IFA Fees

barndoor_2

Have found the Initial Disclosure Document in the bumf they gave us, in it they say they charge a fee of £299 For Legal preparation Work and a fee for Mortgage Advice, typically £ 995, plus they get commission from the lender.
This seems a lot to a first time IFA user like me, am thinking about finding out if this is negotiable?

MortgageMamma

It is a lot! do you know which lender the IFA is recommending to you? In the initial disclosure document what does it say about when the fee's is payable and how it will be paid?

JoeK_3

MortgageMamma wrote: »

JoeK

If you charge a fee thats fine you dont have to get defensive. the ethos of this site is moneysaving and thats what we are trying to do for this fella.

Point taken but we were shooting the IFA down before we had all the facts.

MortgageMamma wrote: »

I personally DO recommend lenders who don't pay proc fee's to my clients as part of the service, for example, I told a client yesterday he would be better going on the A&L 4.89% premier direct mortgage which I would not have been paid for. I know he'll come back and do his life and general assurance, and this morning his father phoned me from Saudi to say thankyou and ask me to remortgage his buy to lets in september.

That's excellent and I know that you are very successful at what you do.

MortgageMamma wrote: »

I'm a firm believer that if you give good things out, things that you dont necessarily get paid for in money terms then it all comes back to you eventually. Thats the main reason I help on this site and am planning on taking on several trainee's between June and the end of 2009.

MM

And that is exactly why most of us are here also. There are a lot of mud slingers in here and I am not one of them. We should defend our colleagues and not hang them until we know that they are proven guilty

JoeK

barndoor_2

MortgageMamma,
Just been on A&L's site, looks like they have pulled all their fixed rates till April 23rd

MortgageMamma

No they will be pulled ON 23rd April, which is Monday, fixed rates are generally on the increase at the moment, however there are still a number of lenders not withdrwing them at present. I'm not trying to rush you into taking a fixed rate - I think this best thing you can do is speak to a broker and get them to source the best for you.

JoeK_3

MortgageMamma wrote: »

It is a lot! do you know which lender the IFA is recommending to you?

Just the question that I was expecting.

JoeK

MortgageMamma

JoeK wrote: »

Point taken but we were shooting the IFA down before we had all the facts.


That's excellent and I know that you are very successful at what you do.


And that is exactly why most of us are here for also. There are a lot of mud slingers in here and I am not one of them. We should defend our colleagues and not hang them until we know that they are proven guilty

JoeK

JoeK I've not known you very long but I can feel the warmth in your posts. I can tell you are a nice guy and succesful too. How old are you or am I being rude? LOL you know what they say about curiosity :A

MM

herbiesjp

Some of the A&L changes are as follows:

Fixed Rate Changes

• 2 year fixed rate 4.99% - increased to 5.29%
• 2 year fixed rate 5.14% - increased to 5.44%
• 2 year fixed rate feesaver 5.69% - increased to 5.89%
• Low start 2 year fixed rate 4.89% - increased to 5.09%
• Low start 1 year fixed rate 2.99% - no change at all
• 2 year fixed rate 4.79%, 91% plus LTV - increased to 5.09%
• 3 year fixed rate 5.29% - increased to 5.59%
• 3 year fixed rate feesaver 5.74% - increased to 6.04%
• 5 year fixed rate 5.33% - increased to 5.59%
• 5 year fixed rate feesaver 5.79% - increased to 6.09%

HTH

JoeK_3

MortgageMamma wrote: »

JoeK I've not known you very long but I can feel the warmth in your posts. I can tell you are a nice guy and succesful too. How old are you or am I being rude? LOL you know what they say about curiosity :A

MM

Sorry but I'm not open to approaches!

It's too late, I'm hurt!!

JoeK

herbiesjp

HI Joe & MM

Nice to have some good banter back again :j