Jess T. · 14 Sep

Broker or going direct for loan number two?

My bank gave me a decent rate on the first loan. For the second, is a broker worth it, or do I just go back to the same bank?

5 replies

Ben C. · 14 Sep
A broker can spread your loans across lenders, so one bank doesn't hold everything as security.
Sarah M. · 15 Sep
Going back to the same bank can lead to cross-collateralised loans. Ask about that whichever way you go.
4
Daniel K. · 15 Sep
Brokers are paid by the lender, so ask how they're paid and which lenders they compared.
Jess T. · 15 Sep
Didn't know about cross-collateralisation. Booking a broker chat.
Ahmed H. · 16 Sep
Ask the broker to show you two or three lenders side by side, not just one recommendation.