I am looking to remortgage and wondering if a mortgage broker can still access better deals than I can get on the high street / comparison websites
thanks in advance
No.
Thousands of deals out there available to you. Spend an afternoon doing the research. You know what you want, just find the deal that best suits you and your family.
Why pay someone to find you an interest rate of 0.1% less than you can get, when the offer might not fit what you want/need?
I have used https://www.landc.co.uk/ a couple of times and they have helped out 'negotiating' particularly when we moved back from Spain and we didn't have what mortgage companies needed, when I was made redundant midway through a mortgage renewal and also with some other complications.
Whether or not you could do this yourself I don't know but they have saved me time and money.
The reason I ask is because years ago I got one about £100 a month cheaper than anything available on the High Street. Admittedly that was a long time ago so I’m just keen to see if a mortgage advisor is still a better bet. I don’t object paying a grand if it saves me money in the long run.
The reason I ask is because years ago I got one about £100 a month cheaper than anything available on the High Street. Admittedly that was a long time ago so I’m just keen to see if a mortgage advisor is still a better bet. I don’t object paying a grand if it saves me money in the long run.
I have used https://www.landc.co.uk/ a couple of times and they have helped out 'negotiating' particularly when we moved back from Spain and we didn't have what mortgage companies needed, when I was made redundant midway through a mortgage renewal and also with some other complications.
Whether or not you could do this yourself I don't know but they have saved me time and money.
I've used L&C a few times. They don't charge a fee and I've always been impressed by the service and what they've found for me.
I reckon everything is online nowadays, can't see why a lender would give a beneficial rate through a broker but may be wrong as have never used one.
I would also be slightly wary of a free broker as that means they will be paid from the lender which means they will have a natural bias to put you with the lender that pays them which is not necessarily in your favour I would think.
Me. Qualified mortgage advisor & have been for almost 30 years
Just seen some comments above.
I dont charge but take commission from the lender. They all pay the same nowadays (0.4% of the mortgage amount) so no bias whatsoever. Using a broker has a couple of advantages:
They can do all the leg work for you....ie, liaising with solicitor & lender, so you don't have to spend your lunchtime holding on the phone trying to speak to someone.
Different lenders have different criteria. Some will lend on flats with more than 6 floors, some wont. Some will lend to contractors.....some need you to be in the same employment for 2 years, some just 1.
And yes......there are "exclusives" for preferred introducers.
I dont charge but take commission from the lender......who all pay 0.4% of the mortgage amount so no bias whatsoever.
Feel free to PM me.
So every lender pays you 0.4%? Don't believe that and therefore there is surely a conflict.
Not talking you personally but I have seen it many times with my own eyes and finance brokers.
Sorry but its true. Didn't use to be and commission did vary between 0.25% & 0.45%. But when RDR came in it all changed and all lenders now pay the same.
The only ones that dont pay commission are ones that are "direct" to the public, such as The Chelsea & First Direct. There are 1 or 2 others but they also have an intermediary arm that offer the same deals.
I have used https://www.landc.co.uk/ a couple of times and they have helped out 'negotiating' particularly when we moved back from Spain and we didn't have what mortgage companies needed, when I was made redundant midway through a mortgage renewal and also with some other complications.
Whether or not you could do this yourself I don't know but they have saved me time and money.
I've used L&C a few times. They don't charge a fee and I've always been impressed by the service and what they've found for me.
Another shout out to L&C - Used them to renew my Mortgage last year
Found them really helpful and kept in constant communication with me
I dont charge but take commission from the lender......who all pay 0.4% of the mortgage amount so no bias whatsoever.
Feel free to PM me.
So every lender pays you 0.4%? Don't believe that and therefore there is surely a conflict.
Not talking you personally but I have seen it many times with my own eyes and finance brokers.
Why would he lie?
I dont know but I said I did not believe that all lenders paid mortgage advisors 0.4% and he went on to qualify his original post to add that Chelsea and First Direct don't.
My point is, if you want truly independent advice you almost invariably have to pay for it. I work in a different sphere of property (not day to day mortgages) and had a mortgage advisor tell me just two weeks ago he would not introduce his best client to me as we don’t pay for referrals. That is not the first time I have heard that line. It is hardly sourcing the best deal for a customer when the first question an advisor asks is does the lender pay me, if not I will not even talk to them. However I appreciate in the cookie cutter world of residential mortgages things are likely more standardised.
anyway, as someone else has said above the OP would be best doing their own research and then comparing with an IFA, plus I think Swis maybe self-employed so an IFA maybe best as it is likely a narrower market.
Comments
Thousands of deals out there available to you. Spend an afternoon doing the research. You know what you want, just find the deal that best suits you and your family.
Why pay someone to find you an interest rate of 0.1% less than you can get, when the offer might not fit what you want/need?
Ben Harrington - 07743 846 805
Whether or not you could do this yourself I don't know but they have saved me time and money.
I would also be slightly wary of a free broker as that means they will be paid from the lender which means they will have a natural bias to put you with the lender that pays them which is not necessarily in your favour I would think.
Just seen some comments above.
I dont charge but take commission from the lender. They all pay the same nowadays (0.4% of the mortgage amount) so no bias whatsoever. Using a broker has a couple of advantages:
They can do all the leg work for you....ie, liaising with solicitor & lender, so you don't have to spend your lunchtime holding on the phone trying to speak to someone.
Different lenders have different criteria. Some will lend on flats with more than 6 floors, some wont. Some will lend to contractors.....some need you to be in the same employment for 2 years, some just 1.
And yes......there are "exclusives" for preferred introducers.
Feel free to PM me.
Not talking you personally but I have seen it many times with my own eyes and finance brokers.
The only ones that dont pay commission are ones that are "direct" to the public, such as The Chelsea & First Direct. There are 1 or 2 others but they also have an intermediary arm that offer the same deals.
If not do it yourself as it cuts out another layer of bureaucracy.
Found them really helpful and kept in constant communication with me
Not a bad lender at all but not offering the best deals going. Probably 4th or 5th best in
the searches I'm doing atm.
FWIW. TSB just launched a 5 year fixed rate @1.54% for remortgages under 60% LTV.
My point is, if you want truly independent advice you almost invariably have to pay for it. I work in a different sphere of property (not day to day mortgages) and had a mortgage advisor tell me just two weeks ago he would not introduce his best client to me as we don’t pay for referrals. That is not the first time I have heard that line. It is hardly sourcing the best deal for a customer when the first question an advisor asks is does the lender pay me, if not I will not even talk to them. However I appreciate in the cookie cutter world of residential mortgages things are likely more standardised.
anyway, as someone else has said above the OP would be best doing their own research and then comparing with an IFA, plus I think Swis maybe self-employed so an IFA maybe best as it is likely a narrower market.