Have/Would you use a Mortage Broker ?

Yebraw

Yebraw

Yebraw

Associate
Joined
8 Jan 2006
Posts
120
Location
Button Moon
Havent a clue where to start looking for first time buyer mortgages, went down the bank and they just want to sell me their products. :confused:

Tried a couple of the comparison financial websites but they are either a rip off or look like a one man band.... or both :eek:

Can anyone recommend a good Mortage broker ?
 
I doubt it seeing as no part of becoming a financial advisor involves taking a mortgage advice exam, best to see someone that specialises in mortgages alone. After all they will be the ones that spend all day looking around the market.
 
I didn't say that means you have to go and see a tied mortgage advisor ;)

Like you say, you want to go and see a mortgage broker. I have no idea where any are, but if you tell us where you live some one on here may have used one in your area that they can recommend.
 
Have you looked at Charcol

I used my local bradford and bingley for my last two mortgages (purchase & a buy to let)

Most of the big estate agent agent chains have mortgage advisors (such as connels & B&B) But beware if your buying a house through them as well as they will know your budget and what you can stretch too.
 
ditto charcol, gives you a good idea of what's available in the market, but find an IFA that doesn't charge and tell him what you are after and he should find you the best deal from 10,000+ deals out there
 
IFA's that don't charge will have to make money from whatever commision they earn, so won't they recommened the lenders who pay the best commision?

As first time buyers we didn't have a clue about mortgages etc. After meetings with a few banks and reading through mortgage packs we got a better understanding and then found the best deal available on the net. Since then we have remortgaged several times whenever our low rate mortgage came to an end.

Basically what I'm saying, I don't see the need for a mortgage advisor anymore as you have access to all the info you need on the net.
 
Take the advice from a man who learned the hard way

Do not go near any financial advisers none are independent, they earn a living by geting comission from which ever 'deal' they offer you is the best for them. They get tapped on the shoulder by mortgage companies and basically bribed to sell products and they all desperate because there's no cash in it although they believe their own hype.

If you can read numbers and sort of add up then you're qualified - dont say i didnt warn you

My advice is do your own research online and apply online, there are loads of 'deals', beware of penalty/tie in fees or mortgage redemption fees.

I would go for a variable rate with a discount say 1 or 2 % maybe cash back and very low redemtion costs. Always use one of the high street names, they all do good deals. In the financial services world you never get anything for nothing.

I have personally now gone for an offset arrangement with the place i have my current account and i overpay, if you overpay at the beginning you pay loads less interest in the end. The interest can be 2 to 3 times the loan depending on rates, pay of £1 from the capital saves you £2 in interest.

Now here comes the hard bit, interest rates are low at the moment, say 4.5% but in the not to distant past they have been as high as 12% please make sure you have contingency plans if the worst comes to the worst.

In the late eighties to mid nineties people mortgaged themselves up to the hilt, interest rates went up unemployment went up and house prices plummeted, reposessions rocketed. The housing market is not always a winning game.

i wish you all the best in your new house
 
Slam62 said:
Take the advice from a man who learned the hard way
Do not go near any financial advisers none are independent, they earn a living by geting comission from which ever 'deal' they offer you is the best for them. They get tapped on the shoulder by mortgage companies and basically bribed to sell products and they all desperate because there's no cash in it although they believe their own hype.
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Is that really true ? I have mates who sell VW's and Mercedes and I get the impression they believe their own hype, maybe its just a sales thing.

Either way I guess you're right I'll do some number crunching and see what I come up with. thanks for the contructive comments guys much appreciated ! :D
 
If you're a first time buyer with a degree, HSBC's graduate mortgage is hard to beat.

It's also worth remembering that if you're a first time buyer, depending on the situation surrounding things, you may not be able to get the fantastic deals some places are offering.

The best advice I could really give is to shop around, speak to absolutely everyone you can, then make your decision from that.
 
Yebraw said:
Is that really true ? I have mates who sell VW's and Mercedes and I get the impression they believe their own hype, maybe it’s just a sales thing.
Click to expand...

No it's not, that's just the typical view of an FA. Yes it is sales, but getting you to buy a VW compared to advising you on investing 100k to get the best returns, best tax treatment and knowing about regulations within which this can be done is a bit different. For a lot of things going to see and FA isn't necessary, but making the right decision on what pension you should go for, how to best invest a large sum in equities and so on is best made with professional advice IMO.

I mean are you aware of all the implications of A-day, how best to structure your investments to minimise IHT, what it means when a security in performing below par value, what type of financial protection is best for you and what each one pays out on/restrictions?

Believe their own hype? What's there to believe, they have to necessary qualifications and experience to advise you on complex tax and investment issues, I'd hardly call that hype.

Mind you I would say that seeing as I'm training to be one, so I suppose that makes me a bent, money grabbing rip off merchant :rolleyes:

But as I said above, I wouldn't go to an FA for Mortgage advice as for most that isn't a specialist area, that's why banks have Mortgage advisers AND FA's.

Like Dolph has said above talk to all your friends with mortgages as the likelihood is that they have already done a lot of searching and maybe able to point you in the right direction. Also get the Sunday papers as most of them tend to have a round up of the best deals around at the moment, walk round the high street and look that the window displays and have a look at http://www.moneyfacts.co.uk/ which is a reputable independent review site.
 
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I went to see an Indy Mortgage Advisor when I became a contractor, mainly because my salary is extremely tax efficient and it makes it difficult for my payslips to reflect my salary.

He sent me round the houses and told me I'd need a 15-20% deposit to get a mortgage and that would be at a higher rate then normal soI've been working on that basis for the last few months.

On the off chance I walked into Lloyds with my banks statements from Barclays and they offered me a mortgage with a 5% depost at a normal rate.

By all means go to an IMA but also show around on the web and call the banks direct for their advice.
 
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