. I think brokers do more than I had initially reckoned. 

Markneath

If its a straight forward application do it yourself but brokers can be useful with more complicated applications.

steampowered

I've just had a mortgage offer through. I was initially going to go direct, but ended up going through a broker as the best deal available to me was broker only.

For some reason the best deal with Natwest was a "broker only" deal at 0.99%. If you went direct to Natwest you paid a higher rate.