Mortgage broker

JohnBravo

Hi All,

    I have contacted a mortgage broker to deal with lending. What are the things that they can actually improve e.g. speed up the process or find a better deal?

The initial quote I have from them matches what I see online and I could do it myself and apply directly to the lender. I can see in some cases it can be like 3 weeks of waiting for an appointment. Do the brokers use any shortcuts? Basically what are the benefits using them throughout the process apart from peace of mind?

Best regards

caprikid1

There are many benefits in terms of specialist knowledge and influence in the process.

In my case we were in the process of buying a house in quite a complex situation due to merging families etc. On the cusp of exchange my partner chose to change jobs, the broker was able to speak to the Lenders representative and keep things moving swiftly through.

The key is they do this every day, they know who to chose beyond a criteria search, who is likely to refuse your circumstances, not like your property choice, source of deposit, occupation etc etc etc.

They will also be able to advise you on the right insurance to protect the biggest amount of debt you will ever chose to take on.

Deedoodee

My broker charges a fee, very minor relative to the solicitor or cost of the house, but a fee nonetheless. And as I check offers online and she tends to match the same ones, I was tempted to do it myself. BUT since putting my application in, I’ve really appreciated her. I guess it depends how busy you are. I’m in a particularly busy time work-wise and would not have been able to do the leg work (getting a DIP, checking for products, double checking products weeks later, filling out application, answering queries, chasing application etc), or if I did, it would take at least twice as much time. 

propertyhunter

Brokers are also great if you have more unusual circumstances that require specific knowledge of the market, for example, if you have an adverse credit rating or obtain an income as a self-employed person, or limited company director. It means that you reduce the chance of a rejection because the broker should know which lenders are best suited for your specific needs. 

twoLou

I’m hugely grateful I decided on a broker and I only needed a small mortgage and had no complications at all so it was a straightforward application.

I have always done my own applications in the past but I seemed to spend an age trying to sort out the simplest things. This time when it became obvious to me after a couple of phone calls that it was going to be even more painful, I decided life was too short and went to a broker.

Goodness me the best decision ever made, I went and answered some questions and left it to him, offer received in just a few days and the firm even has an admin person that chases the banks, estate agents and solicitors etc on your behalf.

JohnBravo

thanks everyone, that make sense.

For me the case is pretty straightforward so no unusual circumstances or bad credit rating but I agree with you that their expertise cuts the corners where I can easily get stuck.