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Mortgage Brokers Fee's
JAM1376
Posts: 566 Forumite
Hi all
Could anybody let me know if £250 (when mortgage goes through) is a good fee for a mortage broker for a remortgage? In the North West (if that makes a difference?)?
I will be looking at deals myself too but would be happier with a broker and just want to know if this is a reasonable fee?
Thank you
Could anybody let me know if £250 (when mortgage goes through) is a good fee for a mortage broker for a remortgage? In the North West (if that makes a difference?)?
I will be looking at deals myself too but would be happier with a broker and just want to know if this is a reasonable fee?
Thank you
My baby girl :kisses3: September 09 :heartsmil
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Comments
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£250 is a very reasonable fee for a remortgage if the adviser is fully whole of market and recommends lenders who will not pay a commission to them.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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He said he was whole of market and we are meeting next week (when he is back off holiday) to have a chat and see if I want him to help me (I suppose if I like him etc).
As long as I know its reasonable, I'm happy. Thank you for the fast reply.
Does anyone else agree?My baby girl :kisses3: September 09 :heartsmil0 -
is he refunding any commission to you? if he is its a very good deal, if he is not then your paying over the odds compared to a fee free broker.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, So you need to take my word for it. This signature is here as i follow MSE's mortgage advisers code of conduct. Any posts on here are for information and discussion purpose only and shouldn't be seen as financial advice.0 -
With many advisers not charging ( or charging, then refunding if commission earned) you can get a better deal... although if you feel comfortable with a particular adviser a reasonable fee is not out of the question ... what is reasonable ( if on top of commission) .. well I would say £250 is at top end of reasonable. Of course there's still those out there charging likes of £995, £1995, or even 3-4%Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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I wouldn't get out of bed for £250. You get what you pay for and if the guy and those who don't charge fees for their services don't value the service they give, then that tells you a story.I am a Mortgage Consultant and don't like to be told what I can and can't put in a signature so long as it's legal and truthful.0
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I think it needs to be put in context. There are different charging models.
If this adviser is charging £250 and including all the lenders that dont pay a commission then that is better than paying nothing and only getting commission paying lenders. If he is charging £250 and only including commission paying lenders then that is not desirable. If he is refunding commission earned, where applicable, then it is very good value for money.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Ian_Griffiths_Halifax wrote: »I wouldn't get out of bed for £250. You get what you pay for and if the guy and those who don't charge fees for their services don't value the service they give, then that tells you a story.
The "story" could well be that they get their fees from commission paid by lenders.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
In lieu of information to the contray I am assuming in this case ( what I think would be most likely) the £250 is in excess of the commission , and he is looking at commisison based deals / no rebateAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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The "story" could well be that they get their fees from commission paid by lenders.
And how much do you think that would be and how much do you think it costs to process a mortgage if you don't work from your back bedroom?I am a Mortgage Consultant and don't like to be told what I can and can't put in a signature so long as it's legal and truthful.0 -
i work on volume, i write 3-4 mortgages a week and i've never charged a fee in my life, and i never will. Im not against fees but i do feel that if your good at what you do then the commission you earn will provide you with a very good income.
as for brokers who wouldn't get out of bed for £250 do you charge a fee because you feel the need to tie a client in? surely if you value the service you give you would earn a good income from commission alone?
If i cant place a mortgage i dont get paid, if a boker who takes a fee cant place a mortgage do they refund the fee?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, So you need to take my word for it. This signature is here as i follow MSE's mortgage advisers code of conduct. Any posts on here are for information and discussion purpose only and shouldn't be seen as financial advice.0
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