Am considering (still kinda longterm) of possibly buying a property to live in or maybe even to let and not sure whether to approach lenders direct, having checked their rates on the internet, or to use the mortgage brokers services. What are the advantages or disadvantages of each option?

You can try both options and speak to an advisor. However, there are many advantages of using a broker. Broker will save you a lot of time, as he can check what mortgage products are available on the market in a matter of minutes, while you probably will spend days, of course in some cases even mortgage broker will need days. Mortgage advisor can advise you on what is the most appropriate product for your circumstances. Cheapest product is not always the most suitable. Almost all mortgage advisors offer free initial interview, after which they normally will advise if they will charge you and how much. Don’t immediately discard a broker that charges you a broker’s fee, as he potentially can save you a lot of money. There is nothing wrong with going to lender direct, as long as you remember that they can only offer products from their own range and are unable to tell you anything about mortgages from their competitors.

again, i'd approach an independent financial advisor for the full spectre of what's available on the market. it saves a lot of time and hassle!

My parents had an unpleasant experience with the financial advisor who almost forced them to apply for a product they simply did not need. Since then, i prefer to do all the research myself. But if it's someone you could trust, then it's probably worth considering this option.

Thanks for your responses so far! Am still confused whether to use a mortgage broker or not as there seem to be a lot that needs to be considered!!!

There are pros and cons with using a broker or doing it yourself. Hate to sound patronising, elrigby, but you are the only person, who could make that choice. If you have time, check the deals yourself. If they don't make sense or you dont have time, try the advisor. Please tell us how you are gettin on and if you are any nearer to buying the property (not that i intend to gatecrash your housewarming party (IMG:style_emoticons/default/smile.gif) ).

Hi there,

there are no wrong or right answers, it is a matter of personal preference. Not many people would consider dealing with legal matters themselves, they would ask solicitor, the same here you can find a mortgage yourself or ask a professional to do it for you. If your friends or relatives had bad experience, it doesn't mean it would happen to you. If you are not happy with telephone advice, search for a mortgage brokers Sheffield, for example, choose the local one to you and then ask if any of your friends or neighbours had any experiences with this company. Normally you are not charged for your first appointment and you are not obliged to purchase anything if you don’t agree with the recommendation.