9 votes
Accepted

Mortgage brokers - should I expect to get a better deal than I can find myself?

You have not necessarily spoken to a bad mortgage adviser. Lenders have two main channels to the market – direct, and intermediary (through a range of different kinds of advisers). Some lenders ...
marktristan's user avatar
  • 3,710
6 votes
Accepted

Qualify for mortgage with projected property income?

Typically, no. Most lenders only count ~70% of rental income for loan qualification purposes, and only after you've had that rental income coming in for a couple years. The exceptions are typically ...
Hart CO's user avatar
  • 70.5k
3 votes
Accepted

How do mortgage brokers get paid?

In the UK, mortgage brokers are either paid by fees (paid by you, the borrower) or commission (paid by the mortgage-lender) - and sometimes both. They should make it very clear to you upfront which ...
Vicky's user avatar
  • 24k
3 votes

Qualify for mortgage with projected property income?

The closer you can come to being able to afford the mortgage without tenants the more likely you will be approved. They only count a fraction of the expected rent, I have seen 2/3 to 3/4. You need ...
mhoran_psprep's user avatar
3 votes
Accepted

Mortgage Adviser Signed Me Up For Multiple Home and Life Insurances (UK)

In general, it is a bad idea to purchase insurance from someone who does business by doing something else. For example buying insurance from a banker or financial adviser typically gets one into ...
Pete B.'s user avatar
  • 76.5k
2 votes

Mortgage Adviser Signed Me Up For Multiple Home and Life Insurances (UK)

You are within your rights to complain, but whether it gets you very far (without considerable effort) is another matter. The Financial Ombudsman Service handles complaints about both mortgages and ...
Chris H's user avatar
  • 2,555
2 votes

Is there any reason to have a mortgage broker when refinancing with a specific company?

Depending on the situation, the mortgage broker may still end up getting you a better rate. Last time we re-fixed our mortgages, I spoke to both the broker and our personal banker, and the broker had ...
Rupert Morrish's user avatar
2 votes

Is there any reason to have a mortgage broker when refinancing with a specific company?

When I refinanced my condo last year my bank could not match the rate and fees that my broker offered so I went with the broker. Coincidentally, 2 months after I closed, my mortgage was transferred to ...
TTT's user avatar
  • 47.2k
1 vote
Accepted

MBS vs Corp or Muni bond. Please explain the difference

How are MBS different from corporate or municipal bonds that have a coupon attached? There are many flavors of Mortgage Backed Securities (MBSs), but there are some that simply pay a fixed coupon ...
D Stanley's user avatar
  • 135k
1 vote

Is there any reason to have a mortgage broker when refinancing with a specific company?

If you know what mortgage product you want, and you know who you want it from, then there's very little point in engaging a broker. They will end up as a pointless intermediary between you and the ...
Simon B's user avatar
  • 10.4k

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