Martins View On Using Mortgage Brokers...

lovely_lucre

Hi, Mortgage Mamma,
I have worked out that I need approx 10k I have already saved 15k in a very short time. I have roughly 6 weeks to get the dough, which I'm fairly confident I can get, as I'm self-employed and are on target! but just in case I don't make it!:eek:

manrow

If an adviser is asking for a fee as well as commission then he is lining his own pocket and still may not be offering you best advice since is potentially influenced by the commission?

homer_j_3

no adviser should be influenced by commission and the arguments that have and will be posed around fee free/charging etc will be going on forever and a day.

The reality is that it is plausible for an advisor to be driven by commission and whilst most will not, you do get people doing this. Where a broker charges and keeping the commisison, I believe they should just wear the stripey jumper and mask as the advice you receive will often be of no better quality than those who are free or charge and refund commission

dunstonh

manrow wrote: »

If an adviser is asking for a fee as well as commission then he is lining his own pocket and still may not be offering you best advice since is potentially influenced by the commission?

Whilst I dont agree fully with the fee and commisison principle (although an agreed fee in advance which can be offset with commission is fine), it isnt fair to say what you said.

In some areas the value of doing a mortgage is low and a fee may be needed to actually turn a profit.

Dan_Collins_2

This thread will never end!

electromagnet

Dan_Collins_2

What a broker earn money! No way how rude of him!!

Why is it that nobody ever questions accountants or Solicitors earning and if they justify it!?? They are always falling short in the service department!

manrow

Well I paid a fee of £275 and rapidly they completed the forms for me on computer and they came up with the best deal for my age group which I did not know had been available.

Potential saving is huge in this case.

gratefulalive

thanks martin,

while on jeremy vine you mentioned two mortgage brokers - charcoal and london??. what was the second broker's name. Are there any other WoM and no fee brokers that you can point out.

thanks

dunstonh

Are there any other WoM and no fee brokers that you can point out.

Thousands all over the country.