Mortgage Advisors fees

monkeymonkeyrarara

Hello,

Its the stage now where I stop messing about and take the plunge!!

I've been visited by a mortgage advisor who IS all all of market, and has found me a couple of decent looking deals.

Upon completion, I will have to pay him a £300 fee. Just wanted to find out if you think this is exorbitant, or the going rate??

Many thanks.

lynzpower

you should look for a fee free all of market broker, I used alexander hall.

they get paid form the lender, not you. So you get the best deal, but the abbey in my case paid them, not me

HTH

silvercar

There are mortgage advisors, who are whole of market, who don't charge a fee.

What have you got for your money? A deal that is better than you could probably find; the reassurance of someone who knows what they are doing checking your circumstances and ensuring the product is right for you; liability for errors; someone who has spent their time and expertise making sure you get the best deal.

If the question is, have they saved you more than £300 (if you had arranged the mortgage yourself) the answer is probably yes. And they have liability for their recommendation - you don't.

If the question is, could you have found a fee free whole of market advisor, to do the same work the answer is quite possibly.

But having found the advisor, who you trust and are happy with, I would tend to consider it £300 well spent.

clutton_2

i agree with silvercar

AndrewSmith

Agree with Silvercar,

Whilst there are fees free brokers, of which I am indeed one, I also feel that if you are comfortable with the advice and service you have received from the chap who has visited you then I do not see £300 as extortionate.

A lot will also depend on the mortgage amount as the broker is paid a commission based on that. If the mortgage you are arranging is quite low then he may have to charge a fee out of necessity to cover his own costs.

Andy