Mortgage Brokers & Quotes
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This page answers some common questions on mortgage brokers and explains the pros and cons of using a mortgage broker. A good mortgage broker has the potential to save you a lot of time and money. Instead of visiting the numerous mortgage lenders in the high street, flicking through the yellow pages or searching online, a mortgage broker should be a ‘one stop shop’. More....
| Lender | Rate | Duration | Standard Rate | Max LTV | Tie in | Proceed |
|---|
| Fixed (no tie-in beyond benefit period) |
| First Direct Offset | 5.49% | 2 years | 6% | 80% | No Overhang |  |
|
| Alliance & Leicester Prime | 6.14% | To Aug 2010 | 7.19% | 75% | No Overhang | |
|
| Derbyshire BS (Direct) | 6.79% | To Sep 2018 | 7.09% | 90% | No Overhang | |
|
| Fixed (with tie-in beyond the benefit period) |
| Market Harborough BS (Direct) | 3.99% | 2 years | 7.15% | 75% | Overhang | |
|
| Capped |
| Lender | Rate | Duration | Standard Rate | Max LTV | Tie in | Proceed |
|---|
| Light Adverse Payment History |
| Skipton BS | 6.19% | To Aug 2018 | 6.45% | 75% | No Overhang | |
|
| Ipswich BS | 6.49% | To Aug 2011 | 7.24% | 80% | No Overhang | |
|
| Medium Adverse Payment History |
| Heavy Adverse Payment History |
| Lender | Rate | Duration | Standard Rate | Max LTV | Tie in | Proceed |
|---|
| Discount (with tie-in beyond the benefit period) |
| Discount (no tie-in beyond benefit period) |
| HSBC Bank plc (Direct) Purchase | 5.43% | 2 years | 6.25% | 90% | No Overhang | |
|
| Mansfield BS (Direct) | 5.65% | 3 years | 7.19% | 75% | No Overhang | |
|
| Barnsley BS (Direct) Branch only | 5.69% | 2 years | 7.19% | 85% | No Overhang | |
|
| Market Harborough BS (Direct) | 5.95% | Term | 7.15% | 75% | No Redemption | |
|
| Lender | Rate | Duration | Standard Rate | Max LTV | Tie in | Proceed |
|---|
| HSBC Bank plc (Direct) Purchase | 5.43% | 2 years | 6.25% | 90% | No Overhang | |
|
| First Direct Offset | 5.49% | 2 years | 6% | 80% | No Overhang | |
|
| Alliance & Leicester Prime | 5.89% | 2 years | 7.19% | 75% | No Redemption | |
|
| Market Harborough BS (Direct) | 5.95% | Term | 7.15% | 75% | No Redemption | |
|
| Lender | Rate | Duration | Standard Rate | Max LTV | Tie in | Proceed |
|---|
| Direct Line | 6.39% | To Jun 2010 | 6.5% | 95% | No Overhang | |
|
| Bank of Ireland 1st Start | 6.99% | To Jul 2013 | 7.09% | 95% | No Overhang | |
|
| Bristol & West Mortgages First Start | 7.19% | To Jul 2013 | 7.09% | 95% | No Overhang | |
|
| Coventry BS | 7.39% | To Sep 2013 | 7.09% | 95% | No Overhang | |
|
| Lender | Rate | Duration | Standard Rate | Max LTV | Tie in | Proceed |
|---|
| Lender | Rate | Duration | Standard Rate | Max LTV | Tie in | Proceed |
|---|
| Barnsley BS (Direct) BTL | 6.19% | 3 years | 7.19% | 75% | No Overhang | |
|
| Principality BS Buy to Let | 6.39% | To Jun 2010 | 7.09% | 60% | No Redemption | |
|
| Lloyds TSB BTL (Direct) | 6.54% | To Aug 2011 | 7% | 80% | No Overhang | |
|
| National Counties BS Investment | 6.79% | To Aug 2013 | 7.35% | 75% | No Overhang | |
|
| Lender | Rate | Duration | Standard Rate | Max LTV | Tie in | Proceed |
|---|
| Market Harborough BS (Direct) | 6.1% | Term | 7.15% | 75% | No Redemption | |
|
| Scottish Widows Bank Offset | 6.29% | 2 years | 6.49% | 75% | No Overhang | |
|
| Yorkshire BS (Direct) | 6.54% | To Jun 2013 | 6.9% | 75% | No Overhang | |
|
| Lender | Rate | Duration | Standard Rate | Max LTV | Tie in | Proceed |
|---|
| Mansfield BS (Direct) | 5.9% | 2 years | 7.19% | 75% | No Overhang | |
|
| Principality BS Direct | 5.99% | To Jun 2010 | 7.09% | 75% | No Overhang | |
|
| HSBC Bank plc (Direct) Fee Free | 5.99% | Term | 6.25% | 90% | No Redemption | |
|
In addition to sound professional advice on what mortgage plan is best for you, the mortgage broker will also search a database of lenders to find you the best mortgage quote available.
Has the credit crunch affected brokers?
Unfortunately yes. Brokers have been hit almost as hard as consumers due to the current financial climate. Many banks and building societies have stopped using intermediaries in a bid to save money. Whenever a broker sells you a mortgage, they receives a commission from the lender. Taking away the broker means the lender keeps the cash. While not all banks have stopped using brokers completely, many have limited the amount of mortgage products a broker can sell on their behalf. This means that brokers’ hands are tied and their ability to cherrypick the best mortgage deals for first time buyers has been seriously limited.
Is the broker tied to any lenders?
It is important to ask your mortgage broker if they work with any lenders, as this will have a bearing on the quote you receive. A fully independent broker will be at liberty to search for mortgage products from any given lender. If the broker is tied to any lenders, then access to mortgage lenders will be restricted and as result so will your mortgage options.
Advantages of a mortgage broker
Before the credit crunch, aside from saving you time and money, a good broker could offer you the best mortgage deals. A mortgage broker with a lot of business will be privy to some mortgage products that may be otherwise unavailable. Also, if independent, they will receive commission from whichever lender your mortgage application is with, meaning the broker can offer exclusive advice based on your situation. A bank or building society will of course discuss your circumstances regarding a mortgage plan, but are naturally restricted to their own products.
NOTE: The job of a mortage broker has been made a whole lot harder because of the ever decreasing amount of mortgages they can access. During the credit crunch many consumers are finding the best deals by going direct to their high street provider. See our Moneysupermarket comparison tables above for the best mortgages on offer.
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