Is it worth seeing a broker?

[MovingtoLondonAgain]

My bloody bank have decided to reduced their offer in principle to me my £15k. No change is circumstances, apparently their calculators have changed and on any given day an OIP could be different - is this right?

I spoke to them just before we put our house on, we have found somewhere but realised didn’t have the OIP in writing so called them and that’s when they gave me the reduced amount. Whilst £15 is not a huge amount it does mean we can’t afford the house we were about to put an offer on.

I am tied into them for another 3-yrs with an £8k penalty if I leave. Is it even worth me seeing a broker? Many thanks.

If it's an OIP, what are the chances of them actually giving you a mortgage for the full amount required if you make a full application? Have you asked that question?

Yes, but they say they can’t answer until they actually go through the real application!

Hmm - I'd see a whole market broker who doesn't charge you then. When we moved a couple of years ago it was actually worth paying the early redemption fees to get out of our mortgage at the time (taken out in 2010) for a new deal.

Thanks wowfudge. That’s what I was thinking, plus obviously being loyal to my bank isn’t worth it!

Agree with wowfudge, definitely see/contact a whole market broker.

Unless your bank gives you an incredible deal (because you work for them) always look at the whole market.

We have always used London and Country who are still recommended by Martin Lewis of MoneySavingExpert fame. They do not charge you and were very helpful with regard to phoning at times convenient to us etc when we had young children.

Thank you Churlewis, I definitely will.

Definitely use a broker. We had the same thing happen to us, the offer came in at £10k less than the AIP. The broker got us the amount we wanted and we probably could have got more too.

I absolutely could not have got my mortgage without my broker (and my dad 🤭) but yes, definitely see one.