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Broker deal vs First Direct
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Personally if it were me and the way rates are being pulled/increased at the moment I’d go with the broker
No point putting yourself through extra stressMFW 2025 #50: £1139.75/£600007/03/25: Mortgage: £67,000.00
12/06/25: Mortgage: £65,000.00
18/01/25: Mortgage: £68,500.14
27/12/24: Mortgage: £69,278.38
27/12/24: Debt: £0 🥳😁
27/12/24: Savings: £12,000
07/03/25: Savings: £16,5001 -
K_S said:squarehead94 said:K_S said:@squarehead99 Sorry it's not clear to me, at what stage is the FD rate secured? Has it not been secured yet?squarehead94 said:so dont know what to do, price is still locked in with nationwide via broker, had my docs accepted by First Direct and awaiting underwriters decision before I can even book a mortgage app with them (states within 7 days for the decision from underwriter) upon speaking to FD they say its usually a lot quicker than 7 days however. Also queried wait times for appointments and again they advised these are usually around 5 days or so. So potentially 10 days wait, in which time their rates could shoot up meanwhile I lose my deal with Nationwide... sending anxiety into overdrive! what should I do?
I'm not entirely clear what you mean by the part in bold above as I read it as saying that you have a rate locked in but it isn't secured. I would assume both to mean the same?
With Nationwide, there are two ways to secure a product/rate (subject to underwriting) -
- the first is the broker doing a DIP, getting a Yes and then 'reserving' a specific product/rate for 90 days
- the second is the broker actually submitting a full mortgage application
Once you have the above then irrespective of whether Nationwide ups rates (like they did yesterday for some products), your product/rate is safe subject to full underwriting.
Re your highlighted query, my broker advised my rate of 4.79% was locked in (I note their rate has now gone up to 4.89% but I believe I'm still guaranteed the 4.79% deal)
Whereas first direct I'm at the under writer review stage, they advise once a decision is made (within 5 working days) I can then book an appointment to then secure a rate, but obviously that rate now isn't yet secured so their currently advertised rate could well go up significantly in the next week or two before I can lock in a price1 -
@squarehead94 Ah ok, that'll be a NW product reservation then, there's no other way to lock-in a rate besides an actual full application https://www.nationwide-intermediary.co.uk/products/reserving-a-productsquarehead94 said:K_S said:squarehead94 said:K_S said:@squarehead99 Sorry it's not clear to me, at what stage is the FD rate secured? Has it not been secured yet?squarehead94 said:so dont know what to do, price is still locked in with nationwide via broker, had my docs accepted by First Direct and awaiting underwriters decision before I can even book a mortgage app with them (states within 7 days for the decision from underwriter) upon speaking to FD they say its usually a lot quicker than 7 days however. Also queried wait times for appointments and again they advised these are usually around 5 days or so. So potentially 10 days wait, in which time their rates could shoot up meanwhile I lose my deal with Nationwide... sending anxiety into overdrive! what should I do?
I'm not entirely clear what you mean by the part in bold above as I read it as saying that you have a rate locked in but it isn't secured. I would assume both to mean the same?
With Nationwide, there are two ways to secure a product/rate (subject to underwriting) -
- the first is the broker doing a DIP, getting a Yes and then 'reserving' a specific product/rate for 90 days
- the second is the broker actually submitting a full mortgage application
Once you have the above then irrespective of whether Nationwide ups rates (like they did yesterday for some products), your product/rate is safe subject to full underwriting.I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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K_S said:@squarehead94 Ah ok, that'll be a NW product reservation then, there's no other way to lock-in a rate besides an actual full application https://www.nationwide-intermediary.co.uk/products/reserving-a-productsquarehead94 said:K_S said:squarehead94 said:K_S said:@squarehead99 Sorry it's not clear to me, at what stage is the FD rate secured? Has it not been secured yet?squarehead94 said:so dont know what to do, price is still locked in with nationwide via broker, had my docs accepted by First Direct and awaiting underwriters decision before I can even book a mortgage app with them (states within 7 days for the decision from underwriter) upon speaking to FD they say its usually a lot quicker than 7 days however. Also queried wait times for appointments and again they advised these are usually around 5 days or so. So potentially 10 days wait, in which time their rates could shoot up meanwhile I lose my deal with Nationwide... sending anxiety into overdrive! what should I do?
I'm not entirely clear what you mean by the part in bold above as I read it as saying that you have a rate locked in but it isn't secured. I would assume both to mean the same?
With Nationwide, there are two ways to secure a product/rate (subject to underwriting) -
- the first is the broker doing a DIP, getting a Yes and then 'reserving' a specific product/rate for 90 days
- the second is the broker actually submitting a full mortgage application
Once you have the above then irrespective of whether Nationwide ups rates (like they did yesterday for some products), your product/rate is safe subject to full underwriting.0 -
@squarehead94 You’d have to check with the broker to be sure but if they have reserved a product then it works like in the link in my post above-
“In NFI Online you can reserve a product without needing to submit a full mortgage application.
If an offer is issued within 90 days of the original product reservation date, we’ll honour the rate you reserve. Even if rates subsequently change.
If an offer isn’t issued, you’ll have to choose a new product from the range available at that time.”
squarehead94 said:K_S said:@squarehead94 Ah ok, that'll be a NW product reservation then, there's no other way to lock-in a rate besides an actual full application https://www.nationwide-intermediary.co.uk/products/reserving-a-productsquarehead94 said:K_S said:squarehead94 said:K_S said:@squarehead99 Sorry it's not clear to me, at what stage is the FD rate secured? Has it not been secured yet?squarehead94 said:so dont know what to do, price is still locked in with nationwide via broker, had my docs accepted by First Direct and awaiting underwriters decision before I can even book a mortgage app with them (states within 7 days for the decision from underwriter) upon speaking to FD they say its usually a lot quicker than 7 days however. Also queried wait times for appointments and again they advised these are usually around 5 days or so. So potentially 10 days wait, in which time their rates could shoot up meanwhile I lose my deal with Nationwide... sending anxiety into overdrive! what should I do?
I'm not entirely clear what you mean by the part in bold above as I read it as saying that you have a rate locked in but it isn't secured. I would assume both to mean the same?
With Nationwide, there are two ways to secure a product/rate (subject to underwriting) -
- the first is the broker doing a DIP, getting a Yes and then 'reserving' a specific product/rate for 90 days
- the second is the broker actually submitting a full mortgage application
Once you have the above then irrespective of whether Nationwide ups rates (like they did yesterday for some products), your product/rate is safe subject to full underwriting.I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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I'm in exactly the same boat as you. I had a quoted figure for fixed rate 5 years from a broker but found a deal with First Direct that would save me about £2k over the 5 year period. Did the initial phone call but unsure how quickly I could secure a rate with FD vs how quickly my broker can secure rate with Santander.
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HarryT123 said:I'm in exactly the same boat as you. I had a quoted figure for fixed rate 5 years from a broker but found a deal with First Direct that would save me about £2k over the 5 year period. Did the initial phone call but unsure how quickly I could secure a rate with FD vs how quickly my broker can secure rate with Santander.
Honestly kind of regret going through the process with first direct myself, if the broker can sort you out with Santander I'd maybe go with them to be honest, or nationwide if there deal is good for you as well.0 -
HarryT123 said:I'm in exactly the same boat as you. I had a quoted figure for fixed rate 5 years from a broker but found a deal with First Direct that would save me about £2k over the 5 year period. Did the initial phone call but unsure how quickly I could secure a rate with FD vs how quickly my broker can secure rate with Santander.
No idea how the FD process works.I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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So no surprises FD upped their rates, now the same price as nationwide via my broker (nationwide has actually gone up) but thankfully my price was secured so just going with nationwide now. Thanks for the help anyway1
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@K_S quick question, so I hadn't realised at the time that FD were doing a hard search on me (I assumed this would be at the mortgage appt stage, however I suppose my fault for not thoroughly checking their processes) I'm now sticking with the broker recommended Nationwide deal - and they have submitted my application. Do you envisage this hard search to be an issue with Nationwide? I only ask as my Credit Score dropped 70 points on Clearscore following the addition of the hard search via First Direct.0
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