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Mortgage Broker charging £750
savt
Posts: 7 Forumite
I have contacted a mortgage broker to help me find a better deal. However they r going to charge £750 for completion of the mortgage is this a bit expensive?
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Comments
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I'd say yes. There are plenty of non-fee charging brokers out there.What did I do at work before I discovered MSE?!
DFD - WAS: a while ago
NOW - not sure, due to boyfriend going back to uni for masters and now pgce. Worth it in the long run!
Proud to be dealing with my debts!0 -
depends , I once charged someone £1500 ( but I did give them all the commission back - £2000 - is his fee on top of him retaining commission )
---Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
We paid ours £250...........£2 coin saver club £36 Yeah!! :j :rotfl:
Every journey begins with a single step :wave:0 -
I think you need to qualify it a bit more. It may depend on the type of mortgage, your situation, what the fee is actually for, is he refunding commission etc.
Andy0 -
Has anybody got any recommendations for a good mortgage advisor in London?0
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savt wrote:I have contacted a mortgage broker to help me find a better deal. However they r going to charge £750 for completion of the mortgage is this a bit expensive?
Isn't this question a little like "i have asked a solicitor to do some legal work"....AndrewSmith wrote:I think you need to qualify it a bit more. It may depend on the type of mortgage, your situation, what the fee is actually for, is he refunding commission etc.
Andy
Exactly- I have personally charged much more than this. It depends on the amount of work and benefit to the client.
However, if i am reading between the lines and it is a remortgage, it might be a little steep unless it's a large loan or involves using a prime lender when there are credit issues
As to brokers in London, there are a fair few!I am a fee charging WoM Mortgage broker.I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:0 -
Hiya i can recommend someone mortgage market place, very friendly, efficient and has access to whole market.....i have used them several times..number 0116 2101435 they cover whole of uk.0
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No its more like "Ive asked someone to surf the moneysupermarkets and scan The Times Best Buys".stanmoresaver wrote:Isn't this question a little like "i have asked a solicitor to do some legal work"....
Ive never used a mortgage broker....would prefer to rely on my own investigations.illegitimi non carborundum0 -
Froggitt wrote:No its more like "Ive asked someone to surf the moneysupermarkets and scan The Times Best Buys".
Ive never used a mortgage broker....would prefer to rely on my own investigations.
For one thing, the software we use is more sophisticated than that and can 'drill down' into a lender's offering in much more detail for features and criteria than is available by surfing the net or using the best buy tables!
The best deal for someone is about much more than just rate, and while you may be happy to do your own research and take hours to do what I can in minutes, not everyone is as 'savvy' as you or needs as little help as you. The service an adviser offers is also about getting the mortgage arranged quickly and with minimal chasing etc on the customer's behalf.
I could get legal information, precedent, court forms and letter templates for most legal services online, but would choose to use a solicitor to make sure it got done right and with minimal effort on my part.
If the advice the adviser gives is wrong, there is some comeback. If you have chosen wrong, you have no options for redress.
In reply to the OP, £750 on top of any commission sounds a little steep - make sure you think the service you are getting is worth it, or shop around for another (fee free?) adviser.I am an IFA (and boss o' t'swings idst)You should note that this site doesn't check my status as an IFA, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Froggitt wrote:No its more like "Ive asked someone to surf the moneysupermarkets and scan The Times Best Buys".
Ive never used a mortgage broker....would prefer to rely on my own investigations.
In which case if you have never used a mortgage broker you cannot possibly make such a comment as you have no idea of what their services involve. This is clearly demonstrated by your completely inaccurate statement above.
If it really was that simple why do you think there is such heavy government regulation and requirement for qualification to become a broker? Not to mention the level of experience needed to work for yourself.
Also bear in mind that a huge percentage of all mortgage business conducted in the UK is through brokers.
Andy0
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