Portable mortgage

halo1

Hi all...

Ok so my wife and I want to take our mortgage with us to our next property as the deal we're currently on doesn't end til April and we'll have to stump up 3% in penalties if we bail out sooner etc etc..

So, I want to borrow an extra 50k from the existing mortgage company to run alongside my current borrowing but they only deal with brokers. I went to see an independent broker firm and they were on about charging me £300. Now, don't get me wrong.. I do see the value of brokers and the keen insight they have into the market but to charge me for a product that the broker doesn't even have to search for?? All he has to do is get a form from the mortgage company, have me sign it and make sure it goes through correctly. Surely the broker is earning something from the mortgage company?

Are there firms out there who could offer this service at no cost to us? Or should we resign ourselves to the fact that we're gonna have to pay this fee and another one in April when the deal on the first mortgage runs out and we're free to move to another lender and merge the two mortgages into one.

Any help appreciated.
Simon
ps. The extra borrowing wouldn't have a fee attached to it as it is the lender's base rate mortgage.

bingo_2

There are plenty of brokers who will do this and not charge a fee.
Use Google to find one (try "fee free mortgage broker")

herbiesjp

Maybe this is a bit obvious - but if you need to borrow extra from your existing lender why do you not just call them direct and ask them to send you the forms?

halo1

would love to just phone them and do it that way but as I said before they only deal with brokers.

herbiesjp

Who is the lender?

halo1

Accord mortgages

bingo_2

Why not just walk in to the nearest estate agent, ask to speak to their "in house" mortgage broker, and give it to him on a plate!
If he asks for a fee, walk in to the one next door and offer it to him.

The reason they only deal with brokers, is probably to keep thie own staff levels down.
A mortgage case submitted by a broker is rarely incorrectly filled out (the broker will want to get it right first time) so Accord wont need "case chasers"

Please enlighten me .......... whats wrong with using a broker thats acts on your behalf, gets the job done and doesn't charge you a fee ?