Question about what a mortgage broker can do

C

Catherine1

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My OH is looking to buy a home for us, in his name entirely. I will not be on the deeds or the mortgage. We will eventually get married.
I was told by one person not to use a broker, and by another to use one. From reading many threads here, I think using a broker would be best. It would save a lot of time for my OH and he works very hard so getting time to do all the applications would be difficult. Neither of us have a clue about them either really, and don't really know what we are doing. I am not the applicant so there is only so much I can do to help.
My questions are as follows:
1. Does one have a better chance of getting a mortgage with a broker than without?
2. How much can a broker actually help with the timeframe of getting the mortgage? Will it go quicker with a broker than without?
3. Are there any disadvantages to using a broker?
I have picked out a broker I like the sound of from this site, and looked into him as much as possible. I have nobody to personally recommend one. My final question is, how to pick a good one?
Any tips and advice would be very welcome. I only joined here a couple of days ago after reading for a whole day solid. I only started posting this evening and have a million and one questions about various things, but this is the most urgent question as I don't want to advise my OH badly and make a mess of it all.
Thanks to all who reply.
 
Hi Catherine,

Have you seen this thread and posts linked off it?

I'm a Financial Broker and a fairly small part of my business is arranging mortgages. So I'll try to remain impartial.

1. Does one have a better chance of getting a mortgage with a broker than without?
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A good mortgage broker will be able to present your application in the most favourable light to the lender. That said a good mortgage advisor in a bank will be able to do the same, but only in respect of one bank.

2. How much can a broker actually help with the timeframe of getting the mortgage? Will it go quicker with a broker than without?
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Given that mortgages are approved at Head Office level, neither side should have a particular advantage on this one. A good broker or bank employee should have the experience to let you know in advance ALL the documents that should accompany your application. Some delays are caused when applications are submitted without everything to back them up, so the lender has to go back and ask.

3. Are there any disadvantages to using a broker?
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Struggling to remain impartial on this one. I'm going to avoid discussions of bad mortgage brokers and bad bank staff. You can run into those on either side.

Some brokers charge fees for their services. That could be viewed as a disadvantage as you don't get charged a fee for going directly to a bank. A fee-charging broker should disclose their fee policy up-front and should also be able to tell you what additional value they offer for their fee.

Be aware that brokers don't deal with all lenders as some banks don't distribute through brokers. A broker should let you know up-front which lenders they deal with.
 
Thanks!

We have decided to use a broker in the end, but apply to Permanenet TSB also on our own in case the broker doesn't get us a deal. One more question..... Will a broker try to get a mortgage if he or she thinks it hopeless????. Ŵild you, as a broker? The guy told us it would be difficult, but is still going to try for us. I tell myself he wouldn't wast his time if there was no hope, as he is not getting a fee from us, and only gets paid if the deal gets done.....
 
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