Broker vs Direct - "rate check service"

[Snugbug123]

Hoping to tap into the wisdom of Mumsnet - just had our offer accepted and now need to quickly sort out our lending application on the mortgage.

Spoke to an L&C broker who mentioned they are offering something called a 'rates check' where they'll reserve the mortgage at today's offer and go back and forth to the lender until exchange if rates continue to fall, other than that though they weren't able to recommend an offer better than we could get direct.

Any idea if this service is something unique to brokers or do all lenders provide this? Has anyone used this before?

I imagine in this period of rates slowly climbing down this is something quite important as things could change a lot over the course of a few months - potentially!

The cheapest offer we can find is actually direct with one of the high street banks which L&C don't work with so as far as I can see the only advantage of going through a broker would be this 'rate check' service so keen to understand more. Thanks!

L&C don't rate check unless you request it, which I found out to my detriment just going through a house purchase now. To be honest, you can just 'rate check' yourself by going back and comparing new deals. We have carried on with our application as too far down the road now, but I think next time I'll just go direct unless I have some specific circumstances I need a brokers help for.

You don’t necessarily need a broker, especially as you have done the leg work yourself & found a cheaper rate by going direct.

Just ask the Lender to confirm that you can reserve the deal at today’s rate but change it if they offer a better rate before you get to Exchange. I think they should agree to do that for up to 6 months, it was one of the things on the mortgage charter the big lenders recently agreed with the government.