1st time buyer using different brokers to find me the best deal? Potential credit score damage?

moneysavvy35

Hello. I have read through the 1st time buying guide. It says you should speak to a few brokers before deciding who would be the right fit. How far in the process should you be getting to before you make the final decision? I also read be speaking to a few about the offers that can be provided. Based on them doing searches based on my circs and finding the best deals. are they not doing credit searches to get the best deals? therefore potentially damaging my credit file?

amnblog

Speaking to a Broker does not mean credit searches.

Having more than one Broker 'working' on your case at any one time is a bad idea.

ACG

I dont think you should be using brokers to find the best rate. It is more to find a broker you like and trust to handle your application. 

In order for a broker to find the best rate, they need a factfind, need a purchase price, deposit amount. At the minute that is quite literally changing by the day. If a broker comes back to you today and another tomorrow they could both give you different rates and both be right when they did the research. 

Concentrate on finding a broker you like and trust. If the proverbial hits the fan (which can happen on even the most straight forward of cases occasionally) you would rather have someone you trust and had more confidence in, if nothing else it will do wonders for the stress levels. 

You do not need a broker to find the cheapest rate, you can do that on the price comparison sites. 

[Deleted User]

Select 1 broker and get on with it.

Why do you need more than 1 broker?

moneysavvy35

Zoe02 said:

Select 1 broker and get on with it.

Why do you need more than 1 broker?

I think I may have got my words mixed up! Everyone is saying get a broker you can trust/feel comfortable with, how will I know who that would be without talking to different one's? 

ACG said:

I dont think you should be using brokers to find the best rate. It is more to find a broker you like and trust to handle your application. 

In order for a broker to find the best rate, they need a factfind, need a purchase price, deposit amount. At the minute that is quite literally changing by the day. If a broker comes back to you today and another tomorrow they could both give you different rates and both be right when they did the research. 

Concentrate on finding a broker you like and trust. If the proverbial hits the fan (which can happen on even the most straight forward of cases occasionally) you would rather have someone you trust and had more confidence in, if nothing else it will do wonders for the stress levels. 

You do not need a broker to find the cheapest rate, you can do that on the price comparison sites. 

My deposit and amount I am wiling to pay are pretty fixed, should I be speaking to different brokers armed with the info to get to know who I like & trust?

amnblog said:

Speaking to a Broker does not mean credit searches.

Having more than one Broker 'working' on your case at any one time is a bad idea.

genuine questions what does speaking to a broker mean, I thought it was for them to sort out a mortgage and deal with associated paper work. I am wrong, is there much more to it? I'm sure it read in the guide to check to see if another broker can beat the deal another broker has been able to get. Have I read that bit wrong? Maybe I need to go back to drawing board 

ACG

moneysavvy35 said:

Zoe02 said:

Select 1 broker and get on with it.

Why do you need more than 1 broker?

I think I may have got my words mixed up! Everyone is saying get a broker you can trust/feel comfortable with, how will I know who that would be without talking to different one's? 

ACG said:

I dont think you should be using brokers to find the best rate. It is more to find a broker you like and trust to handle your application. 

In order for a broker to find the best rate, they need a factfind, need a purchase price, deposit amount. At the minute that is quite literally changing by the day. If a broker comes back to you today and another tomorrow they could both give you different rates and both be right when they did the research. 

Concentrate on finding a broker you like and trust. If the proverbial hits the fan (which can happen on even the most straight forward of cases occasionally) you would rather have someone you trust and had more confidence in, if nothing else it will do wonders for the stress levels. 

You do not need a broker to find the cheapest rate, you can do that on the price comparison sites. 

My deposit and amount I am wiling to pay are pretty fixed, should I be speaking to different brokers armed with the info to get to know who I like & trust?

amnblog said:

Speaking to a Broker does not mean credit searches.

Having more than one Broker 'working' on your case at any one time is a bad idea.

genuine questions what does speaking to a broker mean, I thought it was for them to sort out a mortgage and deal with associated paper work. I am wrong, is there much more to it? I'm sure it read in the guide to check to see if another broker can beat the deal another broker has been able to get. Have I read that bit wrong? Maybe I need to go back to drawing board 

I think you are potentially over thinking it. Pick up the phone to a broker, have a chat with them, something along the lines of "Hi, I am just testing the water, I am looking to get some initial advice to see if it is possible to get a mortgage - I want to purchase a proeprty for £200k, I have a £20k deposit, I am employed on £40k a year." 

They will have other questions probably and then just see if they seem confident, engaging and you get on with them. If you do, I would crack on. If you have any doubts thank them and call around until you find someone you feel comfortable with. 

We have conversations with people all the time. Some we win, some we lose and some we dont want. There are a few I lose which I am frustrated with because I thought we got on well and I was confident we could help but we will never win them all. 

In answer to your question to amn - speaking to a broker is to just start the process and find someone you want to help you. Its not to do everything in the first call. If the advice from MSE is to speak to vairous brokers and ultimately play them off against each other to find the best rate, in the current climate you are going to miss the best rate. Products are getting pulled with as little as 15 minutes notice. Nobody can give you the best rate at the minute. by the time you find a broker, you find a property, you get your documents together the products will have changed (even if that all happens within 24-48 hours). 


I know this is not the same, but in my phone I have the numbers for various trades, accountants and even other brokers. All of those people are people I trust to do a good and thorough job. Are they the cheapest? No idea, probably not. Are they likely to let me down? no. 

There is a saying, surround yourself with good people and good things will happen. If you have a lazy broker who quotes you the cheapest rate, are you sure they have checked everything? I did a case last month for an existing customer. They came back to me with 3 cheaper products than the one I had recommended. One of them would only offer that product in Wales, another in the lake district and the third never passed affordability. Getting the cheapest rate on an initial call does not mean you will actually get that product when the time comes.