Applying for a mortgage - do I need a broker?

[Pigletspal]

Hi! I have arranged to speak to a broker next week to help me get a mortgage (first time buyer).
She costs £300. (I know there are some that are free, but I trust this lady and she is local, comes recommended through friends etc).

Anyway, I’ve a meeting booked and today take a look at the price comparison sites to find that the second cheapest deals seem to be with my own bank. The very cheapest is only cheaper by a couple of quid. I imagine the whole thing will be much easier through my own bank?

Is it a complete waste to spend £300 to ask a broker to make an application to my own bank on my behalf?!

My broker was just amazing. I had a tricky circumstance. He advised me, explained this as they were happening, like when the house got downvalued, pushed everything through and was an understanding ear. Worth every penny

Is the £300 a one-off fee or does it cover future use?
Our guy is great and was £199 initially, but that covers all our remortgaging, extra borrowing etc for life.
Well worth it, especially when it came to negotiating extra borrowing for our extension, plus he always finds us a list of good deals to choose from & its so much less hassle than applying ourselves.

The £300 is a one-off for finding and applying for the mortgage this time. I don’t think it’s an ongoing thing.

you def don't need a broker. We recently spoke to one and he was helpful but his conclusion was that the best deal was with our own lender and that he could get a slightly better deal for us.
We then called the lender directly and they offered us an even beter deal than the broker. Yes the application forms were onerous but I'm not sure it would have been much easier if at all through the broker.

When I was a FTB by far the best deal I got was through my own bank .

Sorry to correct myself I 'm sure that if people have very specific circumstances or are self employed or are difficult to lend to in some way then yes I'm sure a good broker will be invaluable. But most of us don't need one.

@Pigletspal

The £300 is a one-off for finding and applying for the mortgage this time. I don’t think it’s an ongoing thing.

In that case, have you consider (L&C) London & Country. They are a free broker, we used them a couple of times before. I wouldn't be paying £300 for a single application personally (different if its a one time fee that covers all your future applications though).

We used a broker on our first house..but I found a cheaper deal online than they did, so in the end we ended up paying him for no help whatsoever!! Second time round we used our bank (no broker) and it took about 45 minutes over the phone. They are basically a middleman who is supposed to “find a better deal, and hold your hand”, but I just found them annoying. They still need all the information that you will have to give the mortgage provider, so might as well cut out the middleman!

My independent recommended broker got me a much much better deal (lower interest rate) than I could find online, or through L&C (they were shit) so they were really worth it for me (I was a simple case and just remortgaging)

Thanks everyone, this has been so helpful. It sounds as though I would probably be okay on my own, but going with a broker isn't a ludicrous idea. So, as I mentioned, as paperwork is really not my strong point, and what with me also being easily stressed, I think I’ll stick with my broker for peace of mind and ease/speed. When I come to do this next time I might be confident enough to go it alone!

Many thanks all

We tried L&C on our first mortgage, but decided to go with First Direct instead because they were cheaper. Very straightforward circumstances though and it took about 1 hr on the phone to sort it.

[quote JunhaLamra]@Pigletspal I would use London and Country (L&C) they don't charge you a penny, they take their commission like all other brokers through the mortgage they recommend. They are whole of the market too.

From L&C "Like all other brokers, we receive a payment from the lender when the mortgage completes. The difference is that unlike other mortgage brokers, we simply choose not to charge our customers a fee on top of this.It's an approach that's proved itself to work time and time again. In fact, we've won over 150 industry awards for our services since 2002"

L&C are also recommended by MoneySavingExpert Martin Lewis, have brokers that work around your availability.

www.landc.co.uk/[/quote]
Also used L&C after recommendation from here. They were excellent and free