advice re broker please

LillyJ

Yes I did misunderstand sorry, that makes sense.

allan673

a lot of people swear by brokers, but in my opinion you can just find just as good a deal yourself - if not better, if youve got some common sense and are prepared to research the products yourself.
i remortgaged 2 month ago with first direct, and brokers couldnt get anything close.
brokers cant get you a mortgage with first direct, you have to go direct.
but thousands of people are re-mortgaging with first direct lately due to there great deals.....................no brokers involved, we all cant be wrong.
brokers are over rated.

http://moneyfacts.co.uk/mortgages/bestbuys/fixed-rate-mortgage-ne.aspx ( a few fixed rates)

cooper2110

There are only a few companies that do not support brokers (offer their products), and First Direct are one of them. I wouldn't say the experience you had would be relevant for every company in the marketplace.

Tiddler_2

allan673 wrote: »

a lot of people swear by brokers, but in my opinion you can just find just as good a deal yourself - if not better, if youve got some common sense and are prepared to research the products yourself.
i remortgaged 2 month ago with first direct, and brokers couldnt get anything close.
brokers cant get you a mortgage with first direct, you have to go direct.
but thousands of people are re-mortgaging with first direct lately due to there great deals.....................no brokers involved, we all cant be wrong.
brokers are over rated.

http://moneyfacts.co.uk/mortgages/bestbuys/fixed-rate-mortgage-ne.aspx ( a few fixed rates)

Allan - you claim brokers are overrated, but before going with First Direct you approached 3 brokers (per another thread).

You didn't know the FD deal was the best without speaking to the brokers, as some brokers have exclusive deals with lenders, so you did still need a broker!!

payless

In recent years Halifax have been giving better deals via brokers than direct but have gone the other way in last few weeks- guess due to managing business levels

dwsjarcmcd

Over the last few weeks, the vast majority of lenders withdrawn deals from brokers, leaving their best deals for direct customers only. If you now look at best buy tables then they are dominated by deals that brokers do not receive a fee on. The truth is that lenders do not want to lend but they can't go this far, so they have pulled the best deals from this segment of the market. So people have choices to make which are,
1. Go direct for the best prices if you have an idea about mortgages e.g. remortgages and you have a straightforward case. It's not that difficult for these people.
2. If you don't know about mortgages, or have a complex case then go to a broker. You will get lots more help that a single provider, who may not be able to lend to you anyway, so would be well worth the additonal costs.
3. If you want the best price and still want to use a broker then consider fee paying brokers, who will access the market. This may still be a very sensible option for many.

My view only

David

Tiddler_2

Having worked at the UK's biggest lender in the past for several years, we were always wanting direct only deals so that we as individuals could compete with the brokers.

Now we have an increasingly tightening market, they need to get people through the doors in order to keep their mortgage advisers in jobs. Brokers are generally a cheaper source of obtaining business, despite the 0.25% to 0.35% (soon to be reduced) proc fees. Lenders see it as reasonable to upset a few brokers, in order to get direct business, so they can try and cross-sell their own insurance products and make some money on the cases.

Those that are offering exclusive online only deals, save the proc fees plus the cost of the adviser, as the customer is keying it all themselves. This also does away with any protection the customer has re poor advice, as they are having "execution only" products, and so not receiving advice.

razra

Thanks everyone:D

Ive just tried to call but she is in a meeting, hopefully she will call me back in an hour.

Although with the possible announcement by the BoE at 9am that may change things too, who knows that may be what her meeting is about.
So not only will I ask her about the current deal I may be able to get her to research and see if the BoE money may be lowering rates after all

So either way I'm hopeful I should know more soon
Thanks for all your advice,

1. Go direct for the best prices if you have an idea about mortgages e.g. remortgages and you have a straightforward case. It's not that difficult for these people.

As far as I can tell it is a straight forward re mortgage. I have 75% LTV can provide 3 wage slips and the calculators will lend me way more than I actually need to borrow plus Im in a stable job and have been for the last 11 years and will be for the next 11 years however I havent remortgaged before so Im not to clued up on how it happens so maybe the advice every step of the way would be a good thing however when its £1500 extra I dont know if its worth that much to have a bit less hassle

allan673

Tiddler wrote: »

Allan - you claim brokers are overrated, but before going with First Direct you approached 3 brokers (per another thread).

You didn't know the FD deal was the best without speaking to the brokers, as some brokers have exclusive deals with lenders, so you did still need a broker!!

:rotfl: OF COURSE I APPROACHED BROKERS, TO SEE IF THEY COULD BEAT FIRST DIRECT - AND THEY COULDNT.
THEY DIDNT EVEN COME CLOSE TO THE SECOND BEST QUOTE I FOUND MYSELF.
LIKE I SAID, I RESEARCHED THE MARKET MYSELF USING BEST BUY TABLES IN THE PAPERS ETC, THEN ONCE I HAD THE FIGURES WROTE DOWN I ASKED BROKERS WHAT THEY COULD DO FOR ME.
I DID MY HOMEWORK THEN COMPARED IT TO WHAT A BROKER COULD OFFER ME.
IM JUST SAYING THAT IF YOU ARE PREPARED TO DO SOME HOMEWORK YOURSELF AND HAVE SOME COMMON SENSE YOU CAN GET JUST AS GOOD A DEAL YOURSELF / IF NOT BETTER IN MY CASE.

dunstonh

allan673 wrote: »

:rotfl: OF COURSE I APPROACHED BROKERS, TO SEE IF THEY COULD BEAT FIRST DIRECT - AND THEY COULDNT.
THEY DIDNT EVEN COME CLOSE TO THE SECOND BEST QUOTE I FOUND MYSELF.
LIKE I SAID, I RESEARCHED THE MARKET MYSELF USING BEST BUY TABLES IN THE PAPERS ETC, THEN ONCE I HAD THE FIGURES WROTE DOWN I ASKED BROKERS WHAT THEY COULD DO FOR ME.
I DID MY HOMEWORK THEN COMPARED IT TO WHAT A BROKER COULD OFFER ME.
IM JUST SAYING THAT IF YOU ARE PREPARED TO DO SOME HOMEWORK YOURSELF AND HAVE SOME COMMON SENSE YOU CAN GET JUST AS GOOD A DEAL YOURSELF / IF NOT BETTER IN MY CASE.

OK, calm down. No need to shout about it.