Broker's "Lifetime Fee"

Dan_1976

You have to think though, brokers are working harder for less. Lenders are pulling out of offers and generally being tight.

They all want to lend less than last year. All the broker is doing is making a living. I think my advice was worth a one of fee like that. Its just a littl different to the non fee chargers.

ALthough I think Ian has made the most valid point, in a few years you may all be paying or charging fees.

Ian_Griffiths_Halifax

I was in a bit of a rush earlier and should have added that the £295 fee is a good price. It's just that the OP should be prepared to expect that the broker either won't be around due to not being able to afford to service the clients for free, or to expect that they'll need to pay fees again in the future.

The broker may be totally honest in expecting that he'll be able to service them for free on an ongoing basis, but that just tells me that he isn't very experienced and isn't prepared for what is likely to happen in the future.

fdl8

Thanks everyone for your help and advice. Hopefully you can give me some more!

I have found a deal with Barclays/Woolwich offering a 3 year fixed rate of 3.89% on a 50% LTV. Following the 3 years, the rate would be 1.49% above base rate. For budgeting purposes, it is very important to me and my girlfriend to know what we are paying for the first few years and to me this seems to be the best deal for us... however, the aforementioned adviser (who has now waived the £299 fee) has said that Woolwich take an unbelievably long time to finalise things which could affect our purchase. Has anyone else had any experience of Woolwich being too slow?!

Thanks again!

unite79

Woolwich are Incredibly slow, via brokers.

koexelek

unite79 wrote: »

Woolwich are Incredibly slow, via brokers.

Every broker's heart sinks when a Woolwich deal comes top of the research.

fdl8

Does this mean they are quicker to work with direct? If they are the best deal available to us, then I would be reluctant to take anything else.

koexelek

fdl8 wrote: »

Does this mean they are quicker to work with direct? If they are the best deal available to us, then I would be reluctant to take anything else.

I will only deal with Woolwich if there is no sence of urgency. If there is, I'd rather send the client direct I might lose a commission payment, but i won't lose the respect of the client.

I've been let down too many times by the Woolwich over the years.

On occassion, I have said to a client that athough Woolwich have the best deal, if it was me personally, I would not risk it, as they are slow.
I say that I might recommend the next best lender ( nationwide for example), who would pay me exactly the same commission, but have a far better service.
Most clients will take my advice, but the odd one has insisted on using the Woolwich, then subsequently vented their anger on me when things have gone through at snails pace.
So from now on, if a client wants a Woolwich offer in a hurry, they can do it themselves, or via another broker.

fdl8

Thanks for the info both, that's really helpful!