Any advantage in using a mortgage broker?

sirch

sirch

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I need to remortgage, I can look at best deals on line and apply directly but I'm wondering if anyone on here has experience of mortgage brokers? Is there any advantage, such as them having access to deals that are not advertised on line?
 
I used a broker the last twice I needed a mortgage, but as a contractor this is often necessary in terms of understanding our income. I used Contractor Mortgages Made Easy CMME. I'm sure they can advise non-contractors too though. Where they were also useful is in getting the right amount of mortgage, I'm not sure if they have access to non high st deals.
 
I used one as a first time buyer and for the 2nd remortgage, once I got my head round working out the figures, I found out I was no better off then doing it myself and saving the fees, most banks use their own legal team too.
 
Only if it's complicated or you're an edge case. I've used one when my funds didn't quite fit the lenders' criteria but I should have qualified. They were able to get me an exception.

It's often quicker to do it yourself for an easy transaction. Just watch out for the effect of big up front fees. Many lenders charge £1K or more and discount the monthly. Exvcel will tell you if that's a good deal for you or not.
 
Thanks all, sounds like a mixed picture, mine should be pretty straight forwards.
 
Mozthecat said:
Something to bear in mind with the arrangement fees is to consider adding it to loan, rather than paying it on application, and then paying it off immediately after the mortgage is finished.

This avoids being out of pocket if the loan doesn’t go ahead for any reason.

Click to expand...

Though on a remortage, it would be rare for it not to go ahead between the bit where they charge fees and the bit where the mortgage is in force.

sirch said:
Thanks all, sounds like a mixed picture, mine should be pretty straight forwards.
Click to expand...

I see you mention remortgaging.....is this a renegotiaition? I.e. you have a mortgage deal ending and want a new one? If so, it's often best to stick with your current lender even if they have a slightly worse deal. Other lenders *may* require a revaluation which can be costly - especially if it changes your LTV percentage.
 
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