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Results: DIY remortgage or consult an advisor?

DIY

51.11% • 23 votes

Mortgage Advisor

24.44% • 11 votes

Depends

22.22% • 10 votes

Don't know

2.22% • 1 votes

You may not vote on this poll

45 votes in total.

  • FIRST POST
    • spaceboy
    • By spaceboy 7th Feb 18, 6:35 PM
    • 1,710Posts
    • 274Thanks
    spaceboy
    remortgaging - DIY or advisor?
    • #1
    • 7th Feb 18, 6:35 PM
    remortgaging - DIY or advisor? 7th Feb 18 at 6:35 PM
    What do you choose to do?
Page 1
    • Thrugelmir
    • By Thrugelmir 7th Feb 18, 6:36 PM
    • 58,964 Posts
    • 52,286 Thanks
    Thrugelmir
    • #2
    • 7th Feb 18, 6:36 PM
    • #2
    • 7th Feb 18, 6:36 PM
    Depends.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • pink_pirlie
    • By pink_pirlie 8th Feb 18, 8:22 AM
    • 180 Posts
    • 113 Thanks
    pink_pirlie
    • #3
    • 8th Feb 18, 8:22 AM
    • #3
    • 8th Feb 18, 8:22 AM
    DIY. I have always dealt with the lender myself and never had any issues. And it has never taken up more than an hour or so of my time.
    Unless a broker can secure a deal you can notget yourself then for me personally, I have never seen any value in using a broker. That said, each time I have bought I have always gone to the (not really) compulsory meeting with the EA broker and they have never been able to better the offer I found myself.
    Last edited by pink_pirlie; 08-02-2018 at 8:23 AM. Reason: Remove random symbols instead of apostrophes
    • dunstonh
    • By dunstonh 8th Feb 18, 12:14 PM
    • 93,038 Posts
    • 60,430 Thanks
    dunstonh
    • #4
    • 8th Feb 18, 12:14 PM
    • #4
    • 8th Feb 18, 12:14 PM
    Way too vague a question as it has no context.

    There are times when DIY is fine and times when using a broker makes total sense.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • mcpitman
    • By mcpitman 8th Feb 18, 12:31 PM
    • 542 Posts
    • 369 Thanks
    mcpitman
    • #5
    • 8th Feb 18, 12:31 PM
    • #5
    • 8th Feb 18, 12:31 PM
    Depends on your circumstances (LTV, credit history, employment/income, outgoings etc), what rates you can see vs what "broker only" deals are available etc etc.


    Because of my circumstances I have remortgaged with the same lender on an excellent rate with no fees and cashback.
    Life isn't about the number of breaths we take, but the moments that take our breath away. Like choking....
    • AnotherJoe
    • By AnotherJoe 8th Feb 18, 12:38 PM
    • 9,608 Posts
    • 10,687 Thanks
    AnotherJoe
    • #6
    • 8th Feb 18, 12:38 PM
    • #6
    • 8th Feb 18, 12:38 PM
    So since you haven't tried a broker you don't know if they could have got you a better deal then ?
    (I'm discounting EA brokers, they aren't exactly a high water mark)

    To answer the OP it depends on your circumstances
    • chib
    • By chib 8th Feb 18, 6:04 PM
    • 492 Posts
    • 1,350 Thanks
    chib
    • #7
    • 8th Feb 18, 6:04 PM
    • #7
    • 8th Feb 18, 6:04 PM
    I done it DIY. Found a good rate with a preferred lender and arranged it with them directly.
    • dimbo61
    • By dimbo61 8th Feb 18, 7:53 PM
    • 9,915 Posts
    • 5,336 Thanks
    dimbo61
    • #8
    • 8th Feb 18, 7:53 PM
    • #8
    • 8th Feb 18, 7:53 PM
    We used a mortgage broker to arrange a couple of remortgage deals and buy a property.
    Would never have happened without the help and guidance of the broker at the time.
    Money well spent
    • logan77
    • By logan77 8th Feb 18, 8:42 PM
    • 21 Posts
    • 6 Thanks
    logan77
    • #9
    • 8th Feb 18, 8:42 PM
    • #9
    • 8th Feb 18, 8:42 PM
    Why wouldn!!!8217;t you use a broker? They will get you the best deal for your circumstance, do the application, administration, save you time and money and their advice is regulated so you are protected by the financial compensation scheme.

    But I!!!8217;m biased
    I am a Mortgage and Life Insurance Advisor.

    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
    • Peelerfart
    • By Peelerfart 8th Feb 18, 9:32 PM
    • 1,916 Posts
    • 1,675 Thanks
    Peelerfart
    Depends on your circumstances.

    But yes, a vague question.
    Space available for rent
    • ktk
    • By ktk 10th Feb 18, 4:20 PM
    • 277 Posts
    • 248 Thanks
    ktk
    In the past I have always remortgaged DIY, but I used a broker for my most recent purchase. It was so easy, and a better deal than I could find independently. I will be using the same broker when it comes to remortgaging!
    • wacky75
    • By wacky75 13th Feb 18, 12:00 PM
    • 16 Posts
    • 14 Thanks
    wacky75
    I always used a broker - didn't realise how much paper work / time this saved us until i did it DIY last time.
    Dealing with the solicitors can be a laborious exercise.
    That said, I'm about to visit a bank this lunchtime to arrange my next remortgage so hoping it goes smoother this time !
    • dunstonh
    • By dunstonh 13th Feb 18, 12:56 PM
    • 93,038 Posts
    • 60,430 Thanks
    dunstonh
    Most banks that dealt with brokers on the initial mortgage will allow you to use the broker again on rate switch deals. So, if you like the broker, you don't need to go to the bank again. The broker can then compare rate switch deals with rest of market.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • DragonQ
    • By DragonQ 14th Feb 18, 8:19 AM
    • 2,000 Posts
    • 676 Thanks
    DragonQ
    For my first mortgage I did it myself since the brokers couldn't beat the deal I found online. This time around, a broker has a better deal so I'm using them (unless I find a better one between now and when my current fix runs out).
    • djpix99
    • By djpix99 14th Feb 18, 12:21 PM
    • 14 Posts
    • 6 Thanks
    djpix99
    I have now tried tried diy, mortgage broker and online mortgage broker. I personally found using the online mortgage broker Habito my preferred option. I believe there are other competitors such as Trussle and L&C who offer a similar service. When I got my first mortgage I used a well known comparison site, which seemed great at the time. However now I've realised that they rarely take into account the mortgage fee's/cashback offers when working out the best product, where as mortgage brokers systems do.
    • spaceboy
    • By spaceboy 14th Feb 18, 8:40 PM
    • 1,710 Posts
    • 274 Thanks
    spaceboy
    ok another question - how do you chose a broker?
    • djpix99
    • By djpix99 15th Feb 18, 12:22 PM
    • 14 Posts
    • 6 Thanks
    djpix99
    Recommendations from friends or family are usually the best option.
    • smudge2013
    • By smudge2013 15th Feb 18, 12:34 PM
    • 55 Posts
    • 11 Thanks
    smudge2013
    I think it depends on the circumstances. A broker is good for situations where the borrower does not feel confident navigating re-mortgaging on their own, or if their situation has some unusual circumstances.

    However for most people, re-mortgaging is pretty straight forward and most banks make the process ever so easy. I would have a look at what your bank is offering you, have a look around at other bank's offers and then look who is giving you the best overall deal.

    I recently re-mortgaged with my bank online which was really simple.
    • DragonQ
    • By DragonQ 15th Feb 18, 1:40 PM
    • 2,000 Posts
    • 676 Thanks
    DragonQ
    ok another question - how do you chose a broker?
    Originally posted by spaceboy
    MSE recommend a couple, plus your estate agent will probably recommend one when buying a property.
    • zx81
    • By zx81 15th Feb 18, 1:42 PM
    • 17,284 Posts
    • 18,395 Thanks
    zx81
    ok another question - how do you chose a broker?
    Originally posted by spaceboy
    Depends.
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