# Sorting Your Own Mortgage



## RandomlySet (Jul 10, 2007)

Has anyone ever done this before?

Me and SWMBO are both first time buyers, and have found a house that we're looking at putting an offer in for. 

We went to see a mortgage advisor a few weeks ago, and she wanted about £350, and would apparently get a good mortgage rate etc etc.

Anyway, we looked at the bank she looked at, and can get a better rate ourselves by going direct.

So, is there really any need for a mortgage advisor?

Any help would be appreciated.

TIA

Mat

:thumb:


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## SimonBash (Jun 7, 2010)

Best deal we got was direct with Woolwich, often no need for a MA IMO, remember they have to get paid somehow, usually a commission from the mortgage provider, having said that sometimes they have deals that you can't get direct.


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## The Cueball (Feb 8, 2007)

a MA is just another link in the chain to worry about and pay... I would avoid to be honest...

just go direct, and decide what kind of deal you want...

I just go for either a 2 or 5 year fixed rate....means you know where you are, and don't have to eyeball the rates and worry about changes every month...

:thumb:


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## robertdon777 (Nov 3, 2005)

Just go direct. But I echo the above sometimes they do have better deals so it's always worth asking them what they have to offer


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## ant_s (Jan 29, 2009)

I've used a adviser for mine and he's hasn't charged us as he's part of the Estate agents (I know in the long run i'm paying him someway or other) but he has got us very very good deals, so much so that we're paying less than my gf's friend. Her and her bf have borrowed less than us, over a longer period and are paying nearly £100 per month more!!


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## dcj (Apr 17, 2009)

I have a customer who is a mortgage advisor who is based in Clowne. She gets her commission from whichever bank she gets the best deal from for the borrower.So you dont pay the commission. I can check with her and pass on her contact number if you need it.I think she does home visits as well.


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## Chris_Foci (Feb 21, 2006)

I got a few offers from Mortgage Advisors which apparently couldnt be beaten. One hour on the internet and I had beaten their supposedly best quote by a huge margin. If you know your LTV bracket you are in just spend your own time researching all the banks/building societies yourself, it really doesnt take long.

I went with Yorkshire Building Society in the end, thier 5 year fix couldnt be beaten at the time and I believe they are still very competetive now. Well worth a look.


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## HalfordsShopper (Jul 8, 2008)

Just look at the best buy tables in the sunday paper. (sunday times or similar, not sunday sport). Note down the details of the best deals - you will need to note down the fees and the interest rate. Many banks have calculators on their websites which will tell you how much it is per month to borrow what you need. Do some shopping around, see what you can find, and then give the mortgage advisor a chance to find you something better.

If he get you a deal that costs you less money then take it, if not politely decline and go direct with whichever bank offers the best deal for you.


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## Obsessed Merc (Apr 10, 2011)

^^^ +1 good advice.
Do your own research for sure. Get the best deal you can.
Go see a MA and see what he offers. If better grab it. If not show him what you have and ask him/her to earn their keep.

I have a number of BTL mortgages, most of which ive sorted out myself playing natwest off against building socs. Funny how they can beat an offer if they want the business...

Don't be over awed by it, it's just another transaction. Just make sure you do your homework first.

(I bet you shop around for your detailing products before buying ?  )


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## PrestigeChris (Nov 17, 2009)

we have a financial advisor not a mortgage advisor and he doesnt work on a fee, hes commission based from the companies.

Now i know people will go "he will just get the deal with the most commission"

But he shows us all the rates and deals on a print out from his office that even shows us his commission rate, he got our mortgage which was a cracking deal with halifax and it wasnt the highest commission by a long way.


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## Beancounter (Aug 31, 2006)

As well as the Sunday papers its worth checking out John Charcoal and Moneysupermarket websites too for the most competitive mortgages currently on offer.

Then, take a look at each of the companies websites and go direct to them if you see one you think works for you. The best deal we had when we last changed ours was with First Direct (offset mortgage) and it was a doddle to arrange.

Obviously its your first mortgage so its understandable you might feel like you need a little hand holding, but it really isn't rocket science and I don't see the need for a mortgage advisor to be honest.

Good luck and hope you get something suitable.


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## The Cueball (Feb 8, 2007)

Bean,

Do you think the offset types are actually saving you anything worth while??

:thumb:


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## chillly (Jun 25, 2009)

Matt if you want a normal mortgage imo go direct as you will get better. Advisors are useful if you need a special kind of mortgage as in ccjs etc etc 

The last time i had one round he gave me the same mortgage provider bot £40 a month more:doublesho Remember they have to be payed by someone  Mortgage rates are nice and low and imo will stay that way for the next 10 years. Nationwide and chelsea are my top 2 tips for you:thumb:


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## Beancounter (Aug 31, 2006)

The Cueball said:


> Bean,
> 
> Do you think the offset types are actually saving you anything worth while??
> 
> :thumb:


Even though I have a significant amount being offset (> 50% ) In all honesty, no, and to be honest I'm losing money year on year!

The offset interest rate on the mortgage is base + 1.89, so 2.39. Inflations running way above that so I should find something more efficient to do with the money, but I like the fact I can see it there, its all in one place . It allows me to pay my original repayments and be paying more off that I would have been, ie less interest, more capital.

I've recently set up some S&S ISA's to try and beat the inflation and get a better return, but unfortunatly my timing wasn't great so they are going to take a little time to recover  from the recent clapse.

Edit: should also say the offset does allow you to shelter some tax, ie I'm not paying tax on interest I would have recieved had it been invested elsewhere, but even though I have a sizeable amount to invest, the tax saving isn't 'life changing':wall:


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