Anyone used WHICH?

Tryingtomoveout

Hi

Has anyone used Which Mortgage Advisor service? The fees are £250 to begin the process and then another £250 if the mortgage completes..this seems quite good, although I don't have much knowledge of what brokers normally charge.

Thanks

stator

Perhaps you could give an indication of why you want to use a paid mortgage advisor? There must be something complicated or unusual about your case?

dunstonh

A lot of advisers are fee based. Indeed, paying an adviser can actually be cheaper than not paying one.

SuperSaver123

dunstonh wrote: »

A lot of advisers are fee based. Indeed, paying an adviser can actually be cheaper than not paying one.

I don't necessarily agree. I do understand why brokers charge fee and do not dismiss them at all but I think free broker can be as good as well, depends on the person.

We used L&C, they were free and we saved around £1,500 as we had 3 mortgages going on at the same time. You could say we had a bit complicated deal (all linked) but our circumstances were straight forward (on payroll for few years with same employer, good rating with only 1 small hiccup of missed payment, no o/d) and one of the deals was solely designed to L&C by Natwest, giving us better interest than elsewhere.

Any money saved was important particularly then as we had to raise extra money for stamp duty and deposit but in any circumstances, money saved is good.

I would recommend L&C but would just say that I also did my own research (eg. when interest dropped requested new application to go in) and chased when necessary. I dont know which advisors.

amnblog

My kids love shopping in Primark - they always seem to get value for money.

dunstonh

I don't necessarily agree. I do understand why brokers charge fee and do not dismiss them at all but I think free broker can be as good as well, depends on the person.

Ok. How about the scenario where a fee based adviser charges £500, considers non-commission paying deals and would rebate commission if there is any. Compared to the fee free adviser that only considers commission paying deals. And lets put the commission at £700 in this example. The fee based adviser is cheaper than the fees free.

We used L&C, they were free and we saved around £1,500 as we had 3 mortgages going on at the same time.

And they only considered the commission paying deals. The commission could well have been higher than a fee and a non-commission paying lender may have been cheaper over the term.

SuperSaver123

dunstonh wrote: »

Ok. How about the scenario where a fee based adviser charges £500, considers non-commission paying deals and would rebate commission if there is any. Compared to the fee free adviser that only considers commission paying deals. And lets put the commission at £700 in this example. The fee based adviser is cheaper than the fees free.

Fine, if they rebate commission. A lot of broker charge fixed fee depending on the circumstances.

And they only considered the commission paying deals. The commission could well have been higher than a fee and a non-commission paying lender may have been cheaper over the term.

It could be cheaper in long term (IF cheaper) BUT £1,500 is worth more in the pocket TODAY than spread over 30years. Time value of money.

Also, £1,500 made a huge difference to us (we simply couldnt afford it due to low valuation of one of BTL) as we only had £800 left until the next payday in our bank accounts after we paid SD, solicitors and deposit.

dunstonh

It could be cheaper in long term (IF cheaper) BUT £1,500 is worth more in the pocket TODAY than spread over 30years. Time value of money.

You always price over the time of the deal. Not the time of the mortgage. Plus, on that example, the fee was £500 and the commission was £700. Commission is paid on advance. A fee based adviser rebating commission would either send you a cheque for £200 a couple of weeks after the money is advanced or you would pay £500 up front and get £700 back after the money is advanced. net gain £200 within a few weeks of money being advanced.

Fruit_and_Nut_Case

amnblog wrote: »

My kids love shopping in Primark - they always seem to get value for money.

Primark is OK but I think their mortgages are not so good.

davilown

I used a whole of the market financial advisor at £120 for a 2 hour meeting. If I took a mortgage out with him and he got a % back then better for him.

However, he recommended a mortgage he couldn't supply (from santander). Honest person, and went back again this year.

Take recommendations - £500 from which seems extortionate to be honest