Will a mortgage broker be more likely to get us a better mortgage amoun?

[bluepink1992]

We are in the process of buying and selling

never really has an issue before with our mortgage

my husband is a CIS worker ( he also was the last time and it wasn't really an issue)

we have been going through our current lender to get our new mortgage, but they have declined the amount we can borrow (even though mortgage in principle was a lot higher), even though we can afford it, have a great credit history, no debts , no finance , no credit cards etc and we have a great deposit to put down

we are now looking into a mortgage broker rather than going through our lender

has anyone been able to get a better mortgage through a broker rather than straight through lender/ building society?

Thank you

Yes and no. Depends on the credit broker.

Ours was really useful in getting in touch with the bank as he had contacts - so things that usually take 3-5 days took a couple hours.

I would absolutely go with a broker. Your current lender has no really advantage to offer you a good deal if you are a bit of a captive audience. A broker is (in theory) independent and can get you a variety of offers of different sorts. They may also be able to make a case about your finances in a different way than your current bank is viewing them. If anything, it's about shopping around. No reason to pay more when you can pay less somewhere else. Certainly for us, the rates and the amount we could borrow were significantly better through the broker than just through initial checks at the banks we looked at ourselves.

@mindutopia thank you very much for this

Yep, we were in a similar situation. Engaged a broker and they immediately said to try a different lender because the one we had used takes into account pension contributions and my OH makes large pension contributions. We got what we needed from the second lender without issue. We used Habito which is an online broker, would recommend!

I know a cis specialist mortgage broker. They really know their stuff. Well worth it.

Mine did.

Not same circumstances as you but I was a single mum and needed to max my borrowing - equity from house sale and rent was waaaaay higher than proposed mortgage.

My broker found a (high street) lender who accepted CMS and all sorts.

You can shop around different lenders yourselves, or you can have a broker do the work for you.

There is very little available that you can't get without going through one; the advantage is that they do more research faster than you can.

We used a broker and would again

thank you all for your advice

Yes. We were with a BS for 17 years, overpaid etc and then they were awful about a new mortgage. Broker got a better deal the same day.

I used Habito as a FTB and had a great experience - all free so no harm in getting a quote :)

Not true. They do have access to better deals.
We remortgaged recently, used a broker and she got us a deal that was not available otherwise.
Definitely use one!

thank you all- I am now in contact and starting a process with a highly recommended broker. Really hoping things work out! As we have been having a lot of issues!