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Finding a good local advisor

Darlinbud
Posts: 26 Forumite
Can anyone suggests ways to find a good local mortgage advisor?
I prefer to talk to people face to face so am looking for someone local who we can go and see (or who might come to us!!)
Have search on internet and can find companies, but how do I know which to choose? No friends or family are able to recommend one ...
Also after searching on the internet I am unsure what is a fair fee? I have been quoted from free to £2000!
Any other advise gratefully recieved!!
Thanks
I prefer to talk to people face to face so am looking for someone local who we can go and see (or who might come to us!!)
Have search on internet and can find companies, but how do I know which to choose? No friends or family are able to recommend one ...
Also after searching on the internet I am unsure what is a fair fee? I have been quoted from free to £2000!
Any other advise gratefully recieved!!
Thanks
0
Comments
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Ask friends, family, work colleagues for recommendations as that is usually the best way.I am a Mortgage Adviser
You 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 -
Also after searching on the internet I am unsure what is a fair fee? I have been quoted from free to £2000!
If you want to go fee based then you have to make sure that the adviser is independent and not whole of market. This means they will access every mortgage provider and not just those who pay commission and if they do pay commission then that offsets the fee.
Some mortgage advisers charge a fee and keep the commission and will only look at commission payers.
Basically you have three options you should look at
1 - Independent (fee based and true whole of market - no commission kept)
2 - Whole of market but will only look at commission payers. No fee paid
3 - Whole of market but will only look at commission payers. small fee paid (in areas where house prices are low and commission will be low)
There are some advisers out there that are greedy and will keep the commission and charge a really big fee (like £2000). They should be avoided.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 -
Thank you both,
Mrs Bumble, have asked friends/family etc but no one has used an advisor for many years so no recommendations there!
Are there any question I should ask, or anything else I can use to get an idea of how good they will be?
I think we would rather go with an independent advisor and pay a fee - is there a bit of a rough guide to what is a reasonable fee (I understand this will change area to area, but just an idea)
Many thanks0 -
Sorry there is no rough guide to what a reasonable fee is, every broker is a business in their own right and will set a fee at what they need to cover overheads etc. If you have a figure in your head that you are happy to pay for this advice, stick to that.
What about work colleagues? Do you have an intranet message board at work can you post on their for help searching for a good broker?I am a Mortgage Adviser
You 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 -
There are some advisers out there that are greedy and will keep the commission and charge a really big fee (like £2000). They should be avoided.
You would not need to do many cases per month based on those terms :eek: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
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