60% LTV - any point in using a mortgage broker?

[Twilkes]

We have about £90k outstanding on a £160k house, both earning over £30k and only a few k on a credit card. Looking to repay over 10 years at around £900 a month. Is there any reason to go via a mortgage broker or would pretty much any mortgage provider accept us as a safe bet?

Current provider is offering 1.99% fixed for two years with no fees, and obviously no hassle of providing documentation/ID etc, but there might be some better deals on comparison sites with up-front fees.

[Twilkes]

Quick responses, thanks. Will spreadsheet up some comparisons and see if it's worth the hassle of changing, and then maybe go to a broker.

Realistically, is any lender going to refuse us a mortgage in our situation i.e. going through application and then being declined?

And any reason not to go for a (lower percentage) tracker at the moment? Imagine the folks with trackers have done pretty well the last few years but you never know what's round the corner I guess...

[Twilkes]

Sarnie said:

Having had a quick look for a similar product to what you have referred to, I'd be discussing a 1.79% rate with no arrangement fee and free legals and valuation etc. So, it's cheaper but it may not be cheap enough for you to want to go through the mortgage process with a new lender.....

Based on those figures we'd save about £350 over two years, but that doesn't include any exit fees that the current lender might charge so could be a fair bit less. I have an appointment with current lender next week so will see what they come up with and then maybe take it to a broker.

Thanks!

[Twilkes]

Ozzie Osmond said:

Not if after the two years are up, rates have risen and you get royally shafted.

But surely if you were on a tracker then you would have been experiencing those higher rates throughout your mortgage period, and by the end you'd be in the same position anyway?