Finding a Mortgage Broker

lovedayuk

Hi all,

I'm trying to find a broker who doesn't charge alot to sort out my mortgage. I'm under 60% LTV but I am doing some debt consolidation which have accumiated from a new kitchen and bathroom.

I have had 2 late credit card payments in the last 12 months.

I spoke to one broker who quoted me £999 for there fee plus I know they will be receiving a proc fee from the lender.

Anyone that can advise on a good telephone based broker?

Thanks

ACG

If the mortgage is relatively low, the fee overcomes the lack of commission.

I remember doing a £30k mortgage and had to charge a grand to make it viable. I have done a £400k mortgage and charged no fee as the commission was plenty.

L&C are the ones mentioned on this site - although feedback varies massively from good to not returning calls.

MLSY

hi loveday

what is the size of the loan ?

brokers are paid a % of this so if a low loan a fee is likely to be charged and some brokers will charge extra if you have adverse credit

shop around fees vary a lot from broker to broker

cheers Ian

lovedayuk

Thanks for the quick replys,

I will have to have a shop around, my balance is £110k.

Many Thanks

Vincecasso

Make sure you shop around, I was rather lucky, the first broken I used for my recent mortgage didn't charge a fee, but worked on the commission offered by the lender, and my mortgage amount was for only £55,000.

MLSY

£999 seems a lot then loveday

Dave_Ham

Vincecasso wrote: »

Make sure you shop around, I was rather lucky, the first broken I used for my recent mortgage didn't charge a fee, but worked on the commission offered by the lender, and my mortgage amount was for only £55,000.

Very lucky indeed, next time you call they will be charging or number will not connect as stopped trading.


The proc only will mean that broker probably worked for less than the minimum wage all in all time wise..


On £110k, you will probably find a broker that charges between £0 and £495 and the case sounds uncomplicated.


Best of luck

ACG

A £55k mortgage with no fee! Things must be bad.

Im with Dave, a fee of £495 sounds reasonable for something straight forward.
Some brokers may charge less but to do this without charging a fee is madness (although I dont blame you for trying to find someone to do it without charging).