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/>Going direct to the bank does not give better rates, in fact by going through a broker can often result in a saving on the monthly repayment figure and in some cases reduce the lenders arrangement fee.

On our questionnaire, we do ask if quotations from any banks have been requested.


There are also situations – this happened during the early part of the year – occasionally we find out, and it’s usually the banks and lenders that tell us - they are a bit of a cottage industry and they do talk to each other – that someone had submitted an application to one lender and another application to a different lender. There have been occasions when a person has submitted an application direct to a bank and used a mortgage introducer to submit an application to the same lender.

The staff at the bank who are working on a file, work hard to get the file through the system quickly. When they suddenly find out that another bank is running the same race - understandably they do get upset, and can, and have, declined to go any further with the mortgage application. Imagine the problem the client would have if both the lenders took the same attitude – and some do.

So it is worth telling your mortgage broker if you have already asked for quotations – if they request for a quotation from a lender you have already been to, they will probably be told that you requested a quotation previously, and please, no multiple mortgage applications.

Our own dilemma…

You remember I said that the term broker is not a word generally recognised… but the banks and mortgage providers are wanting a type of

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