Mortgage advisor - obligation to pay

ILW

morg_monster wrote: »

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...

If you had already found the deal for yourself, why take on a mortgage advisor?

new_home_owner_3

ILW wrote: »

If you had already found the deal for yourself, why take on a mortgage advisor?

Because all mortgage advisors especially like yourself will use the line, its no harm in speaking to us, its not going to cost you anything, and we have got some exclusive deals that may interest you that are only exclusive to us.

we have all heard it, if you say it doesnt cost you anything to listen to them and then they get all aresy like yourself when you dont have a deal with them, if thats the case they shouldnt say it in the first place.

morg_monster

exactly what he said. brokers claim they can get a better deal; if they can't, why pay them?

ILW

new_home_owner wrote: »

Because all mortgage advisors especially like yourself will use the line, its no harm in speaking to us, its not going to cost you anything, and we have got some exclusive deals that may interest you that are only exclusive to us.

we have all heard it, if you say it doesnt cost you anything to listen to them and then they get all aresy like yourself when you dont have a deal with them, if thats the case they shouldnt say it in the first place.

Was this the case though, or was the agreement that the OP was paying for advice?

ILW

new_home_owner wrote: »

Because all mortgage advisors especially like yourself will use the line, its no harm in speaking to us, its not going to cost you anything, and we have got some exclusive deals that may interest you that are only exclusive to us.

we have all heard it, if you say it doesnt cost you anything to listen to them and then they get all aresy like yourself when you dont have a deal with them, if thats the case they shouldnt say it in the first place.

I am not a mortgage broker, just don't like to see people not getting paid for work they have done.

LilacPixie

I have a mortgage adviser, he has found us a deal we are happy with, he gets paid commission by the lender. We could apply for this deal direct but we wont. My reasoning is this. OH has debt and bonuses so by no means straight forward, I do not have time chasing up things, calling lenders, printing out various bits to be handed into branches during working hours. My adviser is happy to come collect that from us at our current home if needed.

Basically I think allowing an adviser to claim commission and saving me stress and hassle is well worth it.

Estate_Agent

morg_monster wrote: »

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...

As an ex mortgage broker I actually agree with the OP. There is a chance in any line of business that you will do a degree of work which you will not get paid for.

It may only have taken thirty minutes of work to find the deal, but the real work is when the recommendation is accepted. Pushing a mortgage through to completion is not just a case of the client signing to accept the proposal. I used to deal almost exclusively in sub-prime and would allocate about twenty hours to each case. That is what you are paying the broker for. either by way of a fee or by the broker collecting a commission.

If you have already found the deal, then well done you. You've just had your findings confirmed by someone else.

new_home_owner_3

ILW wrote: »

I am not a mortgage broker, just don't like to see people not getting paid for work they have done.

A mortgage advisor is basically salesperson, who shows you products if you chose one of their products they get commision, otherwise you pay a fee for their advice if you use them.

They are like window, car,blinds, driveways and conservatory sales people, its your choice if you use them and they are only supposed to show you what they can offer, if they want a job where they get paid for the actual work they do, they need to choose a different career.

ILW

new_home_owner wrote: »

A mortgage advisor is basically salesperson, who shows you products if you chose one of their products they get commision, otherwise you pay a fee for their advice if you use them.

They are like window, car,blinds, driveways and conservatory sales people, its your choice if you use them and they are only supposed to show you what they can offer, if they want a job where they get paid for the actual work they do, they need to choose a different career.

If this was the case then the OP should pay. If not I would not have thought the advisor would even be asking for any payment.

Squish_21

Well done for saving money! Mortgage Advisor didnt find you a better deal than you already had in mind.