Is it worth talking to a mortgage broker??
Discussion
I did this last week.
Started by approaching the current lender to see what their best offer would be on another new fixed rate.
Then went to the main highstreet banks - HSBC looked very competitive. Then did the usual moneysupermarket/comparison searches, before looking into the final non-PLC types (Nationwide, Norwich & Peterborough, Chelsea building societies etc).
Ended up going for the original Santander re-mortgage, saving us nearly £170 a month off our current rate by fixing for 5-years at 3.09%. We did speak to a mortgage broker/financial advisor and they didn't come up with anything significantly better than the offers we had uncovered ourselves.
The difficulty I had was doing the sums on the figures with a fee. The best rate I found was a 1.59% HSBC fixed 2-year rate but a fee of £1999, plus £365 valuation fee, plus £30 put us off, despite the potential monthly savings.
Word on the street say that the base rate is expected to jump from 0.5% currently to 3% by 2017 - the key factor on our decision to fix for 5yrs.
Started by approaching the current lender to see what their best offer would be on another new fixed rate.
Then went to the main highstreet banks - HSBC looked very competitive. Then did the usual moneysupermarket/comparison searches, before looking into the final non-PLC types (Nationwide, Norwich & Peterborough, Chelsea building societies etc).
Ended up going for the original Santander re-mortgage, saving us nearly £170 a month off our current rate by fixing for 5-years at 3.09%. We did speak to a mortgage broker/financial advisor and they didn't come up with anything significantly better than the offers we had uncovered ourselves.
The difficulty I had was doing the sums on the figures with a fee. The best rate I found was a 1.59% HSBC fixed 2-year rate but a fee of £1999, plus £365 valuation fee, plus £30 put us off, despite the potential monthly savings.
Word on the street say that the base rate is expected to jump from 0.5% currently to 3% by 2017 - the key factor on our decision to fix for 5yrs.
Edited by HughS47 on Wednesday 14th May 03:09
sideways dan said:
Morning all.
I have come to the end of my first two years of mortgage payments and am now looking to get onto a better deal. Is it worth me contacting a mortgage broker/financial advisor or can I find the best deals on Money Supermarket or other websites??
It can't hurt to talk to a broker, I'm one, feel free to PM me for a chat I have come to the end of my first two years of mortgage payments and am now looking to get onto a better deal. Is it worth me contacting a mortgage broker/financial advisor or can I find the best deals on Money Supermarket or other websites??
There are still plenty of broker exclusive products issued by lenders like Santander and others along with lenders who only deal with Brokers that you can't approach directly, none of which will show up on comparison site.
May have changed since I took mine out but it was through a broker. At the time it seems certain deals were only being offered through the broker channel. Whether it was true or not is academic because my limited search could not find a better one and I was really happy with the offer. Secondly I had some unusual requirements and the broker spoke directly to the building society and they were very helpful and accommodating. He seemed to have some clout.
I spoke to a broker when I first got my mortgage 3 years ago. Got a good deal.
Come re-mortgage a few weeks back, I got him round again and was a little disappointed when he gave me nothing I couldn't have found online myself and wanted to charge me a £150 fee for finding it.
So I did it myself.
However, different LTV's, etc can garner different results so it's worth speaking to one - nothing to lose asking.
Come re-mortgage a few weeks back, I got him round again and was a little disappointed when he gave me nothing I couldn't have found online myself and wanted to charge me a £150 fee for finding it.
So I did it myself.
However, different LTV's, etc can garner different results so it's worth speaking to one - nothing to lose asking.
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