Mortgage lender/brokers - who's best?

[Big Col]

I have tried mortgage brokers twice and been let down badly both times. There is not a lot they can do that you cant sort out for yourself. No way I would waste one minute of my time with them.

[Swoop]

According to The Harold's article yesterday, banks are now asking for a decent deposit on the house and are checking out borrowers more thoroughly than before the economic downturn... Shame they weren't doing that before.

[Rogue Rider]

Seeing as your so awesome, I'll let you have my mortgage for a year or three to see if you like it.............
I need a holiday lol

[neels]

If you've got a reasonable deposit of at least 10%, or even better 20% then go straight to your favourite bank and talk to them, then you can negotiate directly with them about dropping the application fee, contributions towards legal costs etc.

If your deposit is a bit thin, or you're self employed then a mortgage broker has access to lenders that deal with stuff outside the 'normal' bank limitations.

[doc]

Go straight to the Bank.
Most Mortgagee Brokers add little of value to the mix.
In a market like this, a good lending proposition is sought after.

Compare and Bargain.
Try and reduce the fee payable, and ask about support and/or deals for valuations and legal (years ago banks would actually skin up cash for lawyers fees, I'm not sure what the market's like now).

If you have enough deposit. They usually don't charge for valuations or fee's. Sort of the wrong way around . The less you have the more they clip on the way.

[Winston001]

If you've got a reasonable deposit of at least 10%, or even better 20% then go straight to your favourite bank and talk to them, then you can negotiate directly with them about dropping the application fee, contributions towards legal costs etc.

If your deposit is a bit thin, or you're self employed then a mortgage broker has access to lenders that deal with stuff outside the 'normal' bank limitations.

Good advice.

Lets go back to basics: ten years ago mortgage brokers barely existed. Like so-called financial advisers they are an industry which has invented itself. Imagine employing a person to do your grocery shopping - would you? You'd never see the commissions paid by the preferred supermarket, all you'd get told was what a great deal they'd achieved.

So the first rule is go to your own bank and ask them directly. By all means tell them you are also looking at a mortgage broker, because that is an incentive for your bank to produce a great loan. Banks have to pay brokers - they are much happier dealing with you direct. BNZ won't use brokers at all and they do plenty of mortgages.

Ok but lets say you don't like your bank. Or don't feel confident asking them. Its a scary business buying a house for the first time. In that situation a mortgage broker may be exactly what you need.

I suggest its the individual broker who is most important to you. Mike Pero etc are franchises not Mike himself who is long gone. Just as with a lawyer, you want someone you feel comfortable with and whom you can trust. Try the suggested people here but seriously - kick the tyres of your bank first.

[Oscar]

If you have enough deposit. They usually don't charge for valuations or fee's. Sort of the wrong way around . The less you have the more they clip on the way.

No, I meant that they would pay some of your fees.

[Oscar]

I see TSB is offering to pay $600 toward legal fees.