Using multiple brokers to obtain the best mortgage

homer_j wrote:

Following a post tonight from Kenshaz, he has raised the question of shoppingh around various mortgage brokers to get the best deal.

I have created this to ensure other peoples posts do not get trashed!

Kenshaz - the floor is yours to start your point!

Thanks Homer for being your normal considerate self!

MM

dunstonh wrote:

I think mortgage advisers should be encouraged to charge a returnable fee of say £100 on enquiries. If the person is just using you, they wont be interested. If they are genuine and not timewasters, you return the £100 by rebating the commission or offsetting it against the final bill if fee based.

I did this earlier in the year and it was successful. the only problem I had was with distance sales, as I don't always do face to face. The costs of setting up with worldpay and then the charges for the transactions are ridiculous

MortgageMamma wrote:

I'm in two minds about this one, I need to consult my toilet seat authority to check for the compliance

I think one of you should take responsibility for the proper closure of this.
No more silliness.

Hear Hear!

Whilst my feeling about kenshaz are well known, I do see his point. I've got Martin's book (which led me to this site). Martin's arguement, regarding using one or more broker's to get the best advice before going to L&C to complete is a reasonably sound money saving tactic. If I can get several brokers - who would charge me if I completed with them - to do the work, pick out the best mortgage for me, then I run to L&C to complete for free with them...yeah, it does save you money. (BTW - on my copy of Martin's book this advice starts at p.269 - just in case other have a different printing).

However, I can also understand the reaction from brokers who have their time stolen from them. I haven't read any "reaction" thread on the topic before MM - before my time perhaps? - but my immediate thought is one of moral grounds. Is it morally sound to get one over a small local broker?

Martin's philosophy is one of "get one back over the big companies that are screwing you over" - I wouldn't include small brokers in that. Bigger brokers? Yes.... but if the "bigger broker" is also fee's free - which can also apply to small one-man (or woman!) broker firms - you gain nothing from this tactic.

To me this is all about morality - I wouldn't like to do 10 hours work for someone only for them to take my work without me getting paid for it! Do unto others and all that...:D