Can you / should you trust mortgage brokers?

[squirrel99]

Thanks all, that's quite a few replies in short time

Ok, I understand this may have sounded vague, but I don't have any family here in the UK and most of my friends are still renting. I just want to understand whether I can trust brokers' advice...

I told the broker i am looking to buy with 10%, he straight away told me back that I should buy with 5% as the 'rate is almost the same' (i.e. 0.03% or so) and this will leave me with more money for other things like furniture.

This totally confused me as i was under impression that the bigger deposit the better rates etc.

I currently rent and pay £850 split between the 2 of us (plus bills). Mortgage repayments would be similar amount.

[northernladuk]

Try understanding the forums better and where should and shouldn't post questions like this. Might get a better response.

[squirrel99]

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?

Thank you I think he mentioned rates like 3.80% (10% down payment) and 3.83% (5% down payment).

[squirrel99]

Try understanding the forums better and where should and shouldn't post questions like this. Might get a better response.

Thanks definitely. The reason I asked here because I found these broker companies via this forum - I know fellow contractors were happy with either.

[northernladuk]

Thanks definitely. The reason I asked here because I found these broker companies via this forum - I know fellow contractors were happy with either.

How some people manage to draw their next breath is beyond me.

[eek]

Thanks definitely. The reason I asked here because I found these broker companies via this forum - I know fellow contractors were happy with either.

NLUK was more pointing out that you probably should have asked this question in the Business section rather than General....

General is really a very badly named forum. I've argued for years that it should be renamed and another other topics forum included within the professional forums...

[WTFH]

Thank you I think he mentioned rates like 3.80% (10% down payment) and 3.83% (5% down payment).

OK, is that an offset mortgage? Have you been in business long? What is the approx. value of the property?

[northernladuk]

OK, is that an offset mortgage? Have you been in business long? What is the approx. value of the property?

Oh please god no. Don't go there.

[WTFH]

Oh please god no. Don't go there.

It's Friday afternoon, what else is there to do?

[squirrel99]

NLUK was more pointing out that you probably should have asked this question in the Business section rather than General....

General is really a very badly named forum. I've argued for years that it should be renamed and another other topics forum included within the professional forums...

Oh, okay. Thank you for clarifying - I actually carefully considered which section to use I thought i will be told off for using Business section for not exactly business related topic.. oh well