90 LTV Flat Questions

nuzik

Hi guys, im looking to get a remortgage on my current property. Finance hasn't been great to me and although i did have some payment issues with CC and a CCJ in the passed these have improved and the CCJ has gone and so have my defaults.
Im looking to move lender as my current cowboy lenders no loner offer a decent rate of interest and i need to save as im currently at 5.75%. MY wife is on mat leave currently and im working full time any suggestions of what to do or where to go with this? I can't afford huge broker fees currently due to the wife being on Mat leave!

edinburgher

A decent whole of market broker won't charge you any fees, they get their payment from the mortgage lender. Do you mean that you can't afford product fees? Because that's entirely different (i.e. £499 to take out this mortgage). I'd call London & Country, they've arranged our last two mortgages taking our preferences into account :beer:

nuzik

Would be able to afford product fees but not a broker fee as well. I've seen some brokers charge

JPB123

edinburgher wrote: »

A decent whole of market broker won't charge you any fees, they get their payment from the mortgage lender. Do you mean that you can't afford product fees? Because that's entirely different (i.e. £499 to take out this mortgage). I'd call London & Country, they've arranged our last two mortgages taking our preferences into account :beer:

So, the implication is that if an advisor charges fees, they're not "decent"? It depends on the case and the amount of work involved. Where I live in the Midlands, my average mortgage case is around £85,000. This would generate a proc fee of just under £300.


I then need to pay network fees, regulatory fees, rent on the office, staff wages, heating/lighting, etc. Without charging a fee, I would be looking at just over NMW.


One point I would make is that I get a lot of clients stating "My last broker didn't charge". When I ask them why they're in front of me, the answer is usually "They've gone out of business".


I don't charge huge fees (£250), but my clients then stay with me for life usually. You get what you pay for in life. I've had people go to L&C, but because the case is unusual / difficult, they've been knocked back. Fees free is all about vanilla, volume cases.

I am an Independent Mortgage Adviser


You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.

nuzik

JPB123 wrote: »

So, the implication is that if an advisor charges fees, they're not "decent"? It depends on the case and the amount of work involved. Where I live in the Midlands, my average mortgage case is around £85,000. This would generate a proc fee of just under £300.


I then need to pay network fees, regulatory fees, rent on the office, staff wages, heating/lighting, etc. Without charging a fee, I would be looking at just over NMW.


One point I would make is that I get a lot of clients stating "My last broker didn't charge". When I ask them why they're in front of me, the answer is usually "They've gone out of business".


I don't charge huge fees (£250), but my clients then stay with me for life usually. You get what you pay for in life. I've had people go to L&C, but because the case is unusual / difficult, they've been knocked back. Fees free is all about vanilla, volume cases.

I am an Independent Mortgage Adviser


You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.

So you charge £250 then the procurement fee of usually 0.3% if i am right?

JPB123

nuzik wrote: »

So you charge £250 then the procurement fee of usually 0.3% if i am right?

That's right. I know advisors that charge more, but I feel that's an acceptable charge for the service I provide. I earn an ok living without having to force protection down people's throats to be able to pay the bills.

I am an Independent Mortgage Adviser


You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.