Mortgage advisor help please.

bunahilga

I am going to see the mortgage advisor in the morning. He is the only advisor to have gotten me an a.i.p.(natwest). 'Which' advisors got a negative from Halifax. Credit report is perfect. Declared right income(self employed cabbie)so everything should be fine. My question is, is it standard to pay the mortgage advisor in advance? He's charging £2,500 which I can afford as long as I get the mortgage! I haven't found a house yet but he wants me to bring all my documents. Just have a feeling he's going to ask for his fee too!

GMS

£2,500 is madness. Ask them to confirm when fees are payable but I wwould be negotiating a fee like that down.

Fizzy11

How did you find him? Sounds like a rip off. That is a very high fee.

bunahilga

Accountant recommended him. Does sound high but if he can get the mortgage I can live with it. Original question still stands. Are they paid in advance?('which'charge £400).

pathtofreedom

Unless that 2500 includes any mortgage setup fees you should run away very quickly. Have a look at https://www.unbiased.co.uk/ and get some quotes from other brokers first before you sign anything with this guy.

GMS

bunahilga wrote: »

Accountant recommended him. Does sound high but if he can get the mortgage I can live with it. Original question still stands. Are they paid in advance?('which'charge £400).

Accountant will be doing well out of it.

Is the accountant 'massaging' figures to help?

'Original question still stands' ....... What size shoes am I? As much chance of an accurate answer re the shoes as there is somebody answering yours. Check paperwork and/or ask your broker. They decide how they are paid and when

Fuzzy39

That does seem like a lot of money. There are fee free brokers out there. I've used London and Country several times and they always seemed very fair, but I'm not recommending them over any others. Shop around!

andyfromotley

hmmm self employed, acc recommended, and you're happy to pay 2.5k despite being told its well over the odds.

I can't help but wonder why that might be???

Beckyy

£2,500?! :eek:

I would not be paying that in advance if you decide to go with him.

Has he provided a fee structure?

amnblog

The bulk of the broker market charges up to £1,000.


Some will ask for an element of payment upfront, when then do it is normally less than half the total fee.


I don't know what is more distasteful - the fee, or the introduction to it from your Accountant.


If you establish this broker is looking to charge you £2,500 for broker fees alone - move on and find someone else.

dwsjarcmcd

As others say, the fee is ridiculous and even more so if he is looking for this in advance. There are plenty of good Mortgage Advisers who would only charge a fraction of this.