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Can you / should you trust mortgage brokers?

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    Can you / should you trust mortgage brokers?

    Hello all

    I am just looking at buying my first property and have recently approached Contractor Mortgages Made Easy and Freelancer Financials to see if I would be able to get a mortgage with my current rate and 10% down payment.

    I was surprised when Freelancer Financial guy told me to go with 5% down payment as the rate is anyway 'almost the same'. Why would he say that? From what I understand, the bigger the deposit, the better the conditions of borrowing? To be honest, I was considering of saving to 15% if I can (haven't mentioned this to the broker though).

    Anyway, I am still in research phase, not rushing into anything. Just curious about your views about mortgage brokers.
    Last edited by squirrel99; 27 May 2016, 13:25.

    #2
    How about speak to him again, get him to explain and the crunch your numbers?

    I'd guess if the rate is a few fractions of a percent different it would make more sense to invest the 5% left in something with a higher rate.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

    Comment


      #3
      Or, you could post something vague on an Internet forum, and then await the answers from some random idiots?

      Comment


        #4
        try asking him for some examples.

        Remember if you aren't living with your mum there is a rental cost, so a mortgage with 1% difference will be much less than the rent you will pay. It may be a good time to buy now if we Bremain, it may be worth waiting until after June if we Brexit as 10->20% price falls are predicted.

        If you miss that opportunity its Yazz time.
        Always forgive your enemies; nothing annoys them so much.

        Comment


          #5
          Originally posted by DimPrawn View Post
          Or, you could post something vague on an Internet forum, and then await the answers from some random idiots?
          we got the idiots!
          Always forgive your enemies; nothing annoys them so much.

          Comment


            #6
            Originally posted by DimPrawn View Post
            Or, you could post something vague on an Internet forum, and then await the answers from some random idiots?
            northernladuk always happy to oblige I see...

            Comment


              #7
              Originally posted by dx4100 View Post
              northernladuk always happy to oblige I see...
              Thought I'd get in before you **** it up.
              'CUK forum personality of 2011 - Winner - Yes really!!!!

              Comment


                #8
                Originally posted by northernladuk View Post
                Thought I'd get in before you **** it up.
                Cheers

                Comment


                  #9
                  Originally posted by squirrel99 View Post
                  I was surprised when Freelancer Financial guy told me to go with 5% down payment as the rate is anyway 'almost the same'. Why would he say that? From what I understand, the bigger the deposit, the better the conditions of borrowing? To be honest, I was considering of saving to 15% if I can (haven't mentioned this to the broker though).


                  OK, it would depend on so many variables. A 5% deposit on a mortgage with a fixed rate of 1% for 10 years that allowed overpayments (or was an offset) - most people would jump at that.
                  Without providing more information it would be very difficult for us to give you any meaningful help.


                  Also, if you don't tell the broker how much of a deposit you would like to put down, how are they supposed to guess?
                  …Maybe we ain’t that young anymore

                  Comment


                    #10
                    It depends on if you are buying information or relying on free advice.

                    In the later case i would ask about the fees that they will receive for the products that you take.

                    Comment

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