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I want a whole-of-market mortgage advisor who will not charge me

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Milky_Mocha
Milky_Mocha Posts: 1,066 Forumite
Part of the Furniture 500 Posts Name Dropper Combo Breaker
in Mortgages & endowments
I am looking for a mortgage and would like to consult a whole-of-market mortgage advisor who will look at my particular circumstances and not charge me fees. According to advice I was given on this board this is the best route to take so please get in touch with me if you can help or if you have any recommendations.

Thank you
The reason people don't move right down inside the carriage is that there's nothing to hold onto when you're in the middle.

Comments

  • AndrewSmith
    AndrewSmith Posts: 2,871 Forumite
    The best recommendation is to contact local firms of brokers to you and simply ask them the question directly.

    Also, before they transact any business with you they will have to issue an Initial Disclosure Document which will clearly state their charging/commission status.

    Andy
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Also depends on whether you want face to face advice or whether you are happy with telephone/internet based advice
    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 Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ctabuk
    ctabuk Posts: 113 Forumite
    Just to make a small observation here. Yes -get quotes/info from Local Brokers. But the fee issue is a bit of a falacy and needs to be looked at with clear eyes. Some Brokers do charge a fee, but will probably not insist on tie in products like ASU/ Buildings and Contents as being added as 'tie ins' and therefore a condition of mortgage. People often think that the Lenders pay us an absolute fortune in procuration fees. Well if you work from 'Best Advice' and gear the product to the client then you may have a product that pays you a very small proc fee and if you are a non tie in fee Broker then the amount of commission available can actually be less than the overall costs of providing the service. But that is in the Key Facts so it really does pay to ask on what basis the Broker works from.
    If you don't get what you want - you'd better hope you want what you get

    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 Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Milky_Mocha
    Milky_Mocha Posts: 1,066 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    I am happy to have an initial discussion over the phone / internet. I'm going for a walk but will be back in a few minutes.

    ctabuk I see you are a whole-of-market advisor. Would you be happy to pm me your phone number so that I can have a chat?
    The reason people don't move right down inside the carriage is that there's nothing to hold onto when you're in the middle.
  • ctabuk
    ctabuk Posts: 113 Forumite
    That does make it difficult for me, as I do not post here to obtain enquiries, in fact I had a PM this morning with a phone number and I said sorry but it is entirely up to you. The only advice we can give you is really to use somebody local to you and ask the following questions
    Are you tied or restricted to a certain number of lenders?
    Do you charge a fee with NO tie in products?
    Do you tie in products within the mortgage advance?

    We do charge a fee but have no tie ins and purely work from best advice. It really gets my goat when we hear about brokers who are so large that they literally dictate the procuration fee by simply selling what earns them the most money. Very pleased to hear that our competitors got fined £56,000 for infringements. Nice one FSA.
    If you don't get what you want - you'd better hope you want what you get

    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 Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • payless
    payless Posts: 6,957 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    everyone who has replied to your thread is a broker ... just some have decided not to advertise the fact , many advisers have now removed their signatures
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • payless
    payless Posts: 6,957 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    would love to see how a broker details an insurance tie -in in their IDD
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • payless
    payless Posts: 6,957 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    story cta is talking about http://www.fsa.gov.uk/pages/Library/Communication/PR/2006/088.shtml

    That firm , and I believe CTA deal mainly in certain sectors of the market
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • ctabuk
    ctabuk Posts: 113 Forumite
    Yes, but we are the Good Guys! We crashed City Mortgage Corporation with the News of the World and with Gavin Lumsden at the Times!
    If you don't get what you want - you'd better hope you want what you get

    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 Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ctabuk
    ctabuk Posts: 113 Forumite
    payless wrote:
    would love to see how a broker details an insurance tie -in in their IDD

    We would not know how some are doing this, our guess would be 'we will reduce our fees to xyz if you agree to taking out the following policies' It's very dodgy trading, but we have seen a few with these Broker tie ins.
    If you don't get what you want - you'd better hope you want what you get

    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 Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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