Getting a mortgage - Comparison sites

Leaskovski

Hi everyone,

I'm currently going through a spot of relocation at the moment, and I have just had an offer accepted on a house that I like, so with my hefty deposit from the sale of the previous place I am now on the look out for a mortgage.

I have a mortgage broker with a different estage agent to the one I am buying the house with, looking for some potentials for me and he has found one, but I wanna have a look myself as well.

Now I know there are a number of comparison websites out there which you can plug the figures in and they come back with offers. Is this basically what the broker is doing for me? Is it just the case that I can pick an offer from a comparison website and go and arrange a mortgage with them (given that it meets my criteria?)

Thanks

dunstonh

Is this basically what the broker is doing for me?

The research stage is very similar except the research software used by the broker will be more extensive and may include deals which may or may not be cheaper going direct/internet.

Is it just the case that I can pick an offer from a comparison website and go and arrange a mortgage with them (given that it meets my criteria?)

Yes. You obviously lose FOS protection when you do that and you have to do a bit more work as the broker wont be taking copies of your documents, ID etc and certifying them but if you dont mind that then nothing stops you.

payless

pasted from my blurb to avoid having to type it out -

I know that clients can do their own research , but I feel that its still worth using me as a broker , as many comparison lists/ websites don't include all non-commission deals , and even those that do, don't make it easy for a client to know the criteria and make a true comparison of the deals or spot the pitfalls.

Leaskovski

Well, I ended up using a broker. Funnily enough it was L&C but via the Motley Fool website.

The deal I went for in the end was a 5 year fixed at 5.85%. Using some of the comparison sites, this was pretty much one of the better deals on there (including some of my requirements overpayments, portablility and the like).

The issue I am having now is what to do about payment insurance. I have a good package at work which will cover me nicely if I am ill, the only issue I have is what happens if I got made redundant. Could I take out a policy that covers redundancy only and then if that happened, review it and then include illness (for an extra few of course)?

Cheers

TwelfthMan

Leaskovski wrote: »

Well, I ended up using a broker. Funnily enough it was L&C but via the Motley Fool website.

The deal I went for in the end was a 5 year fixed at 5.85%. Using some of the comparison sites, this was pretty much one of the better deals on there (including some of my requirements overpayments, portablility and the like).

The issue I am having now is what to do about payment insurance. I have a good package at work which will cover me nicely if I am ill, the only issue I have is what happens if I got made redundant. Could I take out a policy that covers redundancy only and then if that happened, review it and then include illness (for an extra few of course)?

Cheers

Yes you can take out redundancy only cover which will pay out a monthly benefit for up to 12 or 24 months (depending on which policy you take).

You have mentioned including cover for illnesses. Depending on your sick pay benefits at work, you may be better taking PHI / Critical Illness Covers. Your best bet is to run through a quick fact find with your mortgage broker and he will make a recommendation for the best solution for your needs.