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Do you pay for using a "fees free" Mortgage Advisor?
b0rker
Posts: 479 Forumite
I was thinking about this today.
Obviously you have fees free MAs (FFMA) who take their commision from the mortgage provider. When you use a fees free MA does the mortgage provider pass that fee back onto the borrower in some way? Or can you use a FFMA to get the best deal for you and still avoid being charged for their fee using some inventive charges? Say like you use a FFMA and the provider will be paying the FFMA say £500 for being the middle man. Obviously if you did not use the FFMA then the bank would not lose out on the £500. Surely the bank needs to make up that £500 somehow? Who are they going to make that back from but the borrower? Or mabye using an FFMA just puts up everyones fees in the long run as the bank will maybe not be so obvious as to make money directly from the person who used the FFMA (say by adding on some charge or something) but they will take it into account when setting their arrangement fees etc?
Any opinions?
Obviously you have fees free MAs (FFMA) who take their commision from the mortgage provider. When you use a fees free MA does the mortgage provider pass that fee back onto the borrower in some way? Or can you use a FFMA to get the best deal for you and still avoid being charged for their fee using some inventive charges? Say like you use a FFMA and the provider will be paying the FFMA say £500 for being the middle man. Obviously if you did not use the FFMA then the bank would not lose out on the £500. Surely the bank needs to make up that £500 somehow? Who are they going to make that back from but the borrower? Or mabye using an FFMA just puts up everyones fees in the long run as the bank will maybe not be so obvious as to make money directly from the person who used the FFMA (say by adding on some charge or something) but they will take it into account when setting their arrangement fees etc?
Any opinions?
0
Comments
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Nothing is free !!!!
P.S. That'll be £ 15.25 please'In nature, there are neither rewards nor punishments - there are Consequences.'0
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