Mortgage Broker sought/recommended MEGATHREAD

[Marx 10]

Try Futures Assured on 2421818. Ask for Debra. They helped me with combining my various pensions in to one new pension and I am most happy with the result. I have since done some IT work for them and find them to be thorough and nice to be around. I know they have a Mortgage side that compliments the insurance business.

[mogwai84 10]

Brokers can be extremely helpful if you're looking at a high LTV, or have a limited credit history.

 

Also they can save you a huge amount of legwork and can usually speak directly to the underwriters and get reasons for rejection/put pressure on.

 

Our personal experience with our broker was very positive of what they did. If your situation is fairly straight forward then yes I'm sure you could quite easily sort it out yourself.

[Danny_Boy 10]

Brokers can be extremely helpful if you're looking at a high LTV, or have a limited credit history.

 

Also they can save you a huge amount of legwork and can usually speak directly to the underwriters and get reasons for rejection/put pressure on.

 

Our personal experience with our broker was very positive of what they did. If your situation is fairly straight forward then yes I'm sure you could quite easily sort it out yourself.

 

Very good post. A brokers job is not just to find a mortgage for you. It's to advise you, it's to give you a point of expertise if something goes wrong, it's to review your whole financial situation and find solutions to any problems.

 

Remember that when you go direct to a bank you are not getting advice and you will not get the free full protection review either.

 

The big problem with the banks at the moment is that they offer a very good headline rate, they then get you to speak to a sales advisor (not a qualified mortgage or financial advisor) who qualifies you and gets your hopes up, you then finally get to speak to an actual advisor to find you can't have the really good rate that you originally thought but they have other less attractive options.

 

I can help if needed so feel free to PM but I appreciate you're looking for recommendations not just someone pimping themselves

Edited May 1, 2013 by Danny_Boy
Typo

[linzday 10]

You need to check the new FSA guidelines. I'm not 100% sure this applies to Mortgage Brokers, but I'm pretty sure commission is going to be a thing of the past.

I think Brokers now have to charge an up front fee, before any transaction is made.

 

 

You're right, this will be coming in at some point in the future, but commission based advisers are still around at the moment.

 

---------- Post added 01-05-2013 at 20:58 ----------

 

There is no requirement to go through with the mortgage and there is no fee unless a person takes a mortgage (and that fee is paid by the mortgage company anyway).

 

 

You're right in that there is no requirement to go ahead with the mortgage, however if an adviser is generally commission based, but then the policy doesn't go ahead, they could potentially charge you a small fee for their time, but they should make you aware of if that's how they operate from the beginning of the meeting.

 

And any fee paid if the mortgage does go ahead, is paid to the adviser from the mortgage company in that they give them the lump sum of money, but it is paid for out of your monthly premium so you are still actually paying the adviser not the mortgage company!!!

Edited May 1, 2013 by linzday

[syne 10]

the posts slating the op are just, well kinda dumb.

As the op is looking to buy at some point in the future the process begins now. The mortgage advisor will spend some time with them going over a few options and figures the basics.

this is salesmanship. and lays a groundwork for future dealings

I've spoken to 3 mortgage advisors for about an hours worth of time each, none have gotten any money.They all told me something different, none were impressive, but I am glad they gave some of their time for me, and If I need the services they offered I'd consider them in the future before I consider the likes of yourself.

'your not spending money right now so get out'

 

When I first spoke to the mortgage advisor -#4- I'm using now (who will be paid when we move)

I was in the exact same position as the op, not actually in a position to buy a house right then but needing some sound advice and a run through of options that would open up, when they would open up and some pros and cons of different approaches etc etc.

 

If that person, who -back then- gave up a couple of hours of their time and had no idea if I would or wouldn't ever go with them and likewise get paid acted like you suggest then they wouldn't be my advisor now.

Edited May 1, 2013 by syne

[ismangil 10]

The downside of brokers for residential mortgages is sometimes the best deals does not sell through intermediaries.

 

In 2010 I was also looking for 90% LTV. The broker can only find Santander, while using the Internet I was able to find Post Office/Bank of Ireland (which I eventually applied for, online, and accepted).

 

Here's a guide on how to find a mortgage, including how to find a broker: http://www.moneysavingexpert.com/mortgages/best-mortgages-cashback

[jenand8285 10]

The downside of brokers for residential mortgages is sometimes the best deals does not sell through intermediaries.

 

In 2010 I was also looking for 90% LTV. The broker can only find Santander, while using the Internet I was able to find Post Office/Bank of Ireland (which I eventually applied for, online, and accepted).

 

Here's a guide on how to find a mortgage, including how to find a broker: http://www.moneysavingexpert.com/mortgages/best-mortgages-cashback

 

Last night I used the comparison websites and the Post Office did come back with some of the best rates.

 

I was just thinking though that if their rates are good then maybe they have stricter lending criteria? While my credit ratingis not bad, I have not have much credit so it is only about average. I just do not want to get turned down if we are not within the lenders 'ideal' criteria for 90%LTV. Thats where I was hoping a Broker would come in, they would have some ideas of the criteria for each lender. Or will that not be the case?

 

It may be I listen to BBC Radio 1 news too much and all their scare mongering about how my generation are not able to buy has put me off

[ismangil 10]

Last night I used the comparison websites and the Post Office did come back with some of the best rates.

 

I was just thinking though that if their rates are good then maybe they have stricter lending criteria? While my credit ratingis not bad, I have not have much credit so it is only about average. I just do not want to get turned down if we are not within the lenders 'ideal' criteria for 90%LTV. Thats where I was hoping a Broker would come in, they would have some ideas of the criteria for each lender. Or will that not be the case?

 

It may be I listen to BBC Radio 1 news too much and all their scare mongering about how my generation are not able to buy has put me off

 

If you call them I believe you can sort of pre-application check, so it doesn't get recorded, but they can advise on affordability.

 

That's what they're big on nowadays, how much your outgoings vs income.

 

Noddle can also give good indication on creditworthiness for free.

[More4loans 10]

People choose to use a mortgage broker becaiuse of their expert knowledge of the market. That knowledge will usually includes an insight into which lenders will actually lend, as opposed to those that advertise headline grabbing rates/deals but fail to deliver.

 

A whole of market broker or IFA should be able to find you the best deals and any one worth their salt won't charge you anything up front, but will be paid a commission or fee upon completion.

[jenand8285 10]

If you call them I believe you can sort of pre-application check, so it doesn't get recorded, but they can advise on affordability.

 

That's what they're big on nowadays, how much your outgoings vs income.

 

Noddle can also give good indication on creditworthiness for free.

 

I am hoping affordability will go in our favour. The property is 1.6 times our annual salary and currently we are manageing to save 40% of our take home pay quite easily whilst renting privately and having a life.

 

Our Noddle credit score are only 3/5 due to not having credit cards, loans or any car finance etc.

[ismangil 10]

I am hoping affordability will go in our favour. The property is 1.6 times our annual salary and currently we are manageing to save 40% of our take home pay quite easily whilst renting privately and having a life.

 

Our Noddle credit score are only 3/5 due to not having credit cards, loans or any car finance etc.

 

Yeah, I heard that so a long time ago I applied for a credit card with full direct debit payment every month just to show on time payments :-)

[SpikeMac 10]

Do it yourself. That way, you get to choose and avoid high pressure sales techniques. Your situation looks pretty straightforward.

 

Have a look at this link and this one. There is more than enough information there to help you to make your own, informed decision.