disclosure : I'm a broker
I'd just be curious to know if anyone has used a broker and had a really bad experience.
You could ask that question about any profession Maybrick and you will find someone who has had an awful experience, be it with a doctor, dentist, accountant, or solicitor so I don't know if the question if of much use to you.
As in any profession there are good, bad and indifferent brokers.
Brokers work in one of the following ways:
1) Charge you a fee and also get paid commission by the lender
2) No fee - just get paid commission by the lender for introducing the business.
3) Charge a fee and refund the commission to you.
Some people will say brokers just add another layer to the mortgage process but use a good broker and things will progress more smoothly, again in my view - I'm sure others will disagree!
Instead of having to chase the lender continuously, the broker should take this stress from you and in the end s/he should become your advisor in relation to the whole house buying process not just the mortgage.
If you go direct to a bank, the bank can only sell their own product so you could be dealing with 5 different sales people hawking their wares making it difficult to make a decision. An independent broker will be able to advise on the best mortgage to suit you as an individual.
One thing to be aware of is dual pricing, sometimes you can get cheaper rates by going directly to the bank but at times the broker arm of the lender is actually cheaper. There is usually a pay off here in that the arm that lends the higher amount usually has the higher rate. As I have posted before do not get blinded by rate alone when choosing a mortgage, regardless of which route you choose. There are many other slight differences in the lending policies of the banks that you should be made aware of.
As a previous poster said there is nothing to stop you going direct to all the lenders and to use a broker if you so wish.
Good luck.
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*awaits the "brokers are just money hungry vampires who would sell their granny if they could, drive a stake through their heart the first chance you get" replies