MoneybackMortgages

motleyinvestor

Has anyone had any experience with moneybackmortgages.com?
I couldn't find other references on MSE?
Providing you've done your own homework, it looks like a good deal.
With thanks.

Thrugelmir

Never heard of them?

What's your connection?

motleyinvestor

Thrugelmir wrote: »

Never heard of them?

What's your connection?

I have no connection with the company. Just looking for a good deal andtrying to reduce those huge fees. We think we have found a good 2 year dealwhich suits our situation and should be able to get some cash back viamoneybackmortgages, so I'm interested other people experiences with thecompany.

So far I've spoken on the phone and they seem fine.

Crashandburn

Sounds like a brokerage working on sheer volume.

Only pitfall I can see is that you're asking someone to work for a much reduced income which 'could' impact on service. On a mortgage of £100k, and they give you £100 and they get £200. By the time they've paid for staff, insurances, premises and other running costs, then very little money to be made.

ACG

Im obviously going to come across biased here... im genuinely looking at this with an open mind as i dont come on this forum to pick up business...

The negatives i can see are:
- A broker offers advice, this site doesnt. Your searching for your own mortgage, a broker might be able to find something better and save you money in the long run.
- I would imagine you will get a better level of service from someone earning a wage rather than a firm trying to (presumably) follow the mcdonalds method.
- Ive just put in a £100k mortgage expecting to see £200-250 and it was a fair bit less than that, so it doesnt seem like theyre giving away 75%.

The positives:
- Im presuming your not paying for the service,
- You get something back, something is better than nothing.

motleyinvestor

Crashandburn wrote: »

Sounds like a brokerage working on sheer volume.

Only pitfall I can see is that you're asking someone to work for a much reduced income which 'could' impact on service. On a mortgage of £100k, and they give you £100 and they get £200. By the time they've paid for staff, insurances, premises and other running costs, then very little money to be made.

Thanks. Good points. I did notice that we needed to fill out a form with all the usual financial questions, which normally they fill in for you on the phone/in person. That being said, I've done all the research for the right mortgage (and it took quite a while), so their service is just to put in place.

EMac_2

If they conduct their business on an execution only basis you have no recourse should things go wrong before or during the mortgage and you suffer a loss. This shouldn't be too big a concern for you if your confident you have chosen the best mortgage for yourselves. Best of luck

kingstreet

Does the offer you want pay commission?

If it doesn't they won't get involved.

Have you looked at direct to lender offers to see what else is available? If you are chasing the best rate, at the moment, most of the best deals aren't available via brokers;-

HSBC
First Direct
Post Office
Britannia/Co-Op
Yorkshire BS

to name a few.