Use of Mortgage advisor or Direct to the bank

[stephenp]

Hello All,
Has anyone any experiance of dealing direct with the bank with their mortgage, i have previously used mortgage advisors but on looking at the deals with the high street banks the deals are no better than i could obtain going direct. i know they cut out the hassle of dealing with the bank yourself but surely this cannot be too much of a stress.

anyones thougts much appreciates
SteveP:o

[Sandi]

I have done both and there isn't really that much difference, if you know what you are doing it isn't hard dealing with banks. The only real advantage of using a broker is that some banks only deal with brokers, I think Birmingham Midshire is one.

[jeffrey]

Also, Bank is not impartial. Broker is suposed to be and FIMBRA members/IFAs are required to be.

[Mortgage Expert]

I would be careful about disregarding brokers. Most buy to let is done through brokers with a high proportion of that done via a broker that specialises in buy to let and has the ability to instruct valuations and underwrite in house (not reliant on the lender's timescales).

Best thing to do is challenge a few companies....when you find the best on the high street then email me lee@lml.co.uk

Regards
Lee

[Mortgage Expert]

We actively market our clients so when base goes up we know fixed rates are under pressure. We contact all our clients and tell them, we then have the ability to book funds without having a tangible application in fromt of us....clout comes with size

Lee

[stephenp]

i used a mortgage advisor for my B2L, this mortgage is for my PPR, which i think should be straightforward, hence i think i am going to go this one alone.

[Matt Churchill]

I guess it really is horses for courses, and also can depend on what you are dealing with.

If you have a small number of BTL prop's and the LTV's are nice and low and rental cover is good then dealing with lenders is easier. If your proposition is not the best then it is trickier. Arguably, in these circumstances the former may not need to use a broker and the second might. That is naturally discounting whether you can be bothered to deal with the lender - which can be a hassle and time consuming.

Brokers should be able to keep on top of things a lot more, after all that is what you are paying them to do! So, theoretically things should move quicker if you have a broker managing it for you - lenders, valuers, solicitors etc etc

Lastly, I would say that if you have a more "commercial" requirement, such as property development for example (or a large portfolio which you need to leverage as best you can) a broker becomes much more worthwhile, as this is a much different animal to a couple of BTL's, as you will undoubtedly be dealing with the commercial arm of the lender (assuming they are not a commercial only lender), and this is where a broker can really come in to their own. Packaging the proposal, negotiating on rates (which are a lot less transparent than standard products), and also delaing with lenders, valuers and solciitors etc.

Having been in commercial banking for 17 years prior to switching "sides" I have seen all sorts of propositions and those where someone has been involved to assist are nearly always better received.

[Pete Matthews]

Hi,

I would say the disadvantages of using a broker are minimal. However, If you are prepared to do the groundwork, make a decision ( and be happy with it!) and be available to monitor the application process and deal with queries then you may as well go direct to a lender. The advantage of this is that you can hassle and chase a lender without going through a broker. It may suit some individuals.

However, find a Broker who will provide the correct level of service and you should be able to let them deal with any complications as well as find the most suitable deal in the first place. There are also many lenders who offer exclusive deals to brokers that you would not have access to direct.

Try UKmortgageNET on 08453451236 who have access to the whole of the market and dont charge broker fees.

Regards,

Chris
UKinsuranceNET