Simon Dewsberry Posted May 9, 2008 Report Share Posted May 9, 2008 Hi All Beware ....... Have spent some time recently looking at remortgage deals ......Some Lenders are offering a better deal by going direct as client rather than using a broker ... Just spoken to one of my brokers .....best deal he could get (as a broker ) with Natwest was 7.2% with a £2500 fee EXACTLY SAME DEAL ON NATWEST SITE is 6.79% set up fee £1500 or £999 as a bank customer ...... This is not helping an already uncomfortable "market" ....... Have to say with Lenders doing this to Mbrokers .....it has removed my confidence in their ability to pull the right deals out of the bag ...... Do not believe the BuxxxxT that brokers can get you a better deal ....as clearly at present this is not always the case ... As always "due diligence" The Rodent Link to comment Share on other sites More sharing options...
CH1 Posted May 9, 2008 Report Share Posted May 9, 2008 Well within the last 10 months mbrokers I'd used couldn't get me an offer and in each case I ended up approaching the lender directly who were quite happy to send out an offer to me within 24hours once they said yes. The only all round positive and helpful experience broker wise I've had is from the moneycentre, though they're a tad too expensive for me at the moment, so will be going it alone -as I ended up doing that anyway and who knows may even get a better rate than on the website! I got a 90% LTV BTL mortgage last week when all lenders/brokers seemed to be saying its 80% or 85% LTV only now. You mentioned somewhere you re-mortgaged with 0.5% lender fee -who's that with out of interest? Didn't know Natwest did BTL's..I think HSBC are soon going to do BTL mortgages as so many BTL big names no longer lend it's opened the market up a bit..who knows how HSBC will tailor the rate and product, could even have a Shanghai BTL tracker at 1.5%! Now there's a thought.... Link to comment Share on other sites More sharing options...
Selkirk Posted May 10, 2008 Report Share Posted May 10, 2008 I suppose the same could be said about residential mortgages now, I know for a fact that HSBC don't have a broker route even if there current offering is a gimmick. So the demise of the broker is afoot, not many can survive researching mortgages only for their client to then go direct. I'll keep using my broker not only for when it swings around again but because I believe i get value, if i shafted him now i would be burning my bridges. I was under the impression that the arrangement fee was deductable from any gains anyway. Each to their own. cheers Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted May 11, 2008 Author Report Share Posted May 11, 2008 0.5% was with Paragon .....deal price for existing borrowers only as paragon not taking on "new" biz at present The Rodent Link to comment Share on other sites More sharing options...
simhar Posted May 16, 2008 Report Share Posted May 16, 2008 Apparently (saw it on bbc.co.uk) more & more are going through brokers than direct to lender these days. Link to comment Share on other sites More sharing options...
CH1 Posted May 18, 2008 Report Share Posted May 18, 2008 0.5% was with Paragon .....deal price for existing borrowers only as paragon not taking on "new" biz at present The Rodent That's good - the fee I recently got was 3x that but that was for a new mortgage it was certianly better than the 2 or 2.5%+ some lenders are charging now. Link to comment Share on other sites More sharing options...
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