Mortgage Broker or not

Captain Chaos · 3 Apr 2012 at 18:30

Hi all,

A question if you please!

Just sold my house (STC) and have had an offer accepted on a house which I would like to purchase.

Would you use an online broker? Ive been speaking to one from portal financial. Do they look legit?? Will have to send payslips and bank statements to them if I proceed with a mortgage application.

here:--- http://www.portalfinancial.co.uk/

Seems to be ok and they are whole of market, fee free.

SO would you use them? can you offer a better broker? Would you go it alone?

Historically Ive always done it myself but in these hard times would they be the best bet?

Help if you please

Captain Chaos · 3 Apr 2012 at 19:52

80% ltv and to be honest id be after a 5 year fixed anyway.

Might try the direct route, just thought id gauge experiences

Captain Chaos · 4 Apr 2012 at 09:55

Im aware that a tracker will give you a better rate, however fixed gives security in these uncertain times. Id be looking at a five year fixed at 4.19%.

Captain Chaos · 4 Apr 2012 at 10:31

well if anyone knows a good 80% ltv 5 year fixed deal going then let me know lol

Captain Chaos · 5 Apr 2012 at 15:26

Is the APR at the end of a fix term deal important? From what I understand these change throughout the lenght of the mortgage anyway. So for example a provider saying 1% at the end of the fixed term could easily be changed the 10% by the time your deal ends.

Is this correct?

Captain Chaos · 5 Apr 2012 at 15:41

NathanE said:
The fixed term (or the introductory rate of a tracker) lasts for a set number of years. Then you fall back onto the standard variable rate of the lender. It is important but generally most people will remortgage once their introductory rate has lapsed. The key is in making sure there are no or very little redemption charges (often called ERC or early repayment charge). This way you can either stick with the SVR or remortgage, it depends upon what the markets are doing at the time.

Im looking to fix for 5 years. So it will just be a case of getting a new deal as the product expires

Captain Chaos · 5 Apr 2012 at 16:09

Yeah just as i thought. Best deal i can find fixed for 5 with 80% ltv is 4.12%, free val and 500 fees. prob is the forcast is 6.1 at the end of the 5. Broker informs that its irrelevant as 3 month prior you set up a new product to jump to as it expires.

Captain Chaos · 5 Apr 2012 at 16:15

4.19 is cheaper than the svr im on at the mo lol.

Captain Chaos · 5 Apr 2012 at 20:49

I doubt that many could afford 12% nowadays lol. Lots of cheap houses if that happens me thinks!

Captain Chaos · 6 Apr 2012 at 07:43

Same here really, I found a like for like myself fees against rate. Broker is local, fee free and whole of market. Why not let them do the leg work and jump the hoops lol.