Obtaining discounts on mortgages using Mortgage Brokers
 

Hi all

We're just about to sign up for a mortgage but were wondering if any of you have managed to get a discount on your mortgage rate when getting a mortgage through a broker (or even managed to get any fees waived).

Thanks
Dave

Re: Obtaining discounts on mortgages using Mortgage Brokers
 

Any discount or fee waiver is up to the mortgage company providing the loan, not the broker - all he gets is his fee from the deal. However, at least a broker will know what deals are out there.

Re: Obtaining discounts on mortgages using Mortgage Brokers
 

You should be charged a broker fee we have used a broker to secure 5 home loans this year and not paid a fee once, the loan company paid them

Martin

Re: Obtaining discounts on mortgages using Mortgage Brokers
 

Hi Dave,

A good mortgage broker should be able to get the best deal for you. Remember that the rate is not the only thing to compare between products... setup fees, admin fees, exit fees, frequency, offset capability etc all effect the cost of your mortgage. For example, one product mat have a 0.25% higher rate but have no setup fees, admin fees etc and will be overall cheaper.

Also, ensure that your broker is offering the best product for you, and not the product that offers them the best comission. I know I fell into this trap when I first arrived... hence why I decided to become one myself so I could help my fellow expats avoid the same mistakes :)

Good luck,
Mark.

Re: Obtaining discounts on mortgages using Mortgage Brokers
 

You should NEVER pay a fee to a mortgage broker!

Re: Obtaining discounts on mortgages using Mortgage Brokers
 

Ooooopppppsssss typo :D