When is a mortgage broker required?

is a mortgage broker generally recommended or is it only for specific circumstances?
I'm a 50 year old FTB looking to get a mortgage of about £100,000 pay is £24,000 pa with a deposit of c£170,000 [looking at houses 240-280,000]
thank you


  • Brie
    Brie Posts: 9,318
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    so relatively low loan to value which is good.  great deposit which is good.  Obviously you have been saving or have had a bit of fortune in the money department in some way.

    So - have your checked your credit history?  Is there anything nasty lurking??  Not your credit score as that's meaningless.  

    Do you have a long and happy relationship with your bank??  

    If your credit history is good, no defaults or ongoing forays into your overdraft and you've been with your bank for a few years I would suggest as a first step going and having an informal chat with them just to see what general advice they might offer. 

    I did that the last time we were moving and didn't know if I might get a mortgage with our bank or port the mortgage we already had.  The bank gave my situation a brief informal (no credit check done) once over and said it was very unlikely they would want me as a mortgage customer so I might be best sticking with the mortgage we had.  This was based on the fact that despite us moving to a bigger property with a lot of money going on the deposit we also had a fair bit of credit on cards that we were using to stooze with and that wouldn't be resolved before the planned move.   I appreciated the insight provided.  I could then have tried a mortgage adviser but decided as I couldn't get anything significantly better than the mortgage we already had that it would be a waste of time and money.
    "Never retract, never explain, never apologise; get things done and let them howl.”
  • Windofchange
    Windofchange Posts: 1,166
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    You don’t have to have one, but I did and would recommend. Some will not charge as they get paid out of commission. For me it was worth the £150 I paid to have someone fill out all the forms and explain what was going on at each stage. 
  • Archerychick
    Archerychick Posts: 194
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    You don’t need to have one at all. I did my research using MSE website, and then once I’d decided on the type or mortgage I researched what deals were available and applied from there.

  • ACG
    ACG Posts: 23,622
    First Anniversary Name Dropper First Post I've helped Parliament
    edited 14 January at 7:27PM
    Some people need a mortgage broker. 
    Some people want a mortgage broker. 

    For those that need one, it is usually because of some sort of complication - bad credit, tight affordability, quirky property etc. 

    For those that want one, it is usually because they are nervous or unsure what they are doing or just do not want the hassle and would prefer to hand it off or have someone to "hold their hand". 

    A broker can pick up on complications ahead of time, ensure you are on a decent deal, be on hand to answer questions that may crop up from the seller, the solicitors or agents. 2 good examples of things I have done in the last 2 months:
    1) The seller came back and increased the price on our customer at the last minute. Our customer was from another country and was lead to believe that was normal by the seller/agent and was still happy to proceed. I told him to tell them to go and whistle... That saved him £2,500. He was a first time buyer. 
    2) The customer was going to use the estate agents solicitors. She went with ours which were £1,600 cheaper. She has been our customer for years and was buying and selling through the agent!

    Moral of the story, dont trust an agent as far as you can throw them. But the fact is, both of those people would have been worse off had we not been on hand and its not even strictly speaking part of my job, although I dont like seeing anyone getting ripped off - out solicitors paid me £100 btw, so that one is not solely me being a good Samaritan. But for £100, we just have them on hand should we need them, its not really an income. 

    Sorry, just for balance as I dont want to appear completely one sided...
    Some people do not want or need a broker. 
    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.
  • thanks everyone, that's all very helpful
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