How do I tell my mortgage broker I'm ditching him?

Dan-Dan

Deleted_User wrote: »

Tell him you've just taken out a Wonga loan so won't be looking at getting a mortgage any time soon.

Quality :D:D

duchy

Just email him thanking him for his time in explaining what services he can offer but regretfully you have decided to work with a different broker so will not be requiring his services.

I wouldn't even bother with the "free" jibe-it'll only encourage him to contact you to explain why a paying service can offer benefits to you.

Just keep it brief, firm and businesslike. He'll recover from the rejection and live

dunstonh

I'm a first time buyer, and two of my friends who have recently bought their first homes themselves advised me against using a broker who charges fees.

Actually, fees can be cheaper than no fees.

He even told me it's a myth that there are free brokers out there.

he is correct.

He is from London And Country so won't charge a fee

That is because they only consider commission paying deals and the fee is factored into the product.

Not going to cover the other points as they have already been well covered on the earlier posts. Just making it clear that no fee does not mean its free and that paying a fee can result in a lower cost than not paying a fee.

rabbitmoon

I went to see someone from Countrywide. They charge £249, and boast having the "best fees" and access to all the best deals etc, as they all seem to.

The quote he gave me for a mortgage was for a product I'd already found myself - except his was 0.7% higher interest. Which no doubt would be his "hidden" commission. I was appalled - I could just get the mortgage myself at a much better rate, and without his fees.

PS - in the words of the great Patrick Bateman, "just say no".

amnblog

Cornucopia wrote: »

Just don't go back to him.

If someone offers you a service that you do not want to pay for it is common courtesy to at least let them know you won't be proceeding.

Given the common use of txt and email today you do not even have to have a conversation.

Dear Sir,

Thank you for your time, we have decided to work with another party, please remove our details from your files.

(a little extra information as to why their offer was not suitable also gives them the opportunity to review their policies)

ACG

I hate it when people do not reply, i dont mind if people say theyre not proceeding with me because xxx (usually fees), as i cant then take that on board and if it becomes a recurring theme i can change.

But if someone told me they were not using me because they felt i was a bit pushy i would still appreciate the feedback.

kingstreet

rabbitmoon wrote: »

I went to see someone from Countrywide. They charge £249, and boast having the "best fees" and access to all the best deals etc, as they all seem to

Countrywide isn't even whole market. It's limited panel.

They are only one up from being tied to a single lender.

ILW

red_scully wrote: »

Thanks all for such quick responses! I am rather lacking in the balls department (in more ways than one, given that I'm female! ) and I'm also pretty paranoid about offending people, which is obviously ridiculous given that this is just business. I like the suggestion about mentioning to him I have found a free service, just to make the point. I think I'll take a nap and then let him know this afternoon - I've already told the HA and my solicitor so I really need tro do it before he hears from someone else

Thanks again all, for reading my little panicky post

Don'y give any reasons to him, if he is any good he will have the answers prepared.

Just say thanks for your time but I have decided not to use your services. Goodbye.

amnblog

ACG wrote: »

I hate it when people do not reply, i dont mind if people say theyre not proceeding with me because xxx (usually fees), as i cant then take that on board and if it becomes a recurring theme i can change.

But if someone told me they were not using me because they felt i was a bit pushy i would still appreciate the feedback.

Agreed

They say 'ignorance is bliss' - but it isn't if you are on the receving end of it.

angelsmomma

I used a broker for my mortgage. The fee was £249.99 which was worth it to me just to have someone else do the paperwork. She did also receive a payment from the bank but to be honest I think that is fair enough.

Why would you not want to pay for a service?

She kept me informed at all stages and it went through in 4 weeks.

Having said that he sounds really pushy so I would not have used him. I saw a couple of brokers and used the one I was more comfortable with.