I am in the process of looking for a house and I decided that I would try to get an agreement in principle from a mortgage lender.
I decided that I would use a mortgage broker to save some time and contacted one at an estate agent that a friend of mine used several years back.
I had done some background research on MoneySupermarket.com and found a tracker product that offer 1.79% above base rate for 2 years and then 2% above base rate. That was the best offer I could find.
When I spoke with the broker he told me that he was whole of market and that he did receive different commissions from different lenders but that the difference was negligible.
Anyway, he suggested a couple of product that were 2.3% and 2.4% above base rate. I pointed out that I had found the other product and he said that he would look into it, but that he had not seen it originally because their system filters out product that are "stepped" (i.e. an initial rate then a later rate).
Today he called me and told me that the product I had found was no longer available and so it would need to be one of the other products. I was a bit suspicious and when I got off the phone called the lender in question, who told me that the product was definitely still available.
Can't say that I am impressed. I wouldn't mind that they tried to sell me a product that gave them a better commission, but when I had specifically pointed out a product to them, it seems a bit much for them to tell me that it doesn't exist.
Anyway, I am pleased that I checked. Just wondered if anybody else had had a similar experience.
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Mortgage broker new
Mortgage broker new