Independent Mortgage Bureau

Discussion in 'Finance, Property, Law' started by Darthtater, Jan 25, 2006.

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  1. Still trying to get my arrse in to gear and get a property. Has anybody heard of or had dealings with the Independent Mortgage Bureau?

    They were mentioned by a girl from abacus financial who gave a brief at our place the other day.

    Any info, good or mad, would be appreciated.

    Cheers

    Darthtater
     
  2. I'll check them out and get back to you Darth.
     
  3. Ditto myself, just on the hunt for a house, any tips or pitfalls from those in the know would be appreciated.
     
  4. BiscuitsAB

    BiscuitsAB LE Moderator

    Tip anyone who advises on mortgages must disclose to you wether they offer advice from the whole of the market ie roughly 30,000 products or a advise on a panel of lenders which can be anything from 3 to a dozen lenders. If you go direct to a bank or building society you will get advice on a panel of 1 ie its own products. Now the key to this is getting the person to disclose wether they are whole of market advisers or use a restricted panel, because even though its a legal requirement to disclose the information I have to often come across "panel" based advisors who forget!

    Tip. certain lenders offer better products if you go direct to a branch. For example the Yorkshire Building society. Their in branch products are normally slightly better than those that they market through brokers via a subsiduary called ACCORD. The Alliance and Leicester also do this. Not all Brokers will let you know this because if you go direct to the lender the broker doesnt get paid.

    Tip. When assessing a mortgage deal dont just look at the headline rate look at the overall cost of the mortgage over its entire term. Just becuase a product looks cheap now doesnt mean its the least expensive option overall.

    Last Tip. Buying a house and arranging a mortgage is fraught with complications and pitfalls. You can either navigate those yourself or find an advisor to help you. If you go to www.unbiased.co.uk you will be to get the details of three Independant Financial Advisors in your area. Or you could ask a friend! personal recommendation goes a longway, but remember although your friend may have a good personal relationship with the person or firm that arranged their mortgage they may have the same level of market knowledge as you.

    Pitfalls! watch out for hidden charges ALWAYS, ALWAYS Read the small print. Never add charges to your laon if you can avoid it, for example often a lender will have an application fee it may well be over £500, it is better to pay that cash than add it to your mortgage, because if you add it to your mortgage you will be paying interest, upon interest on the original £500.

    So if possible pay all fees and charges before on or before completion date ( the day you get the keys)

    pitfall. Solicitors, technically you dont need a solicitor to do the conveyance on your property, but youd be mad to try to do with out one. the prices they charge vary massively. Do not automatically accept a recomendation from a mortgage advisor to use their solicitor.
    they will have two probable reasons for using a firm 1. easier to control the client ie YOU. 2. they are getting paid an introducers fee.

    When I place a mortgage for a client I use an online system to source a solicitor for them if they dont have one. I can source over 200 firms using three filters The best, the nearest or the cheapest. not suprisingly for a straight forward purchase most people go for the cheapest. I placed a client with this system last week the cheapest deal was £498 the most expensive £1350 same amount of work involved just different rates. Be aware that you do not have to use a solicitor in the area that you are buying the property. you could be buying in exeter and your solicitor could be in carlisle it doesnt matter. It also doesnt matter to me whom the client choses as I get £100 as a fee no matter which firm the client uses.

    anything else? if you want to ask specific questions fire away.
     
  5. This mob seems OK - they are regulated and have no bad press coverage.
     
  6. Just enter a few details and this comparison tool will show you lots of mortgages available to you:

    moneyextra
     
  7. BiscuitsAB

    BiscuitsAB LE Moderator

    Not bad but even their own spiel says they only list 8000 mortgage products thats significantly less the 50% of the market.
     
  8. I'm sure you are right, Biscuits. Presumably, they are showing the 8000 best deals. I'm certainly not going to diss mortgage advisers (the good ones, anyway). They are particularly useful if you have little knowledge of the market. I recently used one to buy a property in Canada and he secured a very competitive mortgage offer for me within 24 hours.
     
  9. BiscuitsAB

    BiscuitsAB LE Moderator

    You've hit the nail on the head, its about Specialist knowledge and then being comfortable working with that person.
     
  10. Thanks for the info. Will give them a try.