Applying for mortgage myself v broker

splashthecash

Hi all,

My wife and I are planning to get our hands on a mortgage soon and we had the idea to lodge some applications to some banks ourselves first and see what kind of amounts they come back with. If the amounts are not up to what we expect, then we were going to take on the services of a mortgage broker, as I've heard that they can sometimes get better offers from banks than you could on your own.

Question 1. Would applying through a broker after you applied yourself be seen as a negative by the bank(s) i.e. "this guy already tried and we told him what he could/could not have, get lost"

Question 2. Am I correct in saying that brokers have a better chance in getting more than you would yourself and are they good value. Any recommendations?

worded

We went direct to banks.

Make sure you look good on paper.

No cash withdrawals on the credit card.
Nothing dodgey on the cc statements like paddy power or online gambling
No recent luxurious life time holidays
No mention of wanting to have a huge family or the OH is pregnant ! They will ad +1 kid on the application if you tell them.

Clear any loans off if poss.

If you are not in a rush go to one bank and await results. Then with lessons learned, if any, go to the next.


Best of luck !

splashthecash

worded wrote: »

We went direct to banks.

Make sure you look good on paper.

No cash withdrawals on the credit card.
Nothing dodgey on the cc statements like paddy power or online gambling
No recent luxurious life time holidays
No mention of wanting to have a huge family or the OH is pregnant ! They will ad +1 kid on the application if you tell them.

Clear any loans off if poss.

If you are not in a rush go to one bank and await results. Then with lessons learned, if any, go to the next.


Best of luck !

Thanks for the info - good advice about carrying over what you learned. Hadn't thought of that. I'll set up some initial meetings with bank mortgage officers next week.

Trish56

I think you have a better chance going to a broker one that doesn't charge fees.
Firstly a good broker will have an agency with all the lenders and know their credit policy, interest rates and criteria.

If you do not qualify a broker will give you advice on how to qualify. A good broker will also save you time as he/she can apply to a number of lenders on your behalf and can also offer you the best rates on Mortgage Protection and Home Insurance.

Henry Ford III

Brokers aren't volunteers either. They get paid either through fees, or commission, or a
combination of both.

I'd favour a proper independent and impartial broker too.