Martins View On Using Mortgage Brokers...

Unbiased_2

A point on fees as a "True Whole of Market" broker I do charge a fee it's how the fee is charged that can be essential.

No upfront fees in my view should be paid. I charge only on Completion of the mortgage and the work it takes getting you the right mortgage for your circumstances it is quite a fight behind the scenes you have many FSA requirements to follow and lenders not playing fair. Its not just about cost its about the quality service and the long term strategy of planning the right advice and product for each individual client. Accountants charge a fee Solicitors charge a fee.You are paying for a good advice service not just a sale.. Remember when you go to a bank you are getting a Non Advised Service with no compensation scheme in place. My incentive is to get you the right mortgage because I charge a fee on completion I get paid for a job welldone. Commissions don;t play a part in the advice process. A compliant Mortgage sale should be researched documented and justified by your broker in a letter of suitability to clarify the advice. Basically no mortgage no fee. I believe in being the true broker to my client that is you call me I make the phone calls to the solicitor the estate agent the lender and facilitate your needs. Everyones mortgage broker is the best in the world of course they got you what you wanted? I ask this question: Would the broker be the best in the world if they said you could not afford it and turned you away?

dunstonh

Everyones mortgage broker is the best in the world of course they got you what you wanted? I ask this question: Would the broker be the best in the world if they said you could not afford it and turned you away?

And this is why picking on the mortgage brokers is a tad unfair. (only a tad).

Historically, the best mortgage broker was seen by the public as the person who could get you a mortgage. I have heard it said by many good mortgage brokers who told clients they couldnt get a mortgage that the same person came back to them later to say xyz mortgage broker down the road got them a mortgage and that made him/her better than you. The honest broker was perceived by the public to be not as good as the dishonest one.

JolantaVD

[FONT=&quot]Just had a bad experience with the Carrington Carr home finance. I was looking to remortgage my house and they've contacted me. They have presented me an option which looked very nice, but when I've checked all the details myself it appeared that I was very much misinformed. I was given wrong details about a product that they’ve found for me. Good job I've managed to stop everything in time.[/FONT]

frankw5

"Would the broker be the best in the world if they said you could not afford it and turned you away?"

The thing about charging a fee up front is that you get rid of time wasters. In my brief time giving mortgage advice, there were a few people that disappeared off the face of the earth!

Captain_Chaos_2-2

Unbiased sounds a little biased to me. Dont discredit the advisor in the banking hall any banks offer advised service i am one of them rather a bold statement suggesting you wont get an advised sale in the bank with no compensation scheme.

However on the other hand I agree brokers should charge a sensible fee for their services because of the amount of background work involved the customer is often very well hidden from the turmoil us advisors have to go through to get the job done.

Hauzen

Does anyone have any recommendations for mortgage brokers in the Glasgow area?

doctordaisy*21

A mortgage broker has found me a mortgage deal but the stinger for me is that their standard fee is £2,995 and on top of that the building society will also charge me £995.
The £2,995 charge apparently gets me financial advice for the next 25 years which includes them regularly reviewing things like my utility suppliers, insurances, credit cards etc. The deal he has come up with is a three year deal and it will give me some extra cash to pay of debts and do some home improvements but I'm really finding it difficult to justify the £2995 fee...has anyone else had experience of a broker that provides this sort of service and has it paid off for them?

Paul_Herring

which includes them regularly reviewing things like my utility suppliers, insurances, credit cards etc

Those are the sorts of things you can do by yourself.

Did they mention things that you can't easily do, like (say) re-mortgaging, or will that have to be paid for when it happens? (In three years from what you've just said.)

herbiesjp

doctordaisy*21 wrote: »

A mortgage broker has found me a mortgage deal but the stinger for me is that their standard fee is £2,995 and on top of that the building society will also charge me £995.
The £2,995 charge apparently gets me financial advice for the next 25 years which includes them regularly reviewing things like my utility suppliers, insurances, credit cards etc. The deal he has come up with is a three year deal and it will give me some extra cash to pay of debts and do some home improvements but I'm really finding it difficult to justify the £2995 fee...has anyone else had experience of a broker that provides this sort of service and has it paid off for them?

Please get a second opinion from another broker

A £2,995 fee is scandalous - depending on your scenario, you may find a fee free broker or one that will charge a far lower fee

I'd like to see them justify that fee

Do not sign any paperwork and please please please go elsewhere

cara.smith

Thanks for informative information