recommend a fees free independent Mortgage glasgow

scotguy70

Could anyone recommend a fees free independent Mortgage Adviser in or around Glasgow they’ve used?

Cheers

shameless-about-money

I don't understand folks on this one. You want advice from a professional but you don't want to pay any fees for it.

Try telling that to a solicitor!

scotguy70

its the common advice on this site and from martin too - so must be sound advice.

A solicitor would probably charge you just to let you tell them that!

JoeK_3

scotguy70 wrote: »

Could anyone recommend a fees free independent Mortgage Adviser in or around Glasgow they’ve used?

Cheers

May I explain something to you that hopefully will change your mind about "fee free" mortgage advisers.

There are many lenders in the UK that do not pay any introducer fees to mortgage advisers, HSBC, EGG, Yorkshire Building Society, Britannia Building Society, etc. to name a few.

Would a "fee free" mortgage adviser recommend a mortgage product from any of these lenders? No not on your life. The reason for this is clear! He does not earn one penny! No, not one penny! And yet a lot of the non introducer fee (procuration fee) paying lenders products often offer the best rates.

A true whole of market mortgage adviser works for the client and NOT for the lender and this way the client pays the adviser and the client gets the lowest rates and the cheapest mortgage product.

Hope this helps.

JoeK

shameless-about-money

Glad you posted that JoeK.

We seem to be in a society now that wants everything for nothing.

Nothing worth having is ever free.

JoeK_3

shameless-about-money wrote: »

Glad you posted that JoeK.

We seem to be in a society now that wants everything for nothing.

Nothing worth having is ever free.

What size of a mortgage are you looking for?

JoeK

toonfish

JoeK wrote: »

May I explain something to you that hopefully will change your mind about "fee free" mortgage advisers.

There are many lenders in the UK that do not pay any introducer fees to mortgage advisers, HSBC, EGG, Yorkshire Building Society, Britannia Building Society, etc. to name a few.

Would a "fee free" mortgage adviser recommend a mortgage product from any of these lenders? No not on your life. The reason for this is clear! He does not earn one penny! No, not one penny! And yet a lot of the non introducer fee (procuration fee) paying lenders products often offer the best rates.

A true whole of market mortgage adviser works for the client and NOT for the lender and this way the client pays the adviser and the client gets the lowest rates and the cheapest mortgage product.

Hope this helps.

JoeK

some fee free brokers would advise of these options, we as a company have placed business with Britannia in the last couple of weeks and, as you say did not get paid for this. We offer a fee option, but I cannot remember a clioent ever choosing this route. We will recover the cost of this advice in future referalls I hope.

a whole of market adviser does not have to offer a fee option, and is sometimes in reality "half of market", I think you have confused this with independent, as the clients are also easily inclined to do.

for anyone who is not sure the best course of action is to speak to 2 or 3 brokers and pick the one you trust

Mr_helpful

Spotr on toonfish. To be independent you have to offer a pure fees only route and if client takes this option then the whole of any procuration fee must be refunded to the customer. Awhole of market broker usually keeps the proc fee as well so is no mre independent than the fees free just rips the client off for more.

JoeK_3

toonfish wrote: »

some fee free brokers would advise of these options, we as a company have placed business with Britannia in the last couple of weeks and, as you say did not get paid for this. We offer a fee option, but I cannot remember a clioent ever choosing this route. We will recover the cost of this advice in future referalls I hope.

And may I say that the way your company are operating, it won't be in business for long, as it can take up to 14 hours of work to handle a case from the enquiry stage through to completion. And all for nothing?

toonfish wrote: »

a whole of market adviser does not have to offer a fee option, and is sometimes in reality "half of market", I think you have confused this with independent, as the clients are also easily inclined to do.

I have not confused anything, If you read me post, I did not say that a whole of market adviser HAS to offer a fee option at all.

toonfish wrote: »

for anyone who is not sure the best course of action is to speak to 2 or 3 brokers and pick the one you trust

I agree with that and the fee charging broker arranging a mortgage from the whole market (not from a procuration fee paying market) will win most of the time.

JoeK

JoeK_3

Mr_helpful wrote: »

Spotr on toonfish. To be independent you have to offer a pure fees only route and if client takes this option then the whole of any procuration fee must be refunded to the customer. Awhole of market broker usually keeps the proc fee as well so is no mre independent than the fees free just rips the client off for more.

Come on Mr Helpful, you have not read my post! It clearly states that arranging mortgages with 'non procuration fee paying' lenders.

What's this rip off thing?

JoeK

toonfish

JoeK wrote: »

And may I say that the way your company are operating, it won't be in business for long, as it can take up to 14 hours of work to handle a case from the enquiry stage through to completion. And all for nothing?

I've managed to survive for 9 years so far. As I said, this falls into the category of £25,000 remortgages, further advances and the like, we do it as a service, clients come back and refer their friends also

JoeK wrote: »

I have not confused anything, If you read me post, I did not say that a whole of market adviser HAS to offer a fee option at all.

You actually said "A true whole of market mortgage adviser works for the client and NOT for the lender and this way the client pays the adviser and the client gets the lowest rates and the cheapest mortgage product."

By implication a "whole of market" adviser is fee charging which is not often the case.

JoeK wrote: »

I agree with that and the fee charging broker arranging a mortgage from the whole market (not from a procuration fee paying market) will win most of the time..

Rubbish - if they are both following the rules they would be recommending the same or very similar products every time