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    • Dribiddi
    • By Dribiddi 14th Jan 20, 9:19 PM
    • 76Posts
    • 27Thanks
    Dribiddi
    Broker dilemma
    • #1
    • 14th Jan 20, 9:19 PM
    Broker dilemma 14th Jan 20 at 9:19 PM
    Hi all,


    Slight dilemma

    I have went quite far down the line with my mortgage broker and am not far from submitting full mortgage application. Iím not quite sure what to make of her. She is nice enough and fairly helpful, although I feel every time I ask a question of her I get the answer to another lol. Sheís not really given me options, itís just been a case of here you go I have a decision in principle for you with this bank - I am due to discuss it with her at the end of the week before submitting application next week. Shes always bring up insurance/ protection options which is fine, I get she has bills to pay but I feel she is too focused on these extras which I can get myself, I didnít seek out a mortgage broker to get life insurance.
    Anyways on a house viewing a couple of weeks ago I said I would meet with the estate agents broker as I had maybe only had one meeting with current broker. Is this ok? Is there anything wrong with me playing them off against each other and weighing up my options before proceeding with one or the other?
    Thanks in advance
Page 1
    • G_M
    • By G_M 14th Jan 20, 9:51 PM
    • 51,150 Posts
    • 64,155 Thanks
    G_M
    • #2
    • 14th Jan 20, 9:51 PM
    • #2
    • 14th Jan 20, 9:51 PM
    With the current broker, you need to be quite firm.

    * If she's taking about insurance etc, just stop her & bring the conversation back to mortgages.
    * when she recommends bank A, ask her about alternatives.
    * make sure you understand (and have a written record to think about)

    - interest rate (and whether it's fixed, and how long)

    - loan anount
    - tie-in period if any
    - whether the

    - whether you can over-pay without penalty
    -
    Then ask which banks/lender she'd recommend for a different fixed period (eg longer or shorter), so you can compare more than one lender


    As for the agent's broker, the only risk is that the agent then knows (via the broker, though he should not share the info!) jow much you can afford. That gives the seller an advantage if you are negotiating the price you offer to pay....
    ** If I include a blue link in my post, click and read it before posting a follow-up question. The answer may be in the link! **
    • diggingdude
    • By diggingdude 14th Jan 20, 9:51 PM
    • 1,475 Posts
    • 1,972 Thanks
    diggingdude
    • #3
    • 14th Jan 20, 9:51 PM
    • #3
    • 14th Jan 20, 9:51 PM
    meet with someone else and see what they can offer then decide
    House owner as of 27.3.2019
    • ACG
    • By ACG 14th Jan 20, 9:58 PM
    • 19,866 Posts
    • 11,397 Thanks
    ACG
    • #4
    • 14th Jan 20, 9:58 PM
    • #4
    • 14th Jan 20, 9:58 PM
    A brokers job is to discuss what you want from your mortgage and offer some guidance if it is needed. If after that discussion it was pretty clear what you wanted - lets say for instance a 2 year fixed rate, I can see why they would just come back with a product rather than discussing options. If it is obvious which is the best product then coming back with 2-3 options seems pointless.

    If you were not sure if you wanted a 2 year fix or a 5 year fix for instance then yes I would probably expect a couple of options and discussions.

    We do have an obligation to discuss protection with you but that should not be in a pushy way.

    I am not sure you should be playing brokers off against one another. If you did that with me I would tell you to stick with the other broker. I give 100% to my customers and if it is clear they are not completely happy with me/us, I would rather they went to someone they felt happier with. Choose your broker based on who you are happiest with, not who will save you 50p a month. If the proverbial hits the fan you want the one who will pull out all of the stops to rescue 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.
    • diggingdude
    • By diggingdude 14th Jan 20, 10:11 PM
    • 1,475 Posts
    • 1,972 Thanks
    diggingdude
    • #5
    • 14th Jan 20, 10:11 PM
    • #5
    • 14th Jan 20, 10:11 PM
    A brokers job is to discuss what you want from your mortgage and offer some guidance if it is needed. If after that discussion it was pretty clear what you wanted - lets say for instance a 2 year fixed rate, I can see why they would just come back with a product rather than discussing options. If it is obvious which is the best product then coming back with 2-3 options seems pointless.

    If you were not sure if you wanted a 2 year fix or a 5 year fix for instance then yes I would probably expect a couple of options and discussions.

    We do have an obligation to discuss protection with you but that should not be in a pushy way.

    I am not sure you should be playing brokers off against one another. If you did that with me I would tell you to stick with the other broker. I give 100% to my customers and if it is clear they are not completely happy with me/us, I would rather they went to someone they felt happier with. Choose your broker based on who you are happiest with, not who will save you 50p a month. If the proverbial hits the fan you want the one who will pull out all of the stops to rescue it.
    Originally posted by ACG
    I think there is a big difference between seeing another broker if you feel you are being taken for a ride and playing two brokers against each which i would never recommend as many brokers as you know are commission paid.
    House owner as of 27.3.2019
    • ACG
    • By ACG 14th Jan 20, 10:19 PM
    • 19,866 Posts
    • 11,397 Thanks
    ACG
    • #6
    • 14th Jan 20, 10:19 PM
    • #6
    • 14th Jan 20, 10:19 PM
    I think there is a big difference between seeing another broker if you feel you are being taken for a ride and playing two brokers against each which i would never recommend as many brokers as you know are commission paid.
    Originally posted by diggingdude
    Agreed. But they said playing them off against each other. I had our garden done last year and got 3 people out and spoke to them. We chose one based on the way they came across and price. That is seeing different people to get some options. Playing them off against eachother would be something very different. I just used the OP words.

    The point I suppose I wanted to make is that it is a 2-3 month stressful time where a lot can go wrong. Choose based on more than the deal they come back with of the difference is peanuts.

    In all honesty if you are doubting the first broker after a few conversations, I would say go with your gut.
    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.
    • Dribiddi
    • By Dribiddi 14th Jan 20, 10:53 PM
    • 76 Posts
    • 27 Thanks
    Dribiddi
    • #7
    • 14th Jan 20, 10:53 PM
    • #7
    • 14th Jan 20, 10:53 PM
    Thanks for your advice guys
    I’m going to give current broker benefit of doubt and see how next meeting goes
    As an add on how long does it take on average for mortgage company to make a decision?

    One other thing on broker.
    I have lived with my partner for 6 years but I have never amended my address with bank etc from my parents address. No nefarious reason for this - we pay all our dues but we’ve moved around a few times and I’ve always just preferred my mail going to my mum and dads.
    Broker is saying mortgage application will need to go against me at address I live at with partner and to get the address banks have for me amended. I am worried this is going to be an issue at underwriting, is she right to insist on this rather than me just saying I have up to now lived with my mum and dad?
    Last edited by Dribiddi; 14-01-2020 at 11:05 PM.
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