Mortgage brokers finding same rate as Money Supermarket

[Itsallsoboring]

Hi all, so I have a perfectly nice mortgage broker. I also have a couple more lined up. Only one of them is charging a £500 fee, the others are free (they get the bank commission).

My first broker of choice found the same exact mortgage deals as on Money Supermarket. I thought i'd just ask the others what they find. It's the same rates as on Money Supermarket! All of them!

I don't mind using my free broker to help me apply, it takes one admin nuisance off me, but is anyone else finding this is the case?

It seems to me there are zero good deals out there via there. LTV 70.

"It seems to me there are zero good deals out there"

Seriously ? You should be able to get something at 4.5 to 4.7 which is a very very good deal considering the base rate is still at 5.25 ?
Those deals might not be around much longer if the base rate isnt reduced soon - and personally I think there is a good chance we won't see that until toward the end of the year.

I know what you mean, but what I'm saying is that I thought Mortgage Brokers would have access to better deals than what I or anyone else can find online. That isn't the case with me

If your situation is straightforward there may be no benefit to using a broker apart from that someone else is comparing rates for you which is good as long as they don’t charge you a fee.

For people whose situation is a bit more complicated ( like self employed for example) it can be harder to know which lenders are likely to say Yes to someone in your situation so a broker is more useful.

Thanks. Ours is straight-forward, but it does take the hassle out of applying. We don't mind and we aren't paying a fee. Happy to help the guy make a living too, especially if he isn't getting a better rate. The one who takes a £500 fee is also getting the same deals! I'm just shocked mortgage brokers don't have access to better rates right now.

I know what you mean.

Sometimes people decide to use a broker just because it seems easier (especially FTBs) but you can often find exactly the same rates just by looking on comparison websites or lenders own websites.

Just don’t pay anything and you haven’t lost anything if you choose to use a broker @Itsallsoboring

I've been keeping an eye on mortgage news for quite some time, and the trend I have seen is robbing Peter to pay Paul. They'll increase the rates for BTL landlords, decrease them for re-mortgagers, and so on and so forth. They're just constantly moving pots of money around, and it's all down to pot luck and timing as to whether you can get a good rate.

I have noticed that people with lower LTVs than us (10%) seem to consistently get far higher rates than us; they're punishing those who need to re-mortgage and encouraging FTBs.

If you're under the impression that only the free broker gets commission from the bank, let me correct you.

We were quoted 4.6% six weeks ago, 400k purchase, 90% LTV, on a mortgage with HSBC:

On the decision in principle:

HSBC will pay [org] and [org] an amount of £1,440.00 in cash
and benefits if you take out this mortgage.

In his covering email:

As shown in part 4 the [org] fees of £395 are only paid once you have the keys

^ they get paid twice.

You don't really need a broker these days as everything is online. Applying is very easy.

We found that the rates offered to my son when he approached banks directly, were not actually the rates HE was offered. And the broker was able to push things through which were a little out of the ordinary (future guaranteed payrises/over time etc). The broker also managed to get a provisional offer within 24 hours of handing over the final information (all prepared with him to ensure the best chance of showing they could afford the mortgage). He was worth his weight in gold - even the valuation was a desktop one and the time from handing in the required documents/proof of earnings, doing the valuation and getting a formal offer with excellent rates, was under 1 week. I read on here people with the same mortgage supplier waiting several weeks to get an answer. So yes. I would, 100%, suggest people consider the mortgage brokers that are recommended to them.

Applying is the easy bit. Check out my post above for reasons as it is a bit pointless for me to type it all out again :)

Our broker was amazing. We were FTBs, had a few potentially tricky things re employment. I wanted the least stressful experience possible, so we decided not to cut corners on paying for help.

Everyone recommends L&C (free, and I'm sure they're great) but we decided to go with a highly recommended local firm for £250. Worth it. I have never had such good customer service before. Absolutely lovely people. Yeah, the overall mortgage cost was about the same as if we had done it ourselves. But they saved us so much time and stress, it was all easy as pie. And super-fast. Think it took about 10 days to get full approval. Was happy to pay for that.