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mortgage advice



Diablo

Well-known member
NSC Patreon
Sep 22, 2014
4,173
lewes
I'm sure I'll get shot down here and, this isn't in any way meant to antagonise the mortgage experts or those offering services........but what exactly do the people who offer advice provide you that you can't find yourself?

When I remortgaged I just sat at my laptop for a whole day, noted all the offers and called all the ones suited to me. The comparison sites are so good now that I found it easy.

Again, this isn't a "don't use mortgage brokers" post. This is more of a "what am I missing out on by doing it myself?" question.

you`re missing paying them commission...
 


Bold Seagull

strong and stable with me, or...
Mar 18, 2010
29,719
Hove
[MENTION=3887]Uncle Spielberg[/MENTION] offers a very thorough, swift and attentive service. Definitely worth a look what he can offer.
 


Bold Seagull

strong and stable with me, or...
Mar 18, 2010
29,719
Hove
Certain lenders will only deal with intermediaries, and certain deals will only be offered through intermediaries.

Exactly. A good mortgage broker will also identify deals that you might not qualify for that might take u hours of applying for before you realise.
 


Uncle Spielberg

Well-known member
NSC Patreon
Jul 6, 2003
42,781
Lancing
you`re missing paying them commission...

Have you tried to get a mortgage after 4/15 ? I would say there is about 5 hours upfront work on each mortgage now, at least
 


Uncle Spielberg

Well-known member
NSC Patreon
Jul 6, 2003
42,781
Lancing
A bank interview will take 2-3 hours now to even establish if you can get a mortgage, that is just the start of the process, there are often 2-3 week delays to speak to one as well, so if you want to compare 4 banks for example yourself, take a day off, maybe 2
 






Uncle Spielberg

Well-known member
NSC Patreon
Jul 6, 2003
42,781
Lancing








Herr Tubthumper

Well-known member
NSC Patreon
Jul 11, 2003
59,198
The Fatherland
I'm sure I'll get shot down here and, this isn't in any way meant to antagonise the mortgage experts or those offering services........but what exactly do the people who offer advice provide you that you can't find yourself?

When I remortgaged I just sat at my laptop for a whole day, noted all the offers and called all the ones suited to me. The comparison sites are so good now that I found it easy.

Again, this isn't a "don't use mortgage brokers" post. This is more of a "what am I missing out on by doing it myself?" question.

What they offer is no-need to do this and sorting out all the paper work and dealing with the bank etc.
 


reigate

New member
Nov 10, 2005
921
Absolutely this - sorted my own mortgage and doing same with new deal at the moment.

Did chat to some mortgage advisors originally who offered me the same deals I found myself, just at 0.5% or so higher interest - presumably to fund their commission/fee.

I'm sure some people don't know where to start, but if you understand the basics of different types of mortgage just sort it yourself. Much cheaper

I agree to a certain extent. I spoke to brokers but they could not offer me anything I could find myself. I also felt they increased the red tape and time going backwards and towards. I much preferred to pick up the phone sort things out myself.

However, I'm a financial analyst by trade so am comfortable dealing with numbers and understand interest rates etc. There are a lot of people who don't have a clue about this type of thing (in the same way I would need a plumber to fix a dripping tap), and so a broker is ideal for them. I also remember when I was younger with a low income and a broker was able to get me a deal I could not have got myself
 












Hampster Gull

New member
Dec 22, 2010
13,462
Am sure there are some great advisors and they might get a few deals that cant be had elsewhere but other than the first time i always do myself. I suspect the more complicated your financial position or transaction the more value they would add.
 


Herr Tubthumper

Well-known member
NSC Patreon
Jul 11, 2003
59,198
The Fatherland
Am sure there are some great advisors and they might get a few deals that cant be had elsewhere but other than the first time i always do myself. I suspect the more complicated your financial position or transaction the more value they would add.

How much does it cost for a broker to do it for you these days?
 




Uncle Spielberg

Well-known member
NSC Patreon
Jul 6, 2003
42,781
Lancing
Pass HT, was 15 years ago

Anyone who has not gone through the process of trying to get a mortgage post 2014 is in for a very steep learning curve
 




Hampster Gull

New member
Dec 22, 2010
13,462
Anyone who has not gone through the process of trying to get a mortgage post 2014 is in for a very steep learning curve

Completely agree. I got a new mortgage late spring this year that also involved another remortgage and it was a nightmare (15 years ago was the first time). Took over six month and the bank dragged their feet and really messed us around. Got it through but only just before it looked li,e the seller had given up. Did it myself but was hard work.

To HTs point, is there a fee using an agent US?
 


Super Steve Earle

Well-known member
Feb 23, 2009
8,313
North of Brighton
A bank interview will take 2-3 hours now to even establish if you can get a mortgage, that is just the start of the process, there are often 2-3 week delays to speak to one as well, so if you want to compare 4 banks for example yourself, take a day off, maybe 2
Not actually true, but I guess you have to make a living. There was me thinking I could do the first bit in about 15 minutes over the phone and usually get a local face to face appointment within 48 hours. But then I suppose banks are always fair game for a bit of unjustified generalisations.
 



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