Mortgage advice

kingstreet

A broker will typically receive commission of 0.33% of the mortgage amount. On a smaller and less profitable mortgage, the broker has little choice but to charge a fee, based on the regulatory costs involved and the amount of time the arrangement of the mortgage will take.

Dealing with Barclays you can spend hours trying to get documentation to them in a way they can read, understand and accept.

On a larger mortgage, the broker may have scope to reduce the fee a little in preference to losing the business altogether. Why not ask?

Finally, if you go direct and Barclays won't lend for some reason, where does that leave you? If you use the broker and that happens, at least you have someone already familiar with the case who can replace it a lot faster than you could alone.

amnblog

Shack_attack wrote: »

What I refuse to do is pay £500 for a recommendation that I'm sure with a couple of internet searches and more research we could have found ourselves.

The original question I was asking was, if we went with this particular mortgage, is there anything specific they could add in terms of value that would be beneficial (negotiating with the Woolwich / getting better rates etc.)

If things are fixed and it is a very straightforward application, purely information based then I struggle to see what I'm paying £500 for?

This is disingenuous - you are not paying £500 for a recommendation, nor could you be sure you would have found the product and have been aware it may be suitable for you.


The £500 covers providing the advice, having the knowledge to give the advice, and progressing the application. It also covers handling your further queries throughout. It helps to cover the costs of regulation and insurance to cover any future claims should you be misadvised in error.


You are paying £500 for being taken from a first time buyer with a wish to own their own home to being a householder funded in the best way possible with peace of mind that nothing is going to come and bite you in the rear.