mortgage advisors(how do you tell good from bad)

jermyn

absolutebounder wrote: »

If they are charging a fee they are ripping you off. if you are remortgaging it is likely to be bad advice at present.

Mmmmm! :eek: this is getting to the core ofthings now. This forum thingy is really quite:cool:.

absolutebounder

jermyn wrote: »

Mmmmm! :eek: this is getting to the core ofthings now. This forum thingy is really quite:cool:.

Are you buying or remortgaging and do you have a bad credit history or need to self certify?

jermyn

just a straight remortgage and our credit history is A1

absolutebounder

jermyn wrote: »

just a straight remortgage and our credit history is A1

Its likely to be bad advice then.Most products coming to the end of their fixed or discounted rate go on to either a tracker or standard variable rate both of which are likely at present to be lower than anything you can sensibly remortgage to after you factor in the fees.

jermyn

Its likely to be bad advice then.Most products coming to the end of their fixed or discounted rate go on to either a tracker or standard variable rate both of which are likely at present to be lower than anything you can sensibly remortgage to after you factor in the fees.

looking on-line i see this is true but i do like a bit of fixed rate comfort, although he was talking 10 years of comfort a bit above what i'm already on. What does the grand master mr Lewis feel about 10 year fixed

dunstonh

If they are charging a fee they are ripping you off.

No they are not. To be an independent mortgage adviser you have to charge a fee. Any commission that is received is refunded or used to offset the fee. It is the only true whole of market classification and can end up cheaper than the normal whole of market advisers that only look at mortgages that pay a commission.

if you are remortgaging it is likely to be bad advice at present.

Again, incorrect. Fixed rate deals are starting to get more expensive now with fears that long term rates are going to rise. So buying a long term fixed rate now could save a lot of money in the long run.

I wont comment on the other points about this company as there is a duplicate thread running and a board guide/mod will probably combine the two threads soon.

jermyn

going back to the beginning maybe i got it wrong slightly their wesite doesn't mention being independent

dunstonh

jermyn wrote: »

going back to the beginning maybe i got it wrong slightly their wesite doesn't mention being independent

Personally, I wouldnt use them. They are tied reps of an insurer and you should never used tied reps. Salesforces just dont go well with decent financial advice. FOS complaints stats back that up as well.

You want them to be whole of market or independent in all categories (noting that general insurance isnt technically possible to be whole of market as advisers are not brokers but intermediaries. So a large panel is what you normally see quoted in the key facts document).

jermyn

Blimey dunstonh you're a busy bee i've been following another thread about mortgage advisors and your replying like crazy there too. But just to recap this company are tied for life insurance and mppi but offer whole of market on mortgages and as stated before charge a max of 2.95% fee or £2995 which ever is the lower and they will retain any commission received from a lender. this equates to £1500 in my case. it does sound alot to me when i see £500/600 being talked about.

dunstonh

it does sound alot to me when i see £500/600 being talked about.

me too. Anything from fees free (if you dont mind being restricted to commission paying mortgages only) to £750 (with commission offset/refund) is your ideal territory.

It can depend on your area too. In my area, a common mortgage pricing model is to charge £100 or thereabouts because house values are so low and mortgages are as well. A £75,000 mortgage would pay £225 commission typically and thats not a lot. Whereas a city location may have larger mortgages and get a greater commission and there is no need to charge on top. In your case, you may find an independent mortgage adviser is the best option as they only charge a fee and would refund/offset the commission against the fee as well as getting the comfort of knowing it will include non commission payers (who at the moment are typically offering the better deals - not always that way but is at the moment).

Blimey dunstonh you're a busy bee i've been following another thread about mortgage advisors and your replying like crazy there too.

Im a qualified typist. I can turn out a post in seconds. Plus I mostly sit in the office nowadays doing reports and research and use the board as break between them. I let my staff do the running around nowadays. Suns out, windows are open and the seagulls are quiet and everything is good today