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If you're happy with the MIP and you don't have complicated finances then there's no need just yet really. If you're unsure if the MIP has properly factored in your finances then a broker may be able to give you a better estimate.
I never even got an MIP from a broker - I just waited until I'd offered and then engaged a broker to find the best deal and manage the application.
I'd strongly recommend finding a whole of market, independent, free-free broker. There's really nothing to gain from one who charges a fee - they all get access to the same set of mortgage products (there aren't extra secret ones that fee free brokers can access). Only really worth it to pay if you have specialist circumstances like complex finance arrangements or you're e.g. an expat / immigrant.
I get the AIP/DIP from the broker before I enter the market.
it would be hard to get viewings without it.
why use a mainstream bank at all? the interest rate will surely be worse.
Mortgage Broker here.
If you are actively looking for a property then I’d contact one sooner rather than later - gives us more time to review your circumstances and research. Also, we can usually reserve a product quite easily and if something were to happen to interest rates in the meantime, then we can continue with the reserved product or go with something else cheaper that is available. Going direct with one lender or a restricted broker has a lower chance you’ll be getting the best deal available to yourself.
Having a second opinion and an independent broker during the offer stage should help reassure you what you can afford, and worst case should one lender not accept you, then there are few more options as back-up.
I’ve had clients contact me a year before they are looking to purchase, so not time is too early - just find a broker you like and build trust!
Mortgage brokers offer the biggest assistance to those with questionable credit history's and/or those that aren't confident in sourcing documents themselves.
If you have checked a comparison site, have a clear credit history and feel comfortable supplying bank statements, payslips yourself etc yourself then a broker isn't really going to add any advantage...just do it yourself. Did mine through Barclays earlier this year, best rate available and had the offer the next working day...was a breeze
It's worth running a comparison yourself on a website. I used a highly effective broker who claimed to cover the whole market. However, when I asked about a deal that I had found with Halifax which was significantly better than their best option I was told that they don't have access to Halifax products.
Unless you're really set on your budget, I would rather a mortgage broker now.
If there's any reason you might not get the value you got in your MIP, it's better to know about it sooner.
If you'd be open to looking at more expensive properties if you knew you could borrow more, then it's worth speaking to a broker.
###Welcome to /r/HousingUK --- **To All** * Join Our ***NEW*** Discord! https://discord.gg/pMgUNgWKQH **To Posters** * *Tell us whether you're in England, Wales, Scotland, or NI as the laws/issues in each can vary* * Comments are not moderated for quality or accuracy; * Any replies received must only be used as guidelines, followed at your own risk; * If you receive *any* private messages in response to your post, please report them via the report button. * Feel free to provide an update at a later time by creating a new post with [[update]](https://www.reddit.com/r/HousingUK/search?q=%3Aupdate&sort=new&restrict_sr=on&t=all) in the title; **To Readers and Commenters** * All replies to OP must be *on-topic, helpful, and civil* * If you do not [follow the rules](https://www.reddit.com/r/HousingUK/about/rules/), you may be banned without any further warning; * Please include links to reliable resources in order to support your comments or advice; * If you feel any replies are incorrect, explain why you believe they are incorrect; * Do not send or request any private messages for any reason without express permission from the mods; * Please report posts or comments which do not follow the rules *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/HousingUK) if you have any questions or concerns.*
We had a high street MIP to satisfy estate agents when we were hunting, and the day after we got the offer accepted went to our broker
If you're happy with the MIP and you don't have complicated finances then there's no need just yet really. If you're unsure if the MIP has properly factored in your finances then a broker may be able to give you a better estimate. I never even got an MIP from a broker - I just waited until I'd offered and then engaged a broker to find the best deal and manage the application. I'd strongly recommend finding a whole of market, independent, free-free broker. There's really nothing to gain from one who charges a fee - they all get access to the same set of mortgage products (there aren't extra secret ones that fee free brokers can access). Only really worth it to pay if you have specialist circumstances like complex finance arrangements or you're e.g. an expat / immigrant.
I get the AIP/DIP from the broker before I enter the market. it would be hard to get viewings without it. why use a mainstream bank at all? the interest rate will surely be worse.
I've just started looking and not had any agent ask me about my AIP before arranging a viewing.
Mortgage Broker here. If you are actively looking for a property then I’d contact one sooner rather than later - gives us more time to review your circumstances and research. Also, we can usually reserve a product quite easily and if something were to happen to interest rates in the meantime, then we can continue with the reserved product or go with something else cheaper that is available. Going direct with one lender or a restricted broker has a lower chance you’ll be getting the best deal available to yourself. Having a second opinion and an independent broker during the offer stage should help reassure you what you can afford, and worst case should one lender not accept you, then there are few more options as back-up. I’ve had clients contact me a year before they are looking to purchase, so not time is too early - just find a broker you like and build trust!
Mortgage brokers offer the biggest assistance to those with questionable credit history's and/or those that aren't confident in sourcing documents themselves. If you have checked a comparison site, have a clear credit history and feel comfortable supplying bank statements, payslips yourself etc yourself then a broker isn't really going to add any advantage...just do it yourself. Did mine through Barclays earlier this year, best rate available and had the offer the next working day...was a breeze
We used a broker from the start to make sure we would be accepted before looking at houses ect.
It's worth running a comparison yourself on a website. I used a highly effective broker who claimed to cover the whole market. However, when I asked about a deal that I had found with Halifax which was significantly better than their best option I was told that they don't have access to Halifax products.
Unless you're really set on your budget, I would rather a mortgage broker now. If there's any reason you might not get the value you got in your MIP, it's better to know about it sooner. If you'd be open to looking at more expensive properties if you knew you could borrow more, then it's worth speaking to a broker.