Looking for a reputable mortgage broker

dartilov

Hi

Looking to remortgage after current 5 year fixed finishes at end of November and have been contacted through a moneysupermarket enquiry and initial visit mortgage broker went well.

However, literature left reveals a fee of 1.95% of the mortgage or £3,000, if taken out, whichever is the less and I presume their fee from the lender.

Does anybody have any good recommendations for a broker based on or near the Wirral/CH63 area please?

What do people think to L&C as a starter?

Thanks in advance

Thrugelmir

Do you need the assitance of a broker? Some people do and some don't.

Is your existing lender not offering anything competitive?

Wh05apk

1.95% or £3,000 is criminal, walk away, best way to find a good broker is word of mouth/referrals, good brokers don't need to advertise or buy in leads. Speak to friends/family/colleagues see who they used.

ACG

1.95% or £3k!!!

I do adverse mortgages all day long and dont charge that!

Im with above, ask friends/family. Otherwise just find a local firm close to you (who do not work for estate agents) and have a conversation with them and see how you feel.

For £3k though, I bet the other firm were nice! Im surprised they were not offering to cook and clean for you for a week on top!

amnblog

They charge £50 for afternoon tea in some London Hotels.

Just because it is well above the average fee, does not mean no-one will pay it.

A one in 10 closure rate should be sufficient for the Broker.

Thanks Moneysupermarket!

GMS

Many people don't realise that entering their details into comparison websites will result in their detail being sold on to the highest bidder.


Fees you have been quoted are extortionate. !!!!!! Turpin Mortgages would charge less!


You will find a broker for much less than that regardless of your situation.


Will your current lender not offer you a new deal?

amnblog

At 3K a pop you can afford to pay £100 for some contact details and still have some cash to stable Black Bess.

dartilov

Fired off an email to the broker (MB1) with regards to the fee and their reply as follows:

[FONT=&quot]"The Financial Conduct Authority (FCA hereon after) allow us to charge a fee of up to 1.95% for our lifetime mortgage service as they wish mortgage advisors to actively take responsibility for the management of a client’s mortgage until it is repaid rather than just arranging a one off mortgage and abdicating future responsibility. Our lifetime service fee essentially means that we assume the responsibility for your mortgage arrangements until the mortgage is repaid and also includes arranging any future residential purchase mortgage, investment property mortgages and second home mortgage for the one off initial fee which we incorporate with your mortgage advance. Therefore, at the conclusion of your proposed 5 year fixed rate it would be our responsibility to ensure that you continued to benefit from market leading rates to ensure you repay your mortgage over the shortest possible period and save you the optimal amount of interest possible. Whilst we are able to levy a 1.95% fee in reality this is only charged when we deal with complicated matrimonial mortgages where additional requirements and responsibility is placed on the advisor. Generally our lifetime fee is less than 1% of the mortgage advance and we do have an alternative option of £795.00 which is our one off arrangement which means we bear responsibility for the arrangement and management of the mortgage during the fixed rate period but not thereafter. As always I would discuss both fees options once I have detailed the savings I am able to attain for you at our second meeting.[/FONT]"

A bit different to nearly 3k but I am not so sure that this represents a decent figure for advice, that said he has indicated savings of £400 per month and £10,000 less in interest. Does this sound feasible?

Having approached L&C (MB2) today with regards remortgaging they have found us a decent deal,5 year fixed 3.49%, with the Nationwide which is affordable and makes savings for us, so at least we have an "iron in the fire" so to speak. Our existing lender (Halifax) is currently only offering 4 year fixed at 3.44% (on their website), and I haven't approached their sales team yet.

So in conclusion, my question is it best to hear what the product on offer is from MB1 and then compare this with MB2 and see if existing provider can match or beat it or just go with MB2?

As ever, thanks in advance.

dartilov

Any further advice please?

Jimbo1976

What did the adviser from MB1 say about fees? they are required to disclose how they are remunerated as part of any initial disclosure.

The stuff they have put about the FCA wishing "mortgage advisors to actively take responsibility for the management of a client’s mortgage until it is repaid rather than just arranging a one off mortgage and abdicating future responsibility." is just rubbish.

I would follow the advice from the people above and keep clear of them.

GMS

L&C are hit and miss.


How much do you want to borrow and how much is the property worth?


You are between high charging brokers and a fee free service. You need to get good service and decent value. Potential for nether with the 2 brokers you have engaged.