Is there a mortgage comparison site?

blackstar

Hello all,

Just wondering, I was in Countrywide estate agents and they offered to do a search to see who can offer us the best mortgage and their system allowed them to check many various lenders. 
But I was wondering if there is a similar one I could use rather than having to go through the estate agents. I have got a agreement in principle from Halifax but the mortgage advisor said "yes but we can search all these lenders after I go through all your income etc" 
But would rather do one personally but is there one?

Thanks all

bluelad1927

Are you thinking of something like what's on moneysupermarket.com or  something more detailed

housebuyer143

You have to pay for them so it's not worth it for you. There is a generic one which gives you the best rates from some lenders but these only work if you have perfect credit, buying a standard property & borrowing way within your means 
That's actually how I start my search and then I dive into the lenders criteria to ensure I'm a match before proceeding.

https://www.moneysavingexpert.com/mortgages/best-buys/?journeyType=first-time-buyer&propertyValue=120000&mortgageAmount=90000&depositAmount=30000&term=25&repaymentMethod=Repayment&sortBy=MonthlyRepaymentAmount&pageNumber=1&addFeeToBalance=false&productNoFee=false&noEarlyRepaymentCharge=false

amnblog

There is no value comparing products if the Lender will not lend. It is not like buying baked beans.

The first question is, who will lend me what I need.

The second question is product.

Stick with a whole of market Broker.

blackstar

bluelad1927 said:

Are you thinking of something like what's on moneysupermarket.com or  something more detailed

Yes like this. Rather than having to try every single leander individually ie Halifax and then the bank of Scotland etc etc...just enter all your income, age etc etc and then compare all the results from all the different lenders?

When I was in Countrywide they said we have a system that does exactly that? It will automatically show 30 different leaders results from the ones who won't lend to the ones who will lend and the ones who give you the best deal.

I had already got an agreement in principle from the Halifax and she said Halifax is one of the more expensive ones. 
Which lenders give the best deals for a mortgage at the moment anyone know?

Edi81

The cheapest rates change constantly especially at the moment as the swap market (how mortgages are priced) are moving all over the place at the moment. 

Use a broker ideally an independent one not connected to the estate agents. 

ACG

blackstar said:

bluelad1927 said:

Are you thinking of something like what's on moneysupermarket.com or  something more detailed

Yes like this. Rather than having to try every single leander individually ie Halifax and then the bank of Scotland etc etc...just enter all your income, age etc etc and then compare all the results from all the different lenders?

When I was in Countrywide they said we have a system that does exactly that? It will automatically show 30 different leaders results from the ones who won't lend to the ones who will lend and the ones who give you the best deal.

I had already got an agreement in principle from the Halifax and she said Halifax is one of the more expensive ones. 
Which lenders give the best deals for a mortgage at the moment anyone know?

We (brokers) have a system that will do that, but I will be completely honest with you, I do not use it for that. It is not reliable and thats a system we pay for it. 

I literally use it to put in the purchase price/value, loan amount, term and then filter out the products I do not want (ie everything but a 3 year fixed rate for example). As soon as you start relying on it for affordability or other criteria my experience is that it filters out lenders who might do the mortgage. 

If Countrywide are relying on this system, they should be avoided as they are doing you a disservice. 

But in addition to that, there is an example I use a lot - I had a trainee broker working for me a few years ago. The customer had a default, the cheapest lender was nationwide (a good example of where we put in the default which fit criteria with the lender). I told the trainee that it would be declined by nationwide - everything fit criteria and affordability, but experience told me it would get declined. The trainee could not understand, so we did the DIP (soft footprint) and it declined. We then dropped to the third lender (Natwest) who I thought would accept it - they did. 

Or another case I had last week. I did a DIP with nationwide, another with TSB (both declined) despite everything fitting. I then did a third with Skipton and it passed. 

Im not trying to make brokers look like brain surgeons, just pointing out that relying on systems to give you the lender is not the best way forward. For me, its good to filter out the product and give you a list of products. I can then work through the list based on who I think is most likely to accept it. I wont always get it spot on, the example above Skipton were 7th on the list so I helped to filter out a few lenders. 

Sorry, that ended up being a bit longer than I expected. 

ElwoodBlues

All you can do for yourself is use the mortgage comparison sites/tools e.g. on Moneysavingexpert - best buys as someone linked above, to get an idea of what rates are available, and the calculators to play with the numbers involved: https://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator/

Knowing something of your circumstances from your post in the benefits section, you will be best served by an independent, whole of market broker. Ideally local to you. Many of them don't charge an upfront fee, but instead get fees in the form of kickback/commission from the lenders (which shouldn't affect the cost/terms of your mortgage, and will be itemised in the mortgage contract).

Personally, I wouldn't use an estate agent's mortgage broker (anticipating a flaming for saying that on here).

ACG

ElwoodBlues said:

Knowing something of your circumstances from your post in the benefits section, you will be best served by an independent, whole of market broker. Ideally local to you. Many of them don't charge an upfront fee, but instead get fees in the form of kickback/commission from the lenders (which shouldn't affect the cost/terms of your mortgage, and will be itemised in the mortgage contract).

Personally, I wouldn't use an estate agent's mortgage broker (anticipating a flaming for saying that on here).

This is a good example. Our system asks about benefit income. 
Most lenders will accept benefit income, but most also have rules around it. Some will only accept certain benefits, eg they might not accept child benefit if the child is over 12-16, they may only accept 50-75% of certain benefits and 0% of other benefits. 

It demonstrates why the systems can not be relied upon to that extent. 

Again, im not trying to make us seem like brain surgeons. I am just saying dont rely on a computer. I dont and I have been doing the job for 10-15 years. 

blackstar

Edi81 said:

The cheapest rates change constantly especially at the moment as the swap market (how mortgages are priced) are moving all over the place at the moment. 

Use a broker ideally an independent one not connected to the estate agents. 

Thanks all. A few of you have recommended an independent Broker to find the best mortgage leander deal. Will they charge for this?
Is this the same as getting an agreement in principle? What will I get at the end of this assesment with a independent broker? What can I then do with it? Will it give me a list of the best mortgage deals out there for me. Which I can then choose the best one and then have to go though it all again with that lender to get an AIP? Then find a house that is within the budget of the AIP? 

housebuyer143

blackstar said:

Edi81 said:

The cheapest rates change constantly especially at the moment as the swap market (how mortgages are priced) are moving all over the place at the moment. 

Use a broker ideally an independent one not connected to the estate agents. 

Thanks all. A few of you have recommended an independent Broker to find the best mortgage leander deal. Will they charge for this?
Is this the same as getting an agreement in principle? What will I get at the end of this assesment with a independent broker? What can I then do with it? Will it give me a list of the best mortgage deals out there for me. Which I can then choose the best one and then have to go though it all again with that lender to get an AIP? Then find a house that is within the budget of the AIP? 

A broker will do it all for you. They will apply on your behalf and let you know the best mortgage deal for your needs.
There are free ones and paid ones. Have a look at Google for some local to you and ask them if they charge if you are looking for a free one.