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Broker cost inqury - For FTB
Bordeaux_2
Posts: 4 Newbie
Hi
Please anyone advise me whether it is reasonable or not.
I was offered the cost from one of broker as following:-
Solicitor Fee : ￡590 + VAT
Brokerage Fee : 0.8% of loan(Only payable on mortgage offer)
Valuation Fee: About ￡350.00
Local Search : About ￡200.00
Land Registration Fee : About ￡250.00
Stamp Duty : 1% Upto ￡250000.00, 3% Upto ￡500000.00
I would appreciate your feedback.
Thank you very much in advance.
Please anyone advise me whether it is reasonable or not.
I was offered the cost from one of broker as following:-
Solicitor Fee : ￡590 + VAT
Brokerage Fee : 0.8% of loan(Only payable on mortgage offer)
Valuation Fee: About ￡350.00
Local Search : About ￡200.00
Land Registration Fee : About ￡250.00
Stamp Duty : 1% Upto ￡250000.00, 3% Upto ￡500000.00
I would appreciate your feedback.
Thank you very much in advance.
0
Comments
-
You will find many fee free whole of market lenders that will be able to do your mortgage without charging you the 0.8% brokerage fee
On the mortgage of £220k that would be a fee of over £1700!I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, 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 -
Thank you herbiesjp.
I still have one more question.
I was advised that Broker can make my borrowing to be higher or
Mortgage interest rate to be lower.
It means there are some of broker could find good product for me, even we should
have to pay for the Brokerage Fee.
I am still confusing what is the best way.0 -
A whole of market mortgage adviser will get you the mortgage amount you want at the best deal possible for you.
This wwould be the same whether or not you find an adviser that you have to pay a fee to or not.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, 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 -
A broker can do those things. However you can easily get those from a broker that doesnt charge 0.8%I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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I would consider using a fee free broker as they will offer you the same deal without the comission charge. L&C also provide fixed cost schemes so you can see the cost of the move upfront:
http://www.lcplc.co.uk/Purchase_Template_1.aspx?id=1:27239&id=0:21992
It may also be worth considering one of these to reduce your costs.0
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