Mortgage commission rebates

puppypower_2

Hi there - has anyone getting a new mortgage had any experience using http://www.money-share-mortgages.co.uk They claim to offer 10% commission cashback with an additional 3% going to charity. The website looks a bit amateurish and is only copyright 2004...

I have tried http://www.mortgagegenie.co.uk and they confirmed that they are only currently giving 50% rebates to remortgages not new mortgages (although they have plans for this.).

Any one know of any other sources? I have found a mortgage product that I like and just want to get the best deal!

Thanks

homer_j_3

I know over a hundred sources where you can get mortgages from, they are called lenders and brokers.

If you have found a product you think you like and is the perfect one, just make sure you dont have to pay for a broker and find one who will work execution only - i.e. just process the app or go direct yourself.

if cashback is your thing then you seem to have found 2 places that will give you this, so use one of them.

I think this board is for specific issues re mortgages and borrowing not a referalls board. Follow Martins mortgage guides to see how to source a broker. Sorry if this has come across a bit direct.

puppypower_2

Homer_j

thank you - but I have already gone through the process that you mention and have used the 'tips' to select the mortgage product that most suits my situation - what I am looking for is further moneysaving advice on getting rebated commission (not cash back from the lender) whereby the commission payment is split between myself and the broker that I choose to use to procure the mortgage on my behalf. If I go direct to the lender, they keep all the commission (or more likely the specific branch/online unit) and I don't save any money...

Direct is fine!

payless

as they say
"We don't pretend that £30 (based on the above example) will change your life.."

hey its better than nothing, but have seen others that offer more- even on purchase .

Again suppose I would say better to forego this amount if you can find someone that has been recommended ( or you speak to and are happy ... it might even be them !)

also ensure youy are happy with any extra products they sell you
-

Brokers on here ( from those that give back / no fee/ or even charge an extra fee) will tell you that they like to add value to a transaction , I would say difference in this added value can be worth hundreds or thousands of pounds , so £30 is a drop in the ocean ... however if you feel they are giving all of this and £30 ( and you can't find more) then why not ...

note the mentioned site is an introducer to a larger IFA salesforces

stanmoresaver

So let me see if i have got this right.

For £30, you are happy to take out the probably the biggest financial commitment you ever will on an "execution-only" basis and forego both any professional advice and redress if things aren't 100%..???????????? This financial commitment's cost may well run into six figures.

payless

See where you are coming from ... ( although actaully think deal is on an advised basis)

puppypower_2

Yes I did the Martin's Moneysaving thing and went through L&C first to find the best product for my circumstances and then was looking on how to 'finesse the deal' - which lead me to the rebate option and I found the moneyshare site - couldn't find any others that offered something for me as a first time buyer (actually between houses).

This would be my 4th mortgage and I don't really think that any of the IFA's that I have used do much more than trawl databases to find the type of product I am asking for, I guess I am lucky to have a firm financial foundation.

Thanks for your comments - if you know of other specific mortgage rebate sites please let me know - it seems odd that first time buyers don't get this option only remortgagers - perhaps this is due to the higher risk profile of 1st timers and the likelyhood that the intermediary may do a lot of paper pushing and end up getting nothing if the mortgage is not approved.

stanmoresaver

stanmoresaver wrote:

So let me see if i have got this right.

For £30, you are happy to take out the probably the biggest financial commitment you ever will on an "execution-only" basis and forego both any professional advice and redress if this advice is'nt 100%..???????????? This financial commitment's cost may well run into six figures.

payless wrote:

See where you are coming from ... ( although actaully think deal is on an advised basis)

Thanks PL!!

:doh: