Moneybackmortgages.com

reluctantFTB

Anyone used these guys from https://www.moneybackmortgages.com to get their mortgage? This site is recommended by Martin but I can't find much info if people are actually using it and if it does what it says on the tin?
We know which mortgage we want as we spoke to some advisors already and they can't get us better deal if going through them.

Any feedback would be appreciated

Thanks

reluctantFTB

There are also couple of others I found, so if you used https://www.quoteme4.co.uk or https://www.mymoneymortgages.co.uk or https://www.godirect.co.uk we'd really appreciate your feedback and advice

Thanks

koexelek

A lot of the best deals these days are only available direct from the lender, and no brokers will have access to them

Conrad

Complain to the FSA - thier website is misleading - with claims they can offer you the best schemes, but this nis untrue as the best schemes pay mno commision and are direct to lender only!

reluctantFTB

koexelek wrote: »

A lot of the best deals these days are only available direct from the lender, and no brokers will have access to them

I appreciate your opinion but in our case I have checked with pretty much any lender that's available out there, some direct, some through broker.. and some that do the same deals direct and via broker. And the deal we want to take is the same whether you go direct or through the broker, the only difference is that broker gets commission, whereas direct there's no such thing.
So my question was about these specific websites/brokers that Martin has recommended in one of his articles that can submit your application as a broker would, but the commission they get is shared with you. So win win situation - I only need feedback from people who have actually used it to see if it is all it claims to be?

reluctantFTB

Conrad wrote: »

Complain to the FSA - thier website is misleading - with claims they can offer you the best schemes, but this nis untrue as the best schemes pay mno commision and are direct to lender only!

Huh? Not always true - as I mentioned some deals that are available direct are also available through the broker... So in effect they are not really claiming anything more than what most of WOM brokers are claiming. The truth is, there will always be some deals that you can only get direct, so we need to do our homework in order to get the best one.
But I thought that the idea of "half" price broker, which in effect these people are would be more appreciated on moneysavingexpert forums?

As Martin says:

Do it yourself and get cashback
If you really know your mortgage onions, then it is possible to forgo using a broker for advice. Instead, if its a deal that pays brokers commission, you can get the money it earns put into your own pocket.
A few websites allow you to do this, and there's not much between them.

• Moneyback Mortgages
  The easiest of these to use is MoneyBackMortages, which has whole of market coverage, and pays 50% of the commission it earns as cashback. This usually comes to between £100 and £300 per £100,000 of mortgage, and there's a calculator on the site to show how much you'll get.

The best practice if you want to try this is have a look on all three sites, and go with the one paying the most. Yet remember this is ONLY for the very money savvy, who know and can identify exactly the right mortgage for themselves. Do remember...

...for most people, a broker’s weight on your side for £100,000s worth of mortgage transaction’s worth more than a few hundred quid cashback.

The more loophole savvy of you may have worked out that you could of course go to a fees-free broker (or even a fee broker as long as the fee isn’t paid until transaction), then process its recommendation via a cashback site.
This is a balance of ethics and practicality. By doing this you have taken the broker's time but not allowed it to be recompensed for the advice by gaining a fee. Overall, it's likely you'll want to stick with the broker who gave you the best advice, but the option to cut the cost is always there.

Hm?!

Lookingforadeal

Hi,
I used moneybackmortgages to arrange 2 new mortgage deals for me nearly 2 years ago. One was a buy to let deal (on the house we were moving from but couldnt sell!) and one was a standard repayment on our new property. The service we got was brilliant, and the 2 deals recommended to us were the same as the 'best on offer' from the estate agents broker. True to word we were paid half the commission earned (which came to about £800) and I didnt have to put up with the hard sell for insurance products which the local broker kept bothering us with!! All in all, a good experience and I would definitely use them again/recommend them to others. For the record, I also approached independent 'whole of market' brokers and checked numerous websites, but couldnt find a better deal elsewhere.

bbruce

I used them about a year ago and found them far more helpful and knowledgeable than the well known no - fee brokers.
I was delighted with them and posted on this thread:
https://forums.moneysavingexpert.com/discussion/comment/30932703#Comment_30932703

doreen0878

i found this company through the MSE site and have used them several times and received cashback in excess of £1000 for the effort.

the process is painless and simple , equating to arranging your mortgage over the phone directly with the mortgage company.

In my opinion and experience, the mortgages (I'm a landlord and own a few properties) went through, quicker than with a broker and the cash back was received equally as fast.

The customer services were efficient and I will definitely utilise them again when needed.

raddens

I used them about a year ago and they were really helpful. Would definitely use them again.

dunstonh

I'm always suspicious of people that sign up and make one post that is in support of a particular company.