get quotes from mortgage broker, then get mortgage directly?

Ron246235

What happens if you get mortgage quotes/recommendations from a broker, and then just contact the recommended lender directly yourself and take out the mortgage? I am talking about a new mortgage, or also remortgaging or moving to a new deal with the same lender.

Is it against the law or against the rules? Do I have to read all the broker's small-print to find out?

The broker doesn't charge any fee to me. I don't want to deprive them of the fee they would get from the lender. But they haven't replied to my email, and now rates have gone up, so it seems like it would be easier to just do it myself directly. 

K_S

@ron246235 Generally speaking, there's nothing stopping you from going to a lender direct, before/after you receive a recommendation from a broker.

From a moneysaving pov -

- just make sure that the rates are comparable for the lender you're looking at. For example Virgin has intermediary exclusives that aren't available direct.

- additionally, if rates have gone up anyway, then use the MSE mortgage finder to check all deals (including direct ones which may not have been looked at by the broker) to see what is most cost-effective (may or may not be available for your particular case) in the market at the moment
https://www.moneysavingexpert.com/mortgages/best-buys/

Ron246235 said:

What happens if you get mortgage quotes/recommendations from a broker, and then just contact the recommended lender directly yourself and take out the mortgage? I am talking about a new mortgage, or also remortgaging or moving to a new deal with the same lender.

Is it against the law or against the rules? Do I have to read all the broker's small-print to find out?

The broker doesn't charge any fee to me. I don't want to deprive them of the fee they would get from the lender. But they haven't replied to my email, and now rates have gone up, so it seems like it would be easier to just do it myself directly. 

ACG

Ignoring the last paragraph, the broker calls you loads of names, gets really annoyed and then moves on. 
With the last paragraph in mind, its their own fault and they let the side down. They have to accept the consequences of that. 

However... now that rates have gone up, is that lender still the cheapest? 

JohnJ76

I had a broker the first time i bought a house.  He found a really good deal and one day on the bus home I saw an advert for the now defunct Britannia which had a rate 0.5% lower than the best he could get. I emailed him there and then and he said if it was his money he would snap their hand off.  He may have felt a bit miffed but we are still friends and he has sorted out other things for me since them.  The way the broker reacts proabably says a lot about his character and whether you would want to deal with him in the future.

ACG

JohnJ76 said:

I had a broker the first time i bought a house.  He found a really good deal and one day on the bus home I saw an advert for the now defunct Britannia which had a rate 0.5% lower than the best he could get. I emailed him there and then and he said if it was his money he would snap their hand off.  He may have felt a bit miffed but we are still friends and he has sorted out other things for me since them.  The way the broker reacts proabably says a lot about his character and whether you would want to deal with him in the future.

The difference with yours is that the broker did the best they could, you found something better. 
In that instance, I would 100% be with the customer do what is right for them. Some will stick with the broker to help them, some will go direct - horses for courses. 

My only issue is when a client pumps you for information and then goes direct. I have no issue if a client goes direct, I just dont want my time wasting in the process. Thats time I could have spent on actual customers or had an early dart to take my daughter to the park or something.