using mortgage processing sites to get cashback on your mortgage - any good?

mgmarkgreen

hi,

i am looking at processing a new mortgage application through https://www.moneybackmortgages.com upon where i will receive a cash sum back for going through them for my mortgage. i know exactly which mortgage i want from the options and it best suits my needs.

my broker (at London and Country) says it is my decision which route to choose but that L&C offer more after sales service and can deal better with the lenders questions if any arise; is this just sales talk to get the commission?

my thread is to find out others views and experiences on these 'mortgage processing' sites. are they more hassle than they are worth? does it take longer to get the mortgage? if you come up against a problem (i have a good Credit history so don't expect too many complication from that) can you normally fix it yourself? do you need an after care service from a broker? is it worth going for them to save a couple of hundred quid?

any moneysavers experiences would be appreciative,

thank,

Mark.

coralvb

I have just successfully completed a re-mortgage with money-back mortgages
and found their service quick, efficient and helpful and i got a nice littlecheck as my half of the commission about three weeks after completiion. I would definately use again.

danjberry

that look quite good, im in the process of sorting out my dads mortgage so will give it a go going through them. have you decided to go through them mark?

UK007BullDog

I have not looked at their website, however it looks like a non-advised service which means......

That if you suddenly find that the mortgage you chose is not the right one for you and you get into trouble paying your mortgage for example you have no right to any compensation in the future, i.e. no "mis-sold" claims.

PoorDave

Do they give the same range of products as the rest of the market?

I am always sceptical of any mortgage with no/low fees to start with, as it tends to mean they're fleecing you on the rate later, so if they're giving me money, that raises my eyebrows further!

danjberry

they are not a lender so it is not down to them what rate you get. it is up to you to decide the product and all they do is split the proc fee with you

payless

You may find some "normal" brokers" will do this also- especially on larger cases-
( effectively flat fee based with a total commission rebate)

they might even do it and give advice as well

zag2me

coralvb wrote:

I have just successfully completed a re-mortgage with money-back mortgages
and found their service quick, efficient and helpful and i got a nice littlecheck as my half of the commission about three weeks after completiion. I would definately use again.

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