Mortgage broker advice

davilown

Hi all,

I went to an IFA this moprning to arrange a detailed fact finding session, which will hopefully lead on to being to place an offer on a house.

The this session lasts about 2-3 hours (he said) and would be free. He is whole of the market, but charges a £100 fee, payable when the first mortgage application goes in. He will also take the commssion, if any, that comes with successful completion.

Does this sound reasonable or am I spending more than I have too. He's had the practice for 25 years and never advertises as he said he works by word of mouth. I tried lloking for comments online about the practice but can't find any feedback.

Any advice would be greatfully appreciated.

Cheers

Thrugelmir

He is offering to give you 3 hours of his time free with no commitment on your part to use his services. If he has been in business for 25 years then his customers would appear to feel the £100 fee is worth it.

If you require the services of a broker to source a mortgage doesn't an unreasonable way to conduct business. As upfront and transparent.

Senior_Paper_Monitor

Totally reasonable - in fact I don't think he's charging enough !

Thrugelmir

Senior_Paper_Monitor wrote: »

Totally reasonable - in fact I don't think he's charging enough !

Appears to have the good business sense not to rip customers off, knowing that they will return time after time.

Senior_Paper_Monitor

I wouldn't necessarily agree that a higher fee would be 'ripping off' - my only point was to indicate that the adviser in this case was at the bottom of the charge scale

Thrugelmir

Senior_Paper_Monitor wrote: »

I wouldn't necessarily agree that a higher fee would be 'ripping off'

Been to long in business.

davilown

Thanks for your replies - will be seeing him soon and hopefully sorting out a home for life some time very soon