why use a broker???

daveyliver

Sorry for the sex change lil, i wasnt calling you a liar just questioning if you were telling the truth . Its a tricky situation and hopefully it will be more clearer by the time I come to take out a mortgage, many thanks for all the advice folks.

IDN101

I'm sure site like these and comparison sites don't help the brokers' cause?

Look at all the people who post on this forum alone saying things like "I found this deal at X, offering b.bb% fixed for 5 years"

Never has so much information been available to share between individuals- this is the best thing about the internet- and the worst thing for (all sorts of) "Middle Men".

Ian

herbiesjp

Finding the best deal is often so much more than simply finding the rate.

Everyone has a different set of circumstances, and what is best for one person will not be best for the next person -depending on what you are looking for from the mortgage and what eligibility criteria the lender has.

But as other have posted - for some a broker will be invaluable, for others they will not.

What is correct for everybody - is choose the correct method for you!

Ian_Griffiths_Halifax

Having read through all of the above posts I can say that, in nearly 19 years of arranging mortgages, I have never known a time quite like this.

Some lenders have allowed schemes to be available via branches for a few days longer than via brokers. I have sent clients to the branches when this has happened.

Some lenders have deliberately brought out products for selling through branches to ensure that their staff are busy in the current quiet lending climate. If this is the best deal for the client, there is no avoiding this and I have told the client so, if they have shown me what they can get, but cannot make a recommendation as by the time they go back to the lender it may have changed. It's changing that fast!

All in all, I (obviously biased due to being a mortgage broker) would say you should compare a brokers services with that of an Accountant. Everybody can lodge their accounts electronically and do Self Assessment, but the Tax Man wants you to do this because they know that you are likely to miss out on Tax breaks and reclaimable items if you don't use a professional.

The thing is, everybody CAN do it, but can you make the maximum savings and set the mortgage up the most efficient way if you don't take advice?

I pay an Accountant to look after my Accounts.
I pay a Solicitor to look after all my legal work (I could do my own Conveyancing on moving house, but choose not to).
I pay a Mechanic to fix my car (I could do it but would probably end up with a pile of nuts and bolts that I don't know where to put back).
I pay a Plumber to fix my boiler (I could fix it but I'd end up flooding my house).
I pay a Builder to build my extension (I could build it but it wouldn't be insurable).

Need I go on? Most people can do some of the above, but would you really do it as good as a paid professional?

dunstonh

I'm sure site like these and comparison sites don't help the brokers' cause?

They dint because this site empowers consumers to do it themselves. Unfortunately that also includes the clueless who need the handholding but there you go. However, it still only accounts for a minority. The majority still go to brokers or branches to get their mortgage.

Having read through all of the above posts I can say that, in nearly 19 years of arranging mortgages, I have never known a time quite like this.

Similar timescale as I started in 1988. However, whilst the reasons are different there are comparisons with what happened to lending in the last property crash. Banks had years of losses and the changed their focus away from lending onto insurance and investments.

therealdelboy

Worth doing your own research as well as using a broker

The Sunday papers best buys section will give you a baseline to see if your broker can better them

Even the so-called whole of market advisors won't quote you on mortgages where they don't earn any commission

dunstonh

Even the so-called whole of market advisors won't quote you on mortgages where they don't earn any commission

Wrong. Whole of market/independents give recommendations daily which dont earn a penny from the product provider as has been mentioned already.

therealdelboy

dunstonh wrote: »

Wrong. Whole of market/independents give recommendations daily which dont earn a penny from the product provider as has been mentioned already.

Wrong

My own "whole of marker "broker (L&C) has advised me that they will not recommend a product upon which they do not earn commission.

dunstonh

therealdelboy wrote: »

Wrong

My own "whole of marker "broker (L&C) has advised me that they will not recommend a product upon which they do not earn commission.

You didnt say commission adviser. You said "Even the so-called whole of market advisors won't quote you on mortgages where they don't earn any commission".

Fee based Whole of market advisers or independents will recommend whoever is best regardless of commission.

therealdelboy

Yes I did.

Please read my original posting