Can I ditch advisor and go it alone?

James_N

I had advice from a broker to start a remortgage with Woolwich, but have been unhappy with the eventual product I ended up with - and doing my own investigations found another product with the same lender that better suits my needs.
Now the broker wants more fees for re-instructing and the Woolwich refuse to discuss things directly with me.
Is it possible to "sack the broker" and go it alone in renegotiating this?
What if I just pull out now (an offer has been made) and restart it all?
What about keeping the offer open as "insurance" and starting up an entirely new application? The offer states it is valid until October, but I am being pestered almost daily by the broker to let them know my solicitor (one of the many things they got wrong).

James_N

Fees_Free_Mortgage_Advice wrote: »

the rate you've applied for will likely have been withdrawn by now.

True - there's a BETTER rate available for the low LTV I need!

eilidh_s

I did a bit of a cheat and went to see a mortgage advisor, he gave me a free initial consultation and made the mistake of outlining the mortgages e thought would be best for me there and then, so I took the bit of paper with various mortgage providers names on it and I struck out alone and got my mortgage. It saved me probably about a weeks worth of research as was after a self-build one and it is almost impossible to find someone who is willing to do it. In the end I actually ended up with another mortgage broker, Buildstore, but I would have had to pay them and the original guy if I hadn't approached them myself.

dwsjarcmcd

Having read the recent threads on here, who could blame you!!

UK007BullDog

Actually no, you would have had just your broker to pay, if he charges fees at all that is or just works off the procuration fee he gets from the lender. Did he actually say that he charges fees? It should be mentioned on the CIDD he gave you before the consultation. If he does not then you could have had the service for free.

Because of this I see in the future hardly any brokers going fees free anymore or they will charge an initial fee to offset against the service fee if the customer goes ahead with it. If the customer does not go ahead they will keep the fee for the advice given.

But perhaps as this broker just gave you an initial free consultation and not a "proper no stops fact find" you might not have gotten the best product suitable for your needs?!?

luckyfool

James_N,

You could start a new application from scratch with the Woolwich. I'm not sure whether they would allow you to reuse the original survey so another might be required. You also risk the fact that the additional credit search on the new application might make the difference between you passing and failign the credit score. This is rare but I have seen it happen on more than one occassion.

Your other issue is time, I received an e-mail from my Woolwich Business Development Manager today confirming that their entire range is being withdrawn (either today or tomorrow, I am going by memory). New rates will be higher (at least for fixed rates anyway).

eilidh_s

UK007BullDog wrote: »

Actually no, you would have had just your broker to pay, if he charges fees at all that is or just works off the procuration fee he gets from the lender. Did he actually say that he charges fees? It should be mentioned on the CIDD he gave you before the consultation. If he does not then you could have had the service for free.

Because of this I see in the future hardly any brokers going fees free anymore or they will charge an initial fee to offset against the service fee if the customer goes ahead with it. If the customer does not go ahead they will keep the fee for the advice given.

But perhaps as this broker just gave you an initial free consultation and not a "proper no stops fact find" you might not have gotten the best product suitable for your needs?!?

The fees my first broker was charging was more than buildstore anyway so it actually worked in cheaper going it alone.

James_N

luckyfool wrote: »

James_N,

You could start a new application from scratch with the Woolwich. I'm not sure whether they would allow you to reuse the original survey so another might be required. You also risk the fact that the additional credit search on the new application might make the difference between you passing and failign the credit score. This is rare but I have seen it happen on more than one occassion.

Your other issue is time, I received an e-mail from my Woolwich Business Development Manager today confirming that their entire range is being withdrawn (either today or tomorrow, I am going by memory). New rates will be higher (at least for fixed rates anyway).

Hmm - advice needed. I have "sacked" the broker - since the advice was so poor, and now Woolwich won't talk to me as an indvidual at all. We are stuck in a loop. They say "you must go through your adviser", I say "I am not dealing with them any more", they say "you must go through your adviser" ...

Can they do this?

regularsaver1

is it a broker-only deal?

what about woolwich branch?

James_N

regularsaver1 wrote: »

is it a broker-only deal?

what about woolwich branch?

It's deal open on their web-pages - nothing special for brokers.

The_Eternal_Optimist_2

Which product was it that you wanted by the way? All woolwich rates have changed this morning, and have basically gone up.

If you were looking at the track and cap mortgage there are a few other providers doing a similar one, Abbey, Coventry and Skipton