At what point do you pay a Mortgage Advisor?

Nine_Lives

So we're in the position where we really should make an appointment with one. We've got a recommendation for one (not sure if they're independent - the person recommending didn't know, but just said they were good & helpful), we just need to get a date really.

We've seen (on rightmove) a few houses that tick most of our boxes, but the problem is we really don't know what figure is our ceiling price. I've calculated £150k based on online calculators showing a £500pm mortgage, but as i don't know everything that goes with it, the real figure could be more or less than this - hence we need to seek advice to find out what our cap is really (amongst other things).

I've seen an IFA before for retirement planning. First consultation being free & then when the bloke went away & invested, that's when we paid.

I'm just wondering at what point do you hand over money to a mortgage advisor?

Also, once they give us advice, we get our 'cap' & then go searching for a house, it could be 1 week, 1 month or 1 year before we get one - by which time no doubt many things mortgage related will have changed (interest rates for e.g.) .... would we then need to go back (& pay again!) for new/updated/current advice?

monty-doggy

A good one and the answer is nope. I have been with my advisor since jan, three sales fell though, he has done all the work each time. I pay £295 on completion regardless of time/work put in. He has been fantastic.

witchy1066

same thing here , our MA has been great , I ring her every now and again to ask a question or 2 , she emails me to ask how things are going , she told us how much she charges on our first conversation, and that will be paid on completion regardless of how long it takes us to find our perfect home ,
Best thing for you to do is have a chat with one and ask them the question

ACG

It can vary. Some charge a fee on application, some at the outset, some on completion.

Personally i charge a fee on application but then refund if the lender refuses the application.

dunstonh

I'm just wondering at what point do you hand over money to a mortgage advisor?

At the point you agree. Up front, during or after are all normal. my mortgage advisers do it up front.

Nine_Lives

Thanks for the responses guys.

The one that's been recommended to us thankfully works Sunday's according to their website. This is a bonus as i work most Saturday's & only find out if i'm lucky enough to have a Saturday off at 5:30pm on the Friday.

On completion would be preferred but i realise this isn't a choice & i'd dare bet up front would be most common. Either way, need to fire off the email to get the ball rolling as we only have a rough guide at our budget so far.