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Using a mortgage broker-better deal?

(13 Posts)
Slugsandsnails2014 Fri 22-May-15 16:31:27

Just that really

Is it worth using a mortgage broker i.e are they more likely to get you a better deal and are you more likely to be able to have an application approved?

This is opposed to just approaching banks individually and doing the research via comparison sites etc

Thank you in advance

TheEmpressofBlandings Fri 22-May-15 16:35:11

Not in my experience. I suppose it could make a difference if you are a non-standard applicant? We initially went through a broker but had already researched the best rates independently and he suggested exactly the products we'd already found. I prefer to be in control myself so we then opted to make the application ourselves.

Cassie258 Fri 22-May-15 18:21:46

I agree with pp. It's more for the sub prime lenders (I think that's the term) so if you have imperfect credit etc.

However, the broker we met with through the estate agent says he recommends everyone to use Santander where possible as they usually give the best rates. He didn't say they give him a preferential rate or not but obviously means people do use brokers for banks/standard lenders.

Sunnyshores Sat 23-May-15 15:52:11

not sub-prime necessarily, but non-standard definitely ie self employed. A good broker will know exactly the sort of questions the lender is going to ask and be able to present your information in a suitable manner. Make sure the broker is searching 'whole of market' not and Id suggest you still search yourself for the best rate/deal and if thats not the one suggested, ask broker why not.

mandy214 Sat 23-May-15 19:46:12

I think they have their place. We are currently using one - I had seen the product they recommended (so could have approached the lender directly initially) but the lender withdrew it for the general public before we'd formally replied. However it was still available to brokers.

Also, different lenders have different affordability criteria. We are "normal" borrowers (not sub prime etc) so perhaps we'd have been ok but the broker crunched all the numbers for us to see which lenders were likely to lend to us. It would have been time consuming to go through various lenders' websites seeing if we met their criteria. The broker doesn't charge (they get commission from the lender if you go with their recommendation), is whole of market and they take on some of the legwork / number crunching. Didn't have anything to lose.

Marylou2 Sat 23-May-15 20:01:53

I use a broker, London and Country, and I'm neither sub prime or self employed.I'm just busy and they do all the hard work and find the best deals.They're really professional and I throughly recommend then.

SwedishEdith Sat 23-May-15 20:05:29

Our one was good, spent hours finding great deals. But we still found a better one by going straight to the lender. We were very straight-forward borrowers.

flyingtomatoes Mon 25-May-15 19:57:10

Self-employed here and used a broker. He was recommended via family and was absolutely brilliant. Couldn't have done it without him and have now gone on to recommend him to others.

Anyone needing a broker in south east please PM me!

SASASI Tue 26-May-15 11:06:35

We used a broker when we were first time buyers. What we found is done mortgage lenders do not operate through brokers so we ended up going with a bank ourselves.
What I did find broker was invaluable for was the insurances, assisted with claims etc so we re-new our insurances with Her on an annual basis. I assume its the same situation ie she doesn't have all insurers on her book but we have get competitive & a great help.

AbbeyRoadCrossing Tue 26-May-15 11:12:04

We used one as we were first time buyers not long after the new rules came in about your spending, and interviews etc. So he did all that for us. I think we could've got the same deal ourselves but if we'd been declined at any point it makes it more difficult to get a mortgage and he knew what criteria the different banks were using behind the scenes e.g. some wanted proof you could pay if interest rates went up to 9%
I guess a lot depends on the broker though. Ours was a family friend that we know is good

AutumnDragon Tue 26-May-15 11:17:51

Depends on the broker, some get exclusive deals with some lenders, they also have access to a panel of lenders who only deal with brokers.

A good one is a godsend, but I would only use independents and never a large chain like London & County (the Walmart of the industry!)

Equimum Wed 27-May-15 08:34:25

We could have found our mortgage ourselves, but the broker has been very useful in several ways. 1) he verified our official documents, saving the costs of doing so. 2) as it was a remortgage onto a fixed term, he double checked all the complex calculation around fees and interest over the whole period, which can be a bit confusing when comparing different types of mortgages with different fixed period/ escape fees etc. 3) he has provided invaluable advice around insurances we have taken out. These are very difficult to compare and really understand the differences between.

We use an independent broker and have, so far, had positive experiences.

redmapleleaves Thu 28-May-15 08:03:46

I used an independent broker, Which Mortgage advice, and they were fantastic. My situation was non-standard (fixed term contract, returning to Uk from abroad) and they found me a deal, helped me prepare extra supporting evidence, advocated for me with the lender. Phoned me a few weeks later when they then had better deals with the same lender (saving 0.5%). They also confirmed I'd got a mortgage to the estate agent before the final paperwork had come through, - very useful in highly competitive market here, where estate agents are sussing out how committed/competent you are. I'd say if you are busy or would welcome a feeling of someone competent on your side in the most stressful time, go for it.

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