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Original poster

mortgage brokers?

7 replies

Newhere2 · 02/02/2015 12:30

Hello,

Do you just go to your bank for a mortgage or use a specific mortgage broker?
It may be a silly question but I'd like to hear the benefits of the broker.

thx

OP posts:

Nolim · 02/02/2015 12:37

No experience but would like to find out as well.

MrsKipling16 · 02/02/2015 12:48

You can do either ! The main difference is that your bank will only be able to advise you on their own products, whereas a mortgage adviser can advise you on a range of banks/building societies.

Independent mortgage advisers should get paid by the bank/building society (so you don't need to pay them) but, might push a particular product that gets them the best fee, whereas your bank adviser will get paid regardless. (Lady I sold my house to a few years ago told me that her broker was giving her "free" mortgage advice for just £375?!)

Do you have a preference for seeing someone face to face, or speaking on the telephone? Do you pop in to you local bank frequently and is it important for you to be able to do this and track the progress of your mortgage application?

For me personally, I would ask for recommendations from trusted friends or family.

Good luck!

MrsKipling16 · 02/02/2015 12:50

Forgot to say - a big advantage of a broker us if you have special circumstances. For example, self-employed with minimal accounts - they will know which lenders are likely to be able to help you.

juneybean · 02/02/2015 12:51

I used an independent mortrgagr broker who did whole of the market mortgages.

Original poster

Newhere2 · 02/02/2015 13:05

thanks. that helps :)

OP posts:

PossumPoo · 02/02/2015 13:15

I used London & Country and got a really good rate under a tricky circumstance (not financial but visa!)

FinallyHere · 02/02/2015 13:30

Not many banks have rally competitive offers on any product. They tend to rely on people just not looking elsewhere.

If your case is straightforward, that is you have a good credit record and will find it easy to find a mortgage, then Id encourage you to google best buy mortgages, read the options carefully and contact the top three for more information.

Id only use a broker if there was something complicated about the situation, if i was afraid that a simple online application would be turned down. Hope it goes well for you, xx

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