Is there such a thing as a FEE-FREE independent mortgage advisor??

reubin

Is there such a thing as a FEE-FREE independent mortgage advisor??

After several happy mortgage-free years, I'm looking to move and getting a mortgage. The trouble is the World seems to have changed!!!

Previously, I used (commission based) independent mortgage advisors to help me find the best deal for my needs - I've tried browsing the web but can only seem to find the people (in the Stoke-on-Trent area) that want paying upfront. Am I expecting too much?

Looking to borrow £60-80k over 15 years - so that's approx. 1-part mortgage to 2-parts cash towards our new property value.

Need flexibility as we hope to get our heads down and pay it off sooner. Any suggestions?

Cheers

HappyMJ

Sure they do exist but I wouldn't trust they'd offer the best deal. They may choose a more expensive deal for you as it pays them a better commission. Or...you could browse the market yourself and find a good deal yourself without the help of a broker.

dunstonh

Is there such a thing as a FEE-FREE independent mortgage advisor??

No. its not possible. Independent means there has to be a commission free fee basis option.

Previously, I used (commission based) independent mortgage advisors to help me find the best deal for my needs

Which means they were working on whole of market basis rather than independent basis.

If you want fees free whole of market (but not independent) then that is still available but cheap areas often see mortgage brokers add a charge due to low commissions.

Dave_Ham

HappyMJ wrote: »

Sure they do exist but I wouldn't trust they'd offer the best deal. They may choose a more expensive deal for you as it pays them a better commission. Or...you could browse the market yourself and find a good deal yourself without the help of a broker.

For someone who has spent a lot of time on this forum, what an ill advised and factually incorrect post.


Commissions do not differ hugely and looking at the mortgage value and circumstances, it will be pennies in commission between top rated and mid-low range lenders.


Chances are unless you go to the heavy site sponsors and spin the service wheel, most brokers will charge on top of commission due to the value of the mortgage.


Good luck

reubin

Ok - thanks to both of you.

If I am going to browse online, can you recommend a good site or sites for comparing the numerous deals?

Our work hours make it very difficult to arrange face-to-face meets with the mortgage providers - there are just too many

ACG

Independent means you pay a fee and they rebate any commission.

Some whole of market brokers do not charge fees.

You are looking for the wrong thing if you want fee free. If you want independent then you will (and always have) have to pay. Whether you pay upfront/on offer/on completion is down to you and the broker to discuss.

Most brokers will find a time convenient, whether it be in the morning/evening or weekend.

kingstreet

On £80k, the commission from the lender will be £280 or less.

One of the "arms-length" non-face to face firms might do it for that, but for those of us who offer face to face, in your home advice and arrangement, that is not enough to cover the cost of the service.

amnblog

A few posts here missing the mark.

First point is that the world changed over the weekend.

The mortgage market review has changed the rules and increased the workload for both brokers and mortgage providers.

A broker no longer needs to offer to rebate commission to brand themselves as 'independent'.

I suspect what the original OP wants is to be pointed in the right direction 'for free'.

As KS says, they may be some brokerages would work solely for the commission paid by the lender. Since the broker picks up the risk on the advice it would not be a very clever business model for a broker to do these cases at 4 per £1,000 in revenue.

The OP needs to seek a broker offering independent, whole of market, or unlimited advice - they are all much the same thing, just different terminology.

They should also expect to pay for the advice and from what I have seen the fees out there seem to range from £295 upwards.