Mortgage Brokers

[shingle]

Hi All

My son is first time property buyer needing advice.

1st conundrum.....He wants to buy house with his girlfriend and he's wondering if its better to go through a mortgage broker and pay a fee rather than go through his bank

2nd conundrum....He's heard that you can buy as joint tenants or tenants in common, what's the difference and impact?

Should he be directed towards a solicitor or Citizens Advice,

Any advice from those in the know would be great
Cheers Chaps

 

[mattjl15]

Literally - just exchanged on a house this Wednesday - been through a lot of the same stuff. (purchased a house with a mate)

1. Highly recommend using a mortgage broker/advisor. For the fee (we paid £200 - we both become his clients and if we decide to go our separate ways further down the line, will act as our advisors on separate mortgages in the future too).

It's not that it's crazy complicated, but he handles your application, your relationship with the mortgage provider, assists with paperwork as well as making sure you have all relevant insurances etc. - Honestly, best £100 i've spent and his advice has been really helpful.

2. It's probably more dependent on; How long have they been together and the genuine likelihood of them marrying/really staying together for the longterm / where is the money coming from for them to purchase the property.

Joint tenants - If one party dies, their share of the property automatically switches to the other party. - Predominantly married/longterm couples who have fronted the money themselves.

Tenants in common - (what we have purchased as) - We're on equal 50/50 split, but our share of the property is transferred as per our Wills. This is mainly due to the fact is the only estate we own and as such would want it to go back to our families - as well as the fact my family have helped me with the deposit, so wouldn't want their money to be handed over to my friend.

Any solicitor you use for the purchase of a property will advise you on this whole process - but there is also a lot of info out there just by googling ' Joint Tenancy vs Tenants in Common' or something to similar effect.

- worth noting, that if they decide to purchase as Tenants in Common but are contribution unequal shares, i.e. 70/30 - they will (or should) need to get a Declaration of Trust, stipulating the split of ownership if one party was to die.

Hope that helps - happy to answer any follow-up questions as I know how much of a daunting task this can seem.

 

[drew]

Apparenlty Uncle Spielberg is the man to talk to. Haven't used him myself but believe there are plenty on NSC that have. Suggest you pm him.

 

[shingle]

Thanks Matt for your detailed response, much appreciated

 

[Da Man Clay]

Apparenlty Uncle Spielberg is the man to talk to. Haven't used him myself but believe there are plenty on NSC that have. Suggest you pm him.

Used [MENTION=3887]Uncle Spielberg[/MENTION] for my last remortgage. Very good. Couldn't recommend him highly enough.

 

[HantsSeagull]

Hi All

My son is first time property buyer needing advice.

1st conundrum.....He wants to buy house with his girlfriend and he's wondering if its better to go through a mortgage broker and pay a fee rather than go through his bank

2nd conundrum....He's heard that you can buy as joint tenants or tenants in common, what's the difference and impact?

Should he be directed towards a solicitor or Citizens Advice,

Any advice from those in the know would be great
Cheers Chaps

1st - use a broker
2nd - unless he knows they are going to be together forever and get married etc etc - then do tenants in common - then you own 50% each or whatever split is agreed

 

[Hillian1]

[MENTION=3887]Uncle Spielberg[/MENTION]

 

[Paul Reids Sock]

I would definitely use a broker. Mine was great (up in Berkshire so probably no use). He also waived any fee because we used him for our life insurnace as well. Well worth it as I needed some anyway and now we (and the kids) are protected for the future.

Not sure about the other bit but definitely a broker - I believe they often see other deals as well that aren't on the websites etc but could be wrong

 

[BBassic]

Me and my girlfriend went tenants in common. 60/40 split as I stumped up the entire deposit. Seems like the way to go, depending on circumstances.

 

[Pogue Mahone]

We used [MENTION=3887]Uncle Spielberg[/MENTION]. Excellent service, lovely bloke who you can trust.

 

[mejonaNO12 aka riskit]

I'm not anti broker at all.........but I did my mortgage and future remortgages myself. All done via comparison websites and then calling the relevant providers. I was happy to spend the time doing it and save the cost but I get why people use one.

 

[soistes]

Tenants in common is a better way of protecting his interests, especially if he's not married, and/or the two parties are putting different amounts of capital in, or paying different shares of the mortgage.

 

[shingle]

Thanks everyone for your replies, great advice as usual

 

[Cheeky Monkey]

As great as Uncle Spielberg is, I never understand why people pay a fee for this service when there are many good mortgage brokers in Sussex who have access to the whole market, are unbiased and who charge no fee whatsoever, and make their money via commission from the lender. Maybe I'm missing something.

 

[CherryInHove]

As great as Uncle Spielberg is, I never understand why people pay a fee for this service when there are many good mortgage brokers in Sussex who have access to the whole market, are unbiased and who charge no fee whatsoever, and make their money via commission from the lender. Maybe I'm missing something.

As a followup to that - Is there any reason to go with a mortgage broker rather than just go through moneysupermarket or something? I'm assuming that they all get the same deals?

 

[Cheeky Monkey]

As a followup to that - Is there any reason to go with a mortgage broker rather than just go through moneysupermarket or something? I'm assuming that they all get the same deals?

I know the selling point for some brokers is that they have access to mortgage deals not 'on the high street' so...

 

[SK1NT]

As a followup to that - Is there any reason to go with a mortgage broker rather than just go through moneysupermarket or something? I'm assuming that they all get the same deals?

I don't think they get all the deal that a broker would plus there are many variables as to whether they will even give you a mortgage.


[MENTION=3887]Uncle Spielberg[/MENTION] got me my mortgage which was a great rate. He did all the leg work and I just said yes or no... he didn't charge me a few at all... he is defo your man [MENTION=1694]shingle[/MENTION]

 

[patchamalbion]

As a followup to that - Is there any reason to go with a mortgage broker rather than just go through moneysupermarket or something? I'm assuming that they all get the same deals?

Advice.

 

[MattBackHome]

Uncle Spielberg

Sent from my SM-G900F using Tapatalk

 

[Rod Marsh]

I used a mortgage broker and got a mortgage through the Nat West. I bank with the Nat West and they couldn't match the mortgage offer I got through the broker. The mortgage advisor at the Nat West was frustrated but it wasn't the first time this had happened to him.