should I use Financial Advisor

lilychip

Hi there,
I would be really grateful for some advice. I'm looking to remorgage for 70K on a property worth about 300k with an outstanding balance of 40k. We have seen a Finacial Advisor who seems fine and found a deal with Woolwich fixed 5 years (we want to pay off mortgage in 6 years, if poss) for 4.49.

Trouble is I've been scanning this site and found Britannia for 4.24 and Chelsea 4.29 with very similar fees. I spoke to my advisor who is whole of market and asked about these ones and why they were not more suitable. I was told they had no information about Britannia and that Chelsea were 'Execution only' and no advice could be offered on that mortgage.

I really don't want to go through the whole broker meeting thing again and just wondered whether anyone thinks I should still stick with my current Financial Advisor. I realize they need to make a profit but I did ask at the outset whether if we paid a fee, they could access more mortgages nd was told no. Any advice out there would be really appreciated please.

Lilychip

unite79

Does not appear they have offered any value to you, and with the low loan to value, would have thought it would be fairly straightforward - Surprised you have not found the Abbey 5 year deal at 3.99%!

AntiLochus

Lilychip

Same thing happened to us - we went to see a broker who offered us a 4yr Fixed with Woolwich at 3.99% (just before they rose to 4.29%) and wanted to charge us £300 for the privilege.

We pointed out that we could go direct to Woolwich and not have to pay him £300 - didn't really have an answer for that one.

Seems to me that if your mortgage requirements are simple and your finances are un-complicated (and you know exactly what you want) then going the direct route is the best option - after all there's plenty of information on the Web regarding all the deals.

However, brokers are much better when you have no idea what you want (therefore need advice) or your circumstances are a little complex (low deposit or self-employed for example). In these situations a (good) broker can save you money in the long run.

AntiLochus

BTW - HSBC and Abbey are offering very good 5yr fixed rate deals (3.99% and 3.95% respectively for up to 60% LTV)

You can find the details on their websites along with all the fees.

Peelerfart

I agree with AntiLochus. If it's simple, your not phased by forms and know what you want then do it yourself.

There are some good brokers on this site, and I'm sure there are some not so good brokers on this site. As to which is which and if you want to use them - only you can decide that ! .

payless

but I did ask at the outset whether if we paid a fee, they could access more mortgages nd was told no

maybe no access but certainly could research / report on more

Conrad

I agree, nobody straightforward needs to see a broker. Simple enough to do some online research and apply direct.

Robert_Sterling_3

Perhaps you would be better off asking what the best deal is at MSE.

dunstonh

were you obtaining advice on an independent basis (full whole of market advice) or whole of market basis (limited to deals only available to brokers) or through a tied agent (limited panel)?

Cashpig74

Hey, you're in good hands on here - everyone on here is an expert and its all for free !!

PLEASE NOTE: "free" advice is often the most expensive.

Good luck.

payless

Cashpig74 wrote: »

Hey, you're in good hands on here - everyone on here is an expert and its all for free !!

PLEASE NOTE: "free" advice is often the most expensive.

Good luck.

actually agree with you on this one - always look at how someone is being paid... whether its commission or fee