why use a broker???

allan673

sarkin wrote: »

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

i tried using a broker when i re-mortgaged in february (i got quotes from 3 brokers), but they couldnt come close to a deal i got with first direct which i found myself, i got a fixed rate for 10 years of 5.15%.
brokers are good i agree, they arranged my previous mortgage. but anyone with any common sense and financial awareness could find as good a deal themselves in my opinion.
if they can be bothered, and take the time to investigate products.

Tiddler_2

I'm guessing you used a website like moneysupermarket or whoever to find the deal.
It's about knowing the criteria of the lenders aswell particularly at the current time for your own circumstances. And knowing what your time is worth.

By looking at the best buy tables, you don't know who will lend you the required amount, who will take what of your income into account (including overtime/commission/tax credits), who will lend on that type of property (new build flats/non-traditional construction/freehold flats), who will accept builder funded deposits, vendor deposits, shared ownership schemes, homebuy schemes ...........etc etc.

Brokers have a hell of a lot of knowledge and are professional people - yes they don't necessarily have all of the products available.

It will be interesting this week to see what happens to HSBCs service levels when their matching rates becomes available to the general public.

daveyliver

Mmmmm the majority vote seems to be broker but Im a little concerned reading some other posts stating that a broker offered a halifax mortgage fixed for 5 years @5.99% £999 arr fee and when the guy went to halifax he was offered the same mortgage @5.66% £499 arrangement fee I no maths whizz but the guy got himself a better deal than the broker, if hes telling the truth of course.

LillyJ

The "guy" was me (I am a girl) and yes I was telling the truth! (I got mortgage offer last week) It is 5.68 (tracker at 0.68 above base) but is no longer available. Halifax hiked their rates up 2 days after our application went in.

DawnW

I am not a broker, and not connected with one, so am pretty much impartial. I did however use a very good local fees free, whole of market broker recently, who was recommended to me by a neighbour. I cannot praise him highly enough. He made the process straightforward and stress free, and enabled us to access a product that was not available to non-brokers. I will go to him again when it is time to remortgage, should we need to do so.

LillyJ

It works the other way though too, there are products not available to brokers that are available direct. I agree in using a broker in principle, I am just glad I saved my self a huge amount of money on going direct.

dunstonh

daveyliver wrote: »

Mmmmm the majority vote seems to be broker but Im a little concerned reading some other posts stating that a broker offered a halifax mortgage fixed for 5 years @5.99% £999 arr fee and when the guy went to halifax he was offered the same mortgage @5.66% £499 arrangement fee I no maths whizz but the guy got himself a better deal than the broker, if hes telling the truth of course.

Some lenders offer deals which are broker only. Some offer deals which are internet only. Some offer deals which are branch based only. Most offer deals which are the same regardless. At different times, the deals will favour one distribution over another but in the scheme of things there isnt a lot of difference and part of the reason for using a broker is the servicing.

At the moment, some lenders are not keen on lending new money and are cutting back on the distribution channels.

Dan_Collins_2

Any other climate I would say use a broker, but to be honest this last month has seen more and more lenders having better direct deals. I imagine once HSBC pull the matcher and other deals it will change again.

Also Woolwich have only got a few billion left to lend and have some very good direct only deals. Abbey, C&G, Halifax and another that I cant remember are all at it!

Gorgeous_George

Some people like to take charge of their own lives.

Others like to rely on others so they have someone to blame if it goes pear-shaped.

GG

NeilQuinn

"Different strokes for different folks". Some people are savvy enough to be able to do it by themselves & some aren't....quite simple. Some people's situations aren't straightforward & they need some help and guidance.