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  • FIRST POST
    • boring1
    • By boring1 7th Feb 18, 1:32 PM
    • 50Posts
    • 26Thanks
    boring1
    Costs of mortgage advisor
    • #1
    • 7th Feb 18, 1:32 PM
    Costs of mortgage advisor 7th Feb 18 at 1:32 PM
    Hi

    I have just been quoted the following:

    £99 on DIP
    £295 on offer

    Does this sound reasonable?

    Many thanks
Page 1
    • FTB_1
    • By FTB_1 7th Feb 18, 1:42 PM
    • 7 Posts
    • 1 Thanks
    FTB_1
    • #2
    • 7th Feb 18, 1:42 PM
    • #2
    • 7th Feb 18, 1:42 PM
    Hi

    I have just been quoted the following:

    £99 on DIP
    £295 on offer

    Does this sound reasonable?

    Many thanks
    Originally posted by boring1
    I am going through the process at the moment and our broker is £395 but this is as a lump sum - so about right compared to that
    • amnblog
    • By amnblog 7th Feb 18, 1:51 PM
    • 10,275 Posts
    • 4,047 Thanks
    amnblog
    • #3
    • 7th Feb 18, 1:51 PM
    • #3
    • 7th Feb 18, 1:51 PM
    This sounds mid to low for the market.

    What are you getting for your money?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • boring1
    • By boring1 7th Feb 18, 1:55 PM
    • 50 Posts
    • 26 Thanks
    boring1
    • #4
    • 7th Feb 18, 1:55 PM
    • #4
    • 7th Feb 18, 1:55 PM
    The lady said she would come round and chat through all our documents (bank statements etc) she has already had sight of our credit files (experian) and she would then package everything up how the lender likes it and send if off.
    Have read online reviews and they are v positive.

    Is there anything else I should be looking for them to do?


    Thanks
    • Fisa002
    • By Fisa002 7th Feb 18, 1:56 PM
    • 91 Posts
    • 34 Thanks
    Fisa002
    • #5
    • 7th Feb 18, 1:56 PM
    • #5
    • 7th Feb 18, 1:56 PM
    I paid £350 for my broker. For dip and offer. Can really say that they have been worth the money and definitely wouldn!!!8217;t hesitate to use a MB again ! The amount of information and support you get from one is worth it imho
    • NelliePie
    • By NelliePie 7th Feb 18, 2:06 PM
    • 110 Posts
    • 330 Thanks
    NelliePie
    • #6
    • 7th Feb 18, 2:06 PM
    • #6
    • 7th Feb 18, 2:06 PM
    I didn't pay anything! Our experience of L&C was great and I couldn't recommend them highly enough. We had a single point of contact, who got to know what we wanted, acted professionally and quickly. If you want to PM me I can give you the details of the person at L&C we used - if its free you may as well compare the offer you get from these to the offer you get from the one you're paying for.
    Last edited by NelliePie; 07-02-2018 at 2:09 PM.
    When life gives you lemons, find the tequila!
    MFW: FTB June 2017 £144k. Target 128k June 2019
    • boring1
    • By boring1 7th Feb 18, 2:08 PM
    • 50 Posts
    • 26 Thanks
    boring1
    • #7
    • 7th Feb 18, 2:08 PM
    • #7
    • 7th Feb 18, 2:08 PM
    Thanks - when did you first get in touch with yours was it once you'd had your house valued?
    • NelliePie
    • By NelliePie 7th Feb 18, 2:12 PM
    • 110 Posts
    • 330 Thanks
    NelliePie
    • #8
    • 7th Feb 18, 2:12 PM
    • #8
    • 7th Feb 18, 2:12 PM
    Not sure who you're asking, but we were FTB so we spoke to them right from the off to get an idea of how much we could borrow with our income & affordability, then when we were ready to start looking & had a deposit saved, then when we made the offer and needed a mortgage. The whole way through we had one person dealing with everything - which made our lives a lot easier.
    When life gives you lemons, find the tequila!
    MFW: FTB June 2017 £144k. Target 128k June 2019
    • boring1
    • By boring1 7th Feb 18, 2:12 PM
    • 50 Posts
    • 26 Thanks
    boring1
    • #9
    • 7th Feb 18, 2:12 PM
    • #9
    • 7th Feb 18, 2:12 PM
    I didn't pay anything! Our experience of L&C was great and I couldn't recommend them highly enough. We had a single point of contact, who got to know what we wanted, acted professionally and quickly. If you want to PM me I can give you the details of the person at L&C we used - if its free you may as well compare the offer you get from these to the offer you get from the one you're paying for.
    Originally posted by NelliePie
    I quite like the idea of meeting someone face to face which I don't think you can do at L&C?
    • NelliePie
    • By NelliePie 7th Feb 18, 2:14 PM
    • 110 Posts
    • 330 Thanks
    NelliePie
    No, but everything was done over the phone (they call you so no bills) and they have quite good opening times, 8am-8pm I think. At no point did I feel like meeting in person would have been any benefit as with our end on speakerphone the broker, my partner and I could all converse freely.
    When life gives you lemons, find the tequila!
    MFW: FTB June 2017 £144k. Target 128k June 2019
    • marsman802
    • By marsman802 7th Feb 18, 3:08 PM
    • 555 Posts
    • 243 Thanks
    marsman802
    Have a shop around - my IFA charges nothing but takes commission from the lender.
    His approach is that he'd rather get you on the books as you more likely to then talk about savings/investments and other items. And he's right as his company manage one of my pensions...but there's no requirement to do so.
    Admittedly this only works if you're arranging large mortgages as the commission payback warrants it.
    • Carrot007
    • By Carrot007 7th Feb 18, 3:11 PM
    • 917 Posts
    • 788 Thanks
    Carrot007
    Have a shop around - my IFA charges nothing but takes commission from the lender.
    Originally posted by marsman802
    Not really important how you get the money, YOU PAY EITHER WAY.

    What is importent is to get a whole market broker.

    Mine said that I would not be charged if the chosen package allowed him to "charge" the lender (aka me on the sly), or I would if the lender did not allow it.

    As long as I am getting the best deal from WHOLE MARKET who cares?

    Have used him twice now, first time I paid, second I did not.

    Though remember either way you pay. Hiding payment means nothing.
    • spaceboy
    • By spaceboy 7th Feb 18, 6:46 PM
    • 1,699 Posts
    • 274 Thanks
    spaceboy
    I dont trust mortgage advisors after my buying experience where I'm sure she was getting commission from the life insurance company.
    • bike saving expert
    • By bike saving expert 7th Feb 18, 8:43 PM
    • 66 Posts
    • 13 Thanks
    bike saving expert
    I dont trust mortgage advisors after my buying experience where I'm sure she was getting commission from the life insurance company.
    Originally posted by spaceboy
    the commission from selling a mortgage is usually 0.35-0.5% of the loan which is not a huge amount.

    The real money is always made selling life insurance. it's Dependant on exactly how your set up with the life insurance companies tied multi tied some may even be whole of market.typical commision from life insurance is dependant on the premium but typically can be anything from £1000- £10,000 or even higher depending on a number of factors.

    If you advisor seems pushy on life insurance this is why its potentially the next miss selling scandal but what is offered really is a good product if properly understood and well sold.
    • spaceboy
    • By spaceboy 7th Feb 18, 8:59 PM
    • 1,699 Posts
    • 274 Thanks
    spaceboy
    I didnt feel the life cover I was sold was a good product and I cancelled it a few months afterwards.
    • amnblog
    • By amnblog 8th Feb 18, 7:40 AM
    • 10,275 Posts
    • 4,047 Thanks
    amnblog
    I didnt feel the life cover I was sold was a good product and I cancelled it a few months afterwards.
    Originally posted by spaceboy

    ..and replaced it we hope
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • ACG
    • By ACG 8th Feb 18, 8:38 AM
    • 16,318 Posts
    • 8,433 Thanks
    ACG
    L&C get very mixed reviews, it tends to be a love hate thing with them going off reviews on here.

    typical commission from life insurance is dependant on the premium but typically can be anything from £1000- £10,000 or even higher depending on a number of factors.
    The last 2 life policies I sold were about £300-400 in commission. I have never sold a policy that generates £10,000 or anywhere close to that. I think the highest I have done is around £1200.

    Our fees start at £500 for new customers and go up £1250, but we do a lot of adverse. For those with no bad credit, or just a few minor blips in the past it would be £500, none of which is charged upfront. So we charge a little more but you only pay if you get a Mortgage offer. Part of the reason I charge a fee is so that I am not having to be pushy on the insurance side, it is very much down to the individual, no sales spiel just a quick explanation and thats about it.
    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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