Fee free brokers?!? Any good ones?

Mrstickle

We used a fee free broker last year who was worth his weight in gold.

At the time we were FTB, and he said if our budget had been lower than it was, he wouldn't have taken us on as it wouldn't have been with his while - presumably because his fee is a percentage of purchase price?

He said he was able to work fee free in the area where we live - our house as first time buyers is very much small scale and houses in this borough go for a small fortune. Interestingly we could have chosen a fee paying option with him, but at the time we chose not to. Now, I'm not sure how the final figures would've been different if we had paid a fee, and I would definitely ask the question. I'm guessing we paid his fee indirectly to the building society in product feed etc.

In the end, our case was probably a little more work than he'd imagined because the original purchase fell through and we had to start again. But he never portrayed this to us, and we would use him again without hesitation.

kingstreet

It's based on the mortgage amount, not the purchase price and as I said, high street is typically 0.32% to 0.35%.

nubbins

I would not even attempt to get a mortgage without a broker, I would lose my rag having to deal with



So as a broker wouldn't the the best/most lucrative way to maximise earnings be to live in a lower cost area of the UK yet arrange mortgages for people in say london or the South East.

ACG

nubbins wrote: »

So as a broker wouldn't the the best/most lucrative way to maximise earnings be to live in a lower cost area of the UK yet arrange mortgages for people in say london or the South East.

Yes.

But I dont think every broker can live in Dudley or the valleys and deal with South East clients.

(Im not slating Dudley or the Valleys).

rinroo

We've just made first contact with L&C clearly I haven't done my research?

amnblog

LJW wrote: »

Hi all, I'm hoping to remortgage and am looking for a fee free broker to limit what we pay out? Anybody used any and can recommend?

Thanks in advance :j

Are you looking to raise an extra with this re-mortgage LJW?


How much do you need to raise?

lonestarfan

amnblog wrote: »

This is not the case as you will know if you have ever had a lender allocate their panel solicitor to you on a 'fees paid' remortgage deal.

I do stand corrected. Apologies.
I remember now when I did a remortage, I didn't see the solicitor. It was 8 yrs ago mind you.

mymuk

The ones who post here seem well-informed, diligent and helpful.

I used gunnrollo co uk in Glasgow who I found via personal recc and who were and are excellent, happy to keep advising me on stuff long after they could have told me to !!!!!! off because they'd been paid :0

OneEngland

I'm fee free and to the best of my knowledge, thank you cards, bottles of wine (I don't drink) and recommendation, my clients and my personal bank manager are happy ;-)
I have to be incredibly organised and thank my pa's for their help daily, fee free works for me.
My proc's are usually between .35 and .45 and topped up with plenty of .5/.55 BTL's. Clearly if a lot of your business in lower value areas this won't work but its unfair to say fee free brokers are new/inexperienced. Over a decade and still going strong

Dave_Ham

I stand by what I said.


I am not saying you are wrong/lying, I just think that when you start to carry a pipeline of certain size; the model cannot function and deliver service unless there is serious scale (like L&C have)


There are always exceptions to the rule though, so will take at face value..