Mortgage Broker Recommendations

[bastmartens_hotmail_com]

Hi all,

Looking for a good broker to use now in building my portfolio, I will be purchasing through limited company and for BTL (obviously).

Does anyone have any recommendations, how have you found no-fee brokers vs fee brokers and value?

 

[Adam Hosker]

You can get a "Fee Free" broker but the reviews i've seen is they are mostly residential focused. They also have to have 2+ cases on the go for every 1 case a fee charging broker has to make the same kind of living. So you may not be a priority as you wish to be.

Though Portfolio Landlords typicaly find fee's disapear with there broker. As the broker has a lot of the "required" information already on file anyway, if the client is making regular purchases and remortgages, that the broker is happy to cut back a little.

The team in my signature would be happy to help, they assist a lot of portfolio landlords being there niche business.

[akhalfe]

I use Rebecca from Prospero Finance who do not charge a brokerage fee. Highly recommend them…mention Arif from York to her 

[alvindstanley]

I have been doing BTL purchases via Chris from Yellowstone this year. Excellent service from start to finish compared to most other brokers! Their fee's are flexible so it's worthwhile getting in touch. 02074956219  

[CH_]

We use The Buy to Let Broker and have done for years, always been very happy with the service, very efficient, knowledgeable and easy to deal with. The broker fee has gone up fairly recently to £495. To be honest I'm not sure how that compares as I haven't felt the need to shop around but I'm guessing they have saved us that and then some on most deals not to mention the time and hassle saved when you have a good quality broker running each application.

We've also had the odd tricky application recently where the broker has smoothed things over and kept the application on track, I'm not sure that would be the case had we gone direct or used a less experienced broker. When you factor in the potential for wasted weeks and months when applications go wrong and maybe missing out on deals I think its well worth paying a fee although in the early days I was sceptical! I did however heed Rob and Robs advice and pleased I did

They're also very good at managing us which we sometimes need when juggling full time jobs, kids etc :). Also liaising with estate agents and legals on both sides. I'm certain we'd have missed out on deals in the past had they not been involved. It's about much more than them finding the best products in my experience. 

[bastmartens_hotmail_com]

Thanks all, will have a look at those suggested!

[giulianahampton]

Hey there. I hope it’s never too late to update a thread with a nice recommendation. First of all, I’d like you bastmartens_hotmail_com to tell us who you chose eventually. I’ve recently taken out my mortgage. Actually, it’s not the first time I took out a mortgage. I’ve been working with that broker for 5 years, and he’s never let me down. He still helps me maintain the real estate agency I started 11 years ago. So, I hope he can help some of you here too. Keep the thread updated, guys!

[kirsty_c]

Opinions in topics like these are always interesting to read.

Of course if an individual has tried out a broker and their experience was satisfactory, their name will be recommended when someone asks this question. There are lots of “very good” brokers out there, but will that broker work well for you too? What exactly is a “good” broker?

Ask yourself what exactly do you need a broker for? What services do you want them to provide for you? 

If you are experienced, have a good credit score, your funding needs are simple and you need a broker simply to search the market for the best rates who can then process your loan application then any competent broker should be able to deliver this. Adam above makes a great point in that often the brokers who don't charge fees will have a volume business model that processes dozens of simple applications which means the focus is more on the transaction and less on you as an individual. If your needs are simple and you only want a broker to process a loan application this may not matter, and such brokers will in most cases be a “good broker” for you. 

If your needs are more complex, for example:
•    You are inexperienced and need some hand holding and guidance in the transaction and your general growth strategy.
•    You are looking to fund a large commercial asset, a portfolio of properties, develop/refurbish property, purchase a quirky property, or an asset with title complexities.
•    If your credit profile isn't strong
•    If you are an expat and/or foreign national investing in the UK
then deal structuring and presentation will be critical. In these circumstances a loan application will tend to be more time consuming for your broker and it can be hugely valuable to have on board a more specialist individual who has the necessary experience and expertise to guide and support you on your journey. 

Many of these brokers will have worked in banks or underwriting teams and bring with them knowledge and understanding of how lenders assess and make their lending decisions particularly where complex transactions are involved. Such brokers know from experience the appetites of different lenders and have the appropriate contacts with whom they can discuss your circumstances which will enable them to tailor a solution most appropriate to your requirements and ensure you have the best chance of success. 

In most cases a client who uses such a broker would consider them an integral part of their professional team and would consult them before starting any project to understand the funding options available. The right person in your corner can be a game changer even if they are not the cheapest. Their experience more often can save you time and money in other areas.