FTB advice please - Mortgage brokers

dannychapman1984

Hi all,

My wife and I are first time buyers, we have put an offer in on a house that we like (alot). I have over the past few months tried to do as much research as possible and get my head around everything. So i think I am looking for a bit of reassurance!

I spoke to Trussle (Mortgage broker - not local, but i found them on this website!). Had a good chat with them, got a AIP through them and recommended mortgages, i have also done my own research and i cant find a better mortgage than what they have sent me.

However, I have today spoken to the Mortgage broker based in the Estate Agents the house is being sold through. She was amazing, dont get me wrong i know they should be as they want my custom, but she explained things really well. 

I do believe the best mortgage that will come back through her is the same as trussle or very similar.

She charges however £599 lifetime fee - initially I am of the opinion absolutely not, why would i pay for something i can get for free!

My only *slight* temptation is she is local, she explained that we would complete the mortgage application together, check through etc... and at every step of the way we would work face to face, to ensure everything went through smoothly, where as trussle is all over the phone, email or online.

Questions:
Are there any disadvantages to using trussle (a broker not local), for example delays in checking paperwork and sending documents back and too?

Should i be tempted to pay a large amount for local support? Or even try and haggle her price down? 

lika_86

I did everything with my broker over email or video. Absolutely no need to have someone face to face.

Squeaky9

As above I really don’t think there’s a speed advantage to being local, everything is done by email these days anyway. The only difference might be in the level of service you get, and how quickly she would get stuff done. 

jonnydeppiwish!

Any reason you can’t apply for the best deal yourself and save the money?

FTB_Dan

As everyone else has said - no real benefit to having a broker that's local to you. 

You also don't need to be paying for one either.

Lastly, there are so many horror stories out there of people using the broker that estate agents have recommended. If you're happy with the broker you've used already then I'd just proceed with them and save the £600.

FTB_Dan

jonnydeppiwish! said:

Any reason you can’t apply for the best deal yourself and save the money?

Doesn't always work like that. Some banks will only offer certain rates to brokers. Also, may as well save yourself the hassle if you find a broker thats getting the commission from the lender.

kingstreet

dannychapman1984 said:

Hi all,

My wife and I are first time buyers, we have put an offer in on a house that we like (alot). I have over the past few months tried to do as much research as possible and get my head around everything. So i think I am looking for a bit of reassurance!

I spoke to Trussle (Mortgage broker - not local, but i found them on this website!). Had a good chat with them, got a AIP through them and recommended mortgages, i have also done my own research and i cant find a better mortgage than what they have sent me.

However, I have today spoken to the Mortgage broker based in the Estate Agents the house is being sold through. She was amazing, dont get me wrong i know they should be as they want my custom, but she explained things really well. 

I do believe the best mortgage that will come back through her is the same as trussle or very similar.

She charges however £599 lifetime fee - initially I am of the opinion absolutely not, why would i pay for something i can get for free!

My only *slight* temptation is she is local, she explained that we would complete the mortgage application together, check through etc... and at every step of the way we would work face to face, to ensure everything went through smoothly, where as trussle is all over the phone, email or online.

Questions:
Are there any disadvantages to using trussle (a broker not local), for example delays in checking paperwork and sending documents back and too?

Should i be tempted to pay a large amount for local support? Or even try and haggle her price down? 

Lifetime fee? What happens if they go out of business? I'm surprised the FCA is still allowing the corporates to get away with this.

chanz4

dannychapman1984 said:

Hi all,

My wife and I are first time buyers, we have put an offer in on a house that we like (alot). I have over the past few months tried to do as much research as possible and get my head around everything. So i think I am looking for a bit of reassurance!

I spoke to Trussle (Mortgage broker - not local, but i found them on this website!). Had a good chat with them, got a AIP through them and recommended mortgages, i have also done my own research and i cant find a better mortgage than what they have sent me.

However, I have today spoken to the Mortgage broker based in the Estate Agents the house is being sold through. She was amazing, dont get me wrong i know they should be as they want my custom, but she explained things really well. 

I do believe the best mortgage that will come back through her is the same as trussle or very similar.

She charges however £599 lifetime fee - initially I am of the opinion absolutely not, why would i pay for something i can get for free!

My only *slight* temptation is she is local, she explained that we would complete the mortgage application together, check through etc... and at every step of the way we would work face to face, to ensure everything went through smoothly, where as trussle is all over the phone, email or online.

Questions:
Are there any disadvantages to using trussle (a broker not local), for example delays in checking paperwork and sending documents back and too?

Should i be tempted to pay a large amount for local support? Or even try and haggle her price down? 

estate agent brokers will throw you to which gives them the most comission

london21

Do what is best for you.

Shop around and save your money.

If your case is straightforward might not need a broker and the rates can be  viewed

https://www.moneysavingexpert.com/mortgages/best-buys/

jonnydeppiwish!

FTB_Dan said:

jonnydeppiwish! said:

Any reason you can’t apply for the best deal yourself and save the money?

Doesn't always work like that. Some banks will only offer certain rates to brokers. Also, may as well save yourself the hassle if you find a broker thats getting the commission from the lender.

What hassle are you saving? You still have to provide exactly the same information to the broker as you would direct.
As long as it’s a straight forward application then you’ll get the same rate