Mortgage Broker recommendations?

ManicMum

Hello Moneysavers

Just wondered if anyone can recommend a good mortgage broker? I do not want to pay a broker's fee. I am not knocking brokers and sure they do a fantastic job but what with the application fees and changing mortgage every 2 or 3 years it seems pointless paying a hefty broker fee on top of those too. Would just seem like wasn't saving anything.

I live in Scotland, if that makes any difference! I don't know if its feasible to arrange a mortgage by phone. Do they have to come and see you or you them?

thanks for that.

Peelerfart

Manicmum , are you asking us to recommend a good broker who will work hard and try his best for you but knows he/she isn't going to be paid ?

ManicMum

I have never paid a fee before. The IFAs I have used before have never charged as they told me they get commission from the company they recommend. and they were whole of market. SOme brokers work on a fee basis and some work on a commission basis. If some IFAs work on commission only and I wish to use that type of service, then I think that perfectly reasonable. They are still getting paid.

absolutebounder

Google "no fees brokers"

kidcat

ManicMum wrote: »

Hello Moneysavers

Just wondered if anyone can recommend a good mortgage broker? I do not want to pay a broker's fee. I am not knocking brokers and sure they do a fantastic job but what with the application fees and changing mortgage every 2 or 3 years it seems pointless paying a hefty broker fee on top of those too. Would just seem like wasn't saving anything.

I live in Scotland, if that makes any difference! I don't know if its feasible to arrange a mortgage by phone. Do they have to come and see you or you them?

thanks for that.

I recently arranged my friends mortgage over the phone entirely, i read through all the information on here then went with london and county mortgage brokers, they didnt charge a fee and were very good, they guided me thru the whole process and got her a deal that she is really thrilled with.

koexelek

kidcat wrote: »

i read through all the information on here then went with london and county mortgage brokers, they didnt charge a fee and were very good, they guided me thru the whole process and got her a deal that she is really thrilled with.

I'm sure they must pay this site a back hander for all the free advertising they get

dunstonh

Fee option could well be cheaper than fees free.

ManicMum

dunstonh wrote: »

Fee option could well be cheaper than fees free.

Hi Dunstonh

I know you have some background in this industry. Could you elaborate a bit more on that statement.

Thanks

ManicMum

To all the posters, thanks for suggestions. I really appreciate your help

dunstonh

ManicMum wrote: »

Hi Dunstonh

I know you have some background in this industry. Could you elaborate a bit more on that statement.

Thanks

If you go with commission option, the premium will be higher to cover the cost of the commission. However, the premium over the term will actually be quite a bit higher than the commission paid as the provider keeps the money after the commission has been paid.

If you go with fee option, you pay a fee to begin with but the premium will be done on nil commission basis and that will make it lower over the term. That saving could be more than the fee and cheaper than commission basis.

Many of the "discount brokers" dont take all or some of the initial commission but do keep the renewals. So, they are not on the absolute lowest price possible. Whereas fee basis should be.

unite79

If you have used IFAs in the pas that dont charge and you have found good - Why not try them!