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Independant Mortgage Advisors...

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
in Home, Law & Money
anyone had any experience with independant mortgage advisors..

on the next step to buying a house for me i have been told its best to go and see one and they will find the best deal suitable for me.

ive been told there are 2 types..ones that work on commission and ones that charge you and payback any commission to yourself.

im not sure how to find out which are which....

anyone share any advice?

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    if you find a good one, they're worth their weight in gold. i went to see a lady who was associated with an estate agent, but gave independent advice and was free. she was very good, but it was a pain in the arse getting to see her as she was so busy.

    we also dealt with london and country who again, are free, and i was really impressed with their service. we ended up getting our mortgage through them, and the guy i dealt with sorted everything out for me, rang me occasionally to keep me up to date, and basically made sure everything went through without a hitch. i would definitely recommend having a chat to them. they have a freephone number anyway, so the only thing you lose is a wee bit of your time.

    the best thing for us was that it was all sorted over the phone, by email, and by post, so i didn't have to see anyone in office hours, or take time off work. :thumb:
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    thanks for that, i'll send an enquiry over to london and country. see if they can help.

    the one near here that im considering seeing are www.imc-nw.co.uk but im not sure anyone here will have experience of dealing with them.

    what kind of information will i need before i speak to one of these people? and what advice do they actually get into? do they work out how much you can afford, and then try and find a lender?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    koe_182 wrote:
    what kind of information will i need before i speak to one of these people? and what advice do they actually get into? do they work out how much you can afford, and then try and find a lender?

    you'll need to know details of all your incomings and outgoings, and possibly the kind of property/area you're interested in buying in.

    they help you work out which kind of mortgage will be the best for you, work out affordability and about how much you can expect to be offered. then they'll find the best lenders to suit.

    they're also handy for things you probably hadn't thought of. for instance, our house is a post-war pre-fab affair, and while it's sturdy enough, a lot of banks won't lend against that type of house in principle, and more will only consider it after having lots of expensive and extensive surveys done. so we found out in a few minutes, from our advisor, the lenders who would consider it with a standard survey, when if we had been looking ourselves, it would have just been a total nightmare.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    thanks for that!! i'm looking forward to speaking to someone now and hopefully get the ball rolling!! i know its a bit of a drawn out process.

    Im a bit worried that im going to get turned down all together tho :(
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    koe_182 wrote:
    Im a bit worried that im going to get turned down all together tho :(

    The biggest problem at the moment isn't getting turned down for a mortgage, but actually getting a mortgage big enough to buy anything with.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    theres no problems with that round here, can get a 3 bed terraced for less than £70k.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    hmm interesting, i have been looking around recently and a few places do 100% graduate mortgages up to 4 times your basic salary, but round london that still doesn't get you far, gonna get some free advice i think, had a look at london and country's website last night and they seem decent enough so maybe give them a go.....
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Independent is the way to go, and just to add to what kaffrin said, we also got a mortgage through a IFA tied to the estate agent (in this case, YourMove).

    Banks are not normally the best places to go, as they can only advise on their own products.
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