Mortgage advisor - obligation to pay

actresskat

Hi, we've used a mortgage advisor to find a good deal. He actually came back with a mortgage we already had on our list which we can apply for direct. Key Facts states the mortgage advisor fee is not chargeable until a mortgage application is made. Sure it's not very nice...but am I under any obligation to pay the mortgage advisor's fees even if I go for the same deal he's recommending but direct through the bank instead. Many thanks for your help and suggestions.

actresskat

Hi, Just to let everyone know that it's perfectly legal to do. We've haven't signed anything and we even phoned the FSA and they confirmed it. So we've saved some money and gone direct with the bank instead. Hope this helps anyone else looking at this post.

VIGILANT22

and do you feel good about the fact someone has visited you, done the research etc and you have felt "smug" about posting this...You know life has a funny way of biting you back when you least expect it!...and then people think why??

dianah

my financial advisor was free - they get commission from the mortgage lender rather than charging you. this is on the isle of man though (different regulations).

LuluBlue_2

It's a lucky thing that the mortgage advisor doesn't have bills to pay or a family to feed.

Usually they get paid a commission from the mortgage lender rather than you paying them a fee.

new_home_owner_3

VIGILANT22 wrote: »

and do you feel good about the fact someone has visited you, done the research etc and you have felt "smug" about posting this...You know life has a funny way of biting you back when you least expect it!...and then people think why??

Its a money saving website, so why knock the person they have saved money, or is that you are a mortgage advisor, every other post your recommending people to see a whole of the market broker, touting for business are we?????

new_home_owner_3

LuluBlue wrote: »

It's a lucky thing that the mortgage advisor doesn't have bills to pay or a family to feed.

Usually they get paid a commission from the mortgage lender rather than you paying them a fee.

We have exclusive deals that you can not get direct, thats all you hear of mortgage advisors, they maybe exclusive to them, but most of them will only show you the ones they get the greatest commision on, which might be the worse deal for you.

They remind me of when you used to buy shoes and they used to sell you the polish which apparently was the best polish for them particular shoes, but it was about 3 times more in cost than any normal polish..

amersall

i had a mortgage adviser sent to me for free by the estate agent, i got a better mortgage deal than the ones he came up with, i also saved 120 a month on my mortgage payment. if you can save money then go for it. we all have bills to pay and mouths to feed, and i would not hesitate to do the same again

ILW

actresskat wrote: »

Hi, Just to let everyone know that it's perfectly legal to do. We've haven't signed anything and we even phoned the FSA and they confirmed it. So we've saved some money and gone direct with the bank instead. Hope this helps anyone else looking at this post.

Hope you feel the same when your employer decides to not pay you for the work you have done. Glad you take pleasure in ripping off someone who is trying to make a living. I truly hope it all goes wrong and you lose a fortune.

amersall

VIGILANT22 wrote: »

and do you feel good about the fact someone has visited you, done the research etc and you have felt "smug" about posting this...You know life has a funny way of biting you back when you least expect it!...and then people think why??

"my research" took all of 30 minutes on the net and phone, there are only so many deals you can get, and there is nothing wrong in saving money is there?

morg_monster

ILW wrote: »

Hope you feel the same when your employer decides to not pay you for the work you have done. Glad you take pleasure in ripping off someone who is trying to make a living. I truly hope it all goes wrong and you lose a fortune.

Why should they pay someone who's found the exact same deal they already found through their own legwork?
I appreciate your point if the first time they were aware of the deal was through the broker, and then went direct - that is pretty low, but if they had already done some of their research and already knew about it...