mortgage advice

[Uncle Spielberg]

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.

Let me know how long the interview lasts. Good luck with everything. It is all about choices

 

[Uncle Spielberg]

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?

Most brokers charge £ 500 or thereabouts

 

[redoubtable seagull]

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.

Even switching a bank account will take over an hour on the phone; as I learnt last month.

 

[Uncle Spielberg]

Even switching a bank account will take over an hour on the phone; as I learnt last month.

Quite there is no way a full mortgage meeting and agreement can be done in 15 minutes. If it does it is not being done correctly

 

[Super Steve Earle]

Let me know how long the interview lasts. Good luck with everything. It is all about choices

I didn't realise my comment could be misinterpreted till I read it again. What I meant was I work in a bank and can knock out a Mortgage Calculator in 15/20 minutes over the phone and usually book the customer in for an appointment with a Mortgage Adviser to meet within 48 hours. We have moved on from the early post MMR 3 hour interviews to a more reasonable timescale now although it's certainly still thorough and may well take a couple of hours or more for complex cases. We're not all as bad as the picture you painted.

 

[Super Steve Earle]

Even switching a bank account will take over an hour on the phone; as I learnt last month.

Or about 20 minutes in a branch

 

[Bad Ash]

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

I think you're making it sound much harder than it actually is in many cases. If you have good credit and have a straight forward purchase I don't think brokers really offer much (any) benefit.

I bought a house this year. I used the internet for it all. I spent 30 minutes using a couple of comparison sites. I then picked a provider and spent another 30 minutes using their affordability calculator to work out how much I could borrow and how the LTV% affected the rates they offered. 5-10 minutes spent back on the search sites to confirm no-one could beat the provider with the adjusted figures. The online decision in principal took 30-45 minutes and then I probably spent 30 minutes pulling together the documents they required for ID / proof of income, etc. for the full mortgage application.

That said, I accept that when there are possibly unusual or complicated situations then a broker can be much more useful (e.g. non-standard home types, criminal records, bad credit, etc.).

 

[Herr Tubthumper]

I think you're making it sound much harder than it actually is in many cases. If you have good credit and have a straight forward purchase I don't think brokers really offer much (any) benefit.

I bought a house this year. I used the internet for it all. I spent 30 minutes using a couple of comparison sites. I then picked a provider and spent another 30 minutes using their affordability calculator to work out how much I could borrow and how the LTV% affected the rates they offered. 5-10 minutes spent back on the search sites to confirm no-one could beat the provider with the adjusted figures. The online decision in principal took 30-45 minutes and then I probably spent 30 minutes pulling together the documents they required for ID / proof of income, etc. for the full mortgage application.

That said, I accept that when there are possibly unusual or complicated situations then a broker can be much more useful (e.g. non-standard home types, criminal records, bad credit, etc.).

Probably true but the minute anything deviates from the simple "couple in permanent PAYE employment buying a regular house" it gets more difficult. The minute you don't tick one box and the computer says no, or they find something slightly irregular about you or the property, it can become a ball ache on your own.

Ultimately it's down to whether you can afford, or see value, in the £500 US mentions. You can fix the washer on the dripping kitchen tap by yourself if you want to. Or you can get someone else to do it. It's personal choice and circumstance.

 

[Uncle Spielberg]

I didn't realise my comment could be misinterpreted till I read it again. What I meant was I work in a bank and can knock out a Mortgage Calculator in 15/20 minutes over the phone and usually book the customer in for an appointment with a Mortgage Adviser to meet within 48 hours. We have moved on from the early post MMR 3 hour interviews to a more reasonable timescale now although it's certainly still thorough and may well take a couple of hours or more for complex cases. We're not all as bad as the picture you painted.

That clears it up a mortgage calculator takes 10 minutes it is just a very loose guide though

 

[Uncle Spielberg]

Probably true but the minute anything deviates from the simple "couple in permanent PAYE employment buying a regular house" it gets more difficult. The minute you don't tick one box and the computer says no, or they find something slightly irregular about you or the property, it can become a ball ache on your own.

Ultimately it's down to whether you can afford, or see value, in the £500 US mentions. You can fix the washer on the dripping kitchen tap by yourself if you want to. Or you can get someone else to do it. It's personal choice and circumstance.

This but it is up to the individual so as I said it is about choices

 

[Mutts Nuts]

Probably true but the minute anything deviates from the simple "couple in permanent PAYE employment buying a regular house" it gets more difficult. The minute you don't tick one box and the computer says no, or they find something slightly irregular about you or the property, it can become a ball ache on your own.

Ultimately it's down to whether you can afford, or see value, in the £500 US mentions. You can fix the washer on the dripping kitchen tap by yourself if you want to. Or you can get someone else to do it. It's personal choice and circumstance.

This , even the lefties on here can bring some common sense to the table sometimes
Frohes neues jahr H T

 

[Herr Tubthumper]

This , even the lefties on here can bring some common sense to the table sometimes
Frohes neues jahr H T

What do you mean by sometimes?

Cheers fella. Dir auch!

 

[CorgiRegisteredFriend]

Last time I went to arrange a mortgage, a couple of years ago, the guy who was dealing with us was more interested in selling buildings insurance and income protection. I had already looked up some online quotes with the same company- a well known building society and brought them along with me. He quoted figures that were quite literally double the monthly payments I had found on the company website and when I queried this and showed him my figures he quite literally had no answer to give. Had I not done my research I am convinced he would have happily signed me up to the more expensive arrangement costing me an extra £200. My word of advice is trust no one and spend some time on your own on the Internet before attending any meetings.

 

[Springal]

I've used a broker for my last 2 mortgages (former BHA striker no doubt) and although there is a fee, he got me a deal not directly available that saved me about £20 a month from what I could get meaning his fee was paid 18 months into a 5 year deal. He also sorted all the paperwork and went through the smallprint with a fine toothcomb has all lenders have slightly different criteria, or quirks around when money is due etc. Could I have done this myself? Very probably with a few false starts but brokers deal with these lenders every day and know whats what. I do know he spent a lot of time liaising with the lender for what was a relatively easy transaction with questions which would have taken me longer to answer and send back paperwork etc.

Also when I hit a bump with my transaction, due to having to split the chain of sale to remove the property I was selling he worked with my new lender and existing lender to sort it all out, get mortgage offers amended etc. This is something I would not have expected when I started the process, and doubt I could have easily sorted myself.

 

[chimneys]

Certain lenders will only deal with intermediaries, and certain deals will only be offered through intermediaries.

And to balance up your slanted statement, certain lenders -HSBC/First Direct, will not pay intermediaries, the very banks that if you have decent equity, have market leading tracker and fixed rates!

Still outraged that in early 09 an IFA tried to put me on a 2 year and more expensive tracker than the HSBC lifetime one I have been on for nearly 7 years now.

IFAs have their place, but for me only if you have a poor credit history, want a high loan to value, have a complex situation or you don't have the first clue about finances. Anyone with decent equity and are capable of going on a reputable mortgage comparison site should be able to sort themselves.

 

[Prince Monolulu]

I tend to agree, generally speaking a straight forward case would be simple enough on the internet, but in more complex cases then a good broker is invaluable.

The area I still do not get though is why people cough up 1.5% or whatever to sell their house. A few pics, a decent web site and it can be done easily for a fraction of the cost.

 

[bhanutz]

And to balance up your slanted statement, certain lenders -HSBC/First Direct, will not pay intermediaries, the very banks that if you have decent equity, have market leading tracker and fixed rates!

Still outraged that in early 09 an IFA tried to put me on a 2 year and more expensive tracker than the HSBC lifetime one I have been on for nearly 7 years now.

IFAs have their place, but for me only if you have a poor credit history, want a high loan to value, have a complex situation or you don't have the first clue about finances. Anyone with decent equity and are capable of going on a reputable mortgage comparison site should be able to sort themselves.

Not strictly true...

 

[Uncle Spielberg]

And to balance up your slanted statement, certain lenders -HSBC/First Direct, will not pay intermediaries, the very banks that if you have decent equity, have market leading tracker and fixed rates!

Still outraged that in early 09 an IFA tried to put me on a 2 year and more expensive tracker than the HSBC lifetime one I have been on for nearly 7 years now.

IFAs have their place, but for me only if you have a poor credit history, want a high loan to value, have a complex situation or you don't have the first clue about finances. Anyone with decent equity and are capable of going on a reputable mortgage comparison site should be able to sort themselves.

The last mortgage application you made was 7 years ago ?

 

[chimneys]

Nope- summer 14 (further advance with same lender-still had to go through the interview- a pain but straightforward if you have the slightest financial awareness).

And wont hesitate to jump ship to their market leading 5 year fixed rate when I feel the time is right.

 

[WildWood]

I tend to agree, generally speaking a straight forward case would be simple enough on the internet, but in more complex cases then a good broker is invaluable.

The area I still do not get though is why people cough up 1.5% or whatever to sell their house. A few pics, a decent web site and it can be done easily for a fraction of the cost.

As long as you have the time to stay in every day & do your own viewings, negotiate properly with their agent for the best deal, handle all aspects of conveyancing once you are under offer & chase the chain for the next 3-6 months if you're lucky - then crack on!