As a first time buyer you might not have complex requirements but an experienced broker is there to help IF something goes wrong. I have heard of people screwing up mortgage applications. I have also heard of lenders screwing up applications. Its nice to have an experienced professional helping is something does go wrong. After all, what is £300 when you're conducting a six figure transaction?
It can be hit and miss whether you are assigned to a good broker with L&C. Most are good but I have heard of horror stories. The kind of horror stories that lead to sales falling through. I suppose the problem is that paying for a broker doesn't mean you'll get a good one. Its a good idea to go with somebody who has a great reputation by word of mouth.
For me, when I was a first time buyer, I appreciated the peace of mind that a highly regarded mortgage broker afforded me. I thought £300 was a fair price for that peace of mind. As it turned out, my circumstances were complex but the only problem occurred due to lender screw ups. I know for sure that my broker was able to sort things out faster than I could have done.
I mostly agree with Foxes point of view.
However, to play devils advocate....
As a first time buyer you might not have complex requirements but an experienced broker is there to help IF something goes wrong. I have heard of people screwing up mortgage applications. I have also heard of lenders screwing up applications. Its nice to have an experienced professional helping is something does go wrong. After all, what is £300 when you're conducting a six figure transaction?
It can be hit and miss whether you are assigned to a good broker with L&C. Most are good but I have heard of horror stories. The kind of horror stories that lead to sales falling through. I suppose the problem is that paying for a broker doesn't mean you'll get a good one. Its a good idea to go with somebody who has a great reputation by word of mouth.
For me, when I was a first time buyer, I appreciated the peace of mind that a highly regarded mortgage broker afforded me. I thought £300 was a fair price for that peace of mind. As it turned out, my circumstances were complex but the only problem occurred due to lender screw ups. I know for sure that my broker was able to sort things out faster than I could have done.