why use a broker???

daveyliver

Hi, Iv read a lot of posts on this site and the majority of people who have mortgages go through a broker. I will be in a position to buy a house next february-april. I will have a £60,000 deposit and be looking for a mortgage of £85,000 to £90,000. What are the benefits of using a broker and why dont people just trawl through mortgage products themselves and see which one appeals. Iv never owned a house before so would welcome any advice. Many thanks in advance.

_Andy_

- Broker does the trawling for you.
- Broker takes care of the paperwork and application for you.
- Broker has knowledge of the market, products, companies, niches, etc.
- Broker will chase the solicitor and lender for you.

PS I'm a bit biased

barrymoney

I remember being skeptical when I started -- thats just how I am naturally -- but the broker I used was great (no fee + all of market), did all the searching/applying for me, very easy process. I'd certainly do it that way again, especially now that lending criteria are tighter. (PS I have no connection with the industry!).

Kavanne

I am FTB and my IFA sat down with me, explained all the mortgage paperwork, also found the best deal on life insurance for me too. It was a life saver especially when I have NO experience and no idea of a good deal from a bad one.

All I had to do was send ID and sign the papers!

fitorbust

We always use a broker as they have access to products we can't and they can work every charge in to the calculation for the true cost comparison.
It saves a lot of time and effort on our part.
I think every person to their job!
I would go with a personal recommendation from a friend if possible.
Lesley.

JF77

I found using an IFA when moving house invaluable especially if you want a financial review and not just the mortgage. I have re-mortgaged twice since the move without him as my circumstances were straightforward and I had the time to deal with it.

dunstonh

I'm an IFA so don't do mortgages so unlike the mortgage advisers I have no bias.

I would use a mortgage broker for my mortgage. Internet search engines are not as comprehensive as the search engines the mortgage adviser has and its much easier to get them to do the paperwork and the chasing etc. I would use a fee based adviser though that rebates mortgage commission.

cooper2110

I would use a fee based adviser though that rebates mortgage commission.

Can I ask why Dunstonh? (out of interest of course).

sarkin

I cant believe that people would consider getting a mortgage without using a broker

dunstonh

cooper2110 wrote: »

I would use a fee based adviser though that rebates mortgage commission.

Can I ask why Dunstonh? (out of interest of course).

I dont mind paying someone for doing work and if I pay I know that ALL mortgages will be included and not just those that pay commission. The commission rebate can then also be factored into the cost of the deal over the relevent period.

i.e. you can use the rebate as an effective cashback which you can include in the overall cost of the deal. A commission deal then may offer better terms than a non commission deal because of the "cashback".

ajaxgeezer

Rebate or fee-free, I'd never even entertain the thought of not using a broker, davey. Brokers take your headaches away and give you a load of free time in return.