Getting a mortgage - advice please!

[cazzabazza]

So we've just had an offer accepted on a house (eeee!) and now need to apply for a mortgage. Should we go through an adviser or broker, and how will we know which one to choose? Or do we go direct to financial institutions and apply directly? If we go direct does it leave a footprint on our credit report? And are there any to particularly avoid at the moment, or any recommendations?

Going direct will leave a footprint.

I would go through a broker especially if you find one who works from commission not one you have to pay.

disclosure I'm qualified as an advisor but not currently advising.

Personally, I'd go through a broker, not only can they compare most of the products on the market, they will also know each lenders foibles, and how your circumstances meet the lenders criteria. They should also know about service times from various lenders; which take just a few days processing documents and which are presently running a backlog of 3 1/2 weeks (yes really!)

In answer to your question about where to go, if you can't get any personal recommendations from people near you, I personally would almost interview potential mortgage brokers. Ask them for a few minutes of their time to tell you what their fees are, ask them to explain the process to you, ask if they are whole of market independent, and once you've spoken with a few, you'll get a good idea of who you trust. Bear in mind you're going to have to tell them your most personal financial details.

Look through a broker but also check yourself. Broker will give you the best deal for the whole of the mortgage term but we wanted to fix for five years and then we will probably change provider after that. Svr will be different in five years time so there is no way they can be compared for such a long time.

We managed to get a 2 year fix on 80% LTV at 2.24% through a broker this month, and couldn't match it despite looking a lot ourselves. We will be overpaying and getting down to a much lower LTV which is why a 2 year term worked for us. Good luck, if you'd like the details of our broker I'd be v happy to share.

I've used London and country twice and would highly recommend them. Free service and will do a soft credit check that won't leave a foot print.

Agree use a broker, but don't be put off using one who charges you a fee - you are paying for their good advice, and a good mortgage broker really knows the market and will find you the best product to suit your needs.

Happy to recommend someone that a lot of our clients use (I work p/t for a property management company)

We are going through London and Country at the moment, after many recommendations on here. They don't charge and you get your own adviser with a direct dial plus you can track your application online. So far I have found them to be very efficient and I will certainly use them again in the future.

Thanks everyone, very helpful. Looks like we'll have to put the mortgage application on hold as our buyers have just pulled out and we don't know if we can achieve the same sale price on our flat again, which means we'll lose out on our dream home. Feeling rather depressed about the whole situation...