The Money Centre

The_Major_3

I have been offered a mortgage by The Money Centre but I just didn't get a warm feeling about it. When I asked for details of the quote to be sent out, the guy said that they don't do that. I had to take notes over the phone I also have an offer from L&C who have good press and my brother has 2 mortgages through them. However the Money Centre mortgage is £80 per month cheaper which over 5 years is £4800.

Has anyone had any experience with this company?

Thank you... :beer:

payless

Is it a buy to let mortgage ? - if so it might be classed on "unregulated"

On regulated mortgages an adviser needs to show a client a full illustration ( aka Key Features Illustration / KFI) before an application can be made

Different rules apply to some buy to let deals, not sure if its still a legal requirement to get given a quote.. but as it appears normal/ good practice , then I certainly would expect one before proceeding myself

The_Major_3

IT IS A BTL AND I REALISE THAT THIS IS UNREGULATED, I JUST DIDN'T GET THAT WARM FEELING.

payless

Of course I assume you have only been "offered a product" rather than the mortgage itself

How do they want to proceed - paper application ?

The_Major_3

Payless

They want me to phone in and complete the application over the phone. I would assume at some point I would sign an application form! To be honest I just don't get that warm feeling and so will probably go with L&C unless something better crops up. My brother uses L&C and he cannot fault them.

:beer:

danield

Probably not a good idea to use them if you don't get a warm feeling.

bobsa1

I have used the money centre. Never again!!!mortgage was fine, but I think the fee was about £700. I've since got advice for about £150.

Also I could not get rid of them after mortgage was completed. They kept ringing and emailing wanting to help me restructure my portfolio, which I wasn't interested in.

They also send out masses of mailshots showing MR x a millionaire in two days thanks to the moneycentre etc.

We dealt with a pleasant enough guy, if I was you, I would not use them

philproc

Just had a quote myself from the Money Centre. As said before the mortgage deal was ok ish but the fees were crazy. On a £50K mortgage the fees were

lender’s 1.5% arrangement fee £750
application fee £225
Brokerage fee 1% £500
admin charge for NOT taking ins £50

This means stumping up £1,525

They will also no doubt collect an introduction fee from the lenders.

The above are the fees from the lender but the money centre get a good whack.

Needless to say I declined their generous offer :rotfl:

dunstonh

There are plenty of mortgage brokers out there that do not charge an additional fee. The only way you will stop those doing it is not to use them.

emmaHarris_2

The_Major wrote:

Payless

They want me to phone in and complete the application over the phone. I would assume at some point I would sign an application form! To be honest I just don't get that warm feeling and so will probably go with L&C unless something better crops up. My brother uses L&C and he cannot fault them.

:beer:

You should also be aware of the issues relating to 'distance selling'. Just a thought as you need to be fully protected.