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FTB mortgage without a broker

24

Comments

  • Amst
    Amst Posts: 141 Forumite
    Thrugelmir wrote: »
    Surely brokers are too busy processing mortgage applications to waste their valuable time on a forum......

    And on the phone to lenders asking them to go outside their lending policy just so they don't have to speak to the client again and explain how they've screwed up by chasing the best rate and not actually looking at the customers profile. :T
  • Amst
    Amst Posts: 141 Forumite
    Charlotte09 wrote: »
    Hi

    We are now starting our search for mortgage and as we have 50% deposit of house value, we only require 50% mortgage. My husband is not keen on using a broker and says we can do it ourselves. So really where do we begin?!

    Having used the comparative tools so many lenders come up and terms I have no clue about. Should the big banks be your first point of appointment calls?

    Thanks

    Use a fee free broker (can't name names but just google them) and use them to search the market. Once they have given you their recommendation (and stopped hounding you to take out life protection insurance...just kidding, they never stop) go direct to the lender they've recommended.

    Best of both worlds. :money:
  • robatwork
    robatwork Posts: 7,347 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    It's dangerous to go alone.
    Take this

    http://www.locostfireblade.co.uk/spreadsheet/Index.html
  • koexelek
    koexelek Posts: 7,847 Forumite
    YHM wrote: »
    I love the concept of not using a broker, yet reaching out to them for advice (for free) on forums....

    I am guessing this type of person would also go on a dentistry forum for advice on how to perform root canal treatment at home for free :D
    I am a Mortgage adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ACG
    ACG Posts: 24,908 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    koexelek wrote: »
    I am guessing this type of person would also go on a dentistry forum for advice on how to perform root canal treatment at home for free :D

    Oh come on! If you think we are anywhere near as qualified as a dentist we live in very different worlds. Thousands of people apply for their own Mortgage every year without any problems. I am not sure you will ever see thousands of people doing their own dentistry work.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    Given you don't seem to have a clue then going to a broker may be best for you.

    First mortgage I used a broker through work benefits and it did make things easy although I didn't need any advice, I knew what I wanted and was wanting them to do all the work.

    The second mortgage for a house move I did it all myself. Was easy. Again, I knew exactly what I wanted and it was rather painful going through the process of "What about insurance" etc.etc. and me having just say "No I want this term, I want this product and that's it." This was with HSBC, a 2 hour meeting and had the mortgage approved.
  • David_White
    David_White Posts: 892 Forumite
    Fourth Anniversary 500 Posts Combo Breaker
    If you've got a bit of financial savvy, a fairly straight forward case in terms of credit profile/income etc and are happy to dedicate time to it then you should be perfectly ok handling the case yourself.

    There's no right or wrong way, it's horses for courses.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Charlotte09
    Charlotte09 Posts: 33 Forumite
    His argument is we have no debts & all the paperwork & nothing complicated to work round. So he’s happy to do it. I will be passing this information to him and maybe he’ll change his mind because surely getting advice never hurt nobody.
  • haras_nosirrah
    haras_nosirrah Posts: 2,208 Forumite
    Amst wrote: »
    Use a fee free broker (can't name names but just google them) and use them to search the market. Once they have given you their recommendation (and stopped hounding you to take out life protection insurance...just kidding, they never stop) go direct to the lender they've recommended.

    Best of both worlds. :money:

    This is crazy advice. So if it is a free broker they aren't charging you. You get their free advice and then choose to do all the donkey work rather than getting them to do it for free. Errr why Also means that if their advice was wrong you have no comeback as you arranged the mortgage yourself. If the lender says no you have to start again with a new lender rather than the broker just switching it over and again doing the donkey work. Seems pointless if you aren't even paying for it
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Mishomeister
    Mishomeister Posts: 1,090 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Charlotte09 wrote: »
    Hi

    We are now starting our search for mortgage and as we have 50% deposit of house value, we only require 50% mortgage. My husband is not keen on using a broker and says we can do it ourselves. So really where do we begin?!

    Having used the comparative tools so many lenders come up and terms I have no clue about. Should the big banks be your first point of appointment calls?

    Thanks

    I would strongly suggest you try the below lender. Their criteria is really good.


    https://togethermoney.com/personal-lending/mortgages/
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