Advisor fee

typeractive

Hi all,

Just a quickie: The advisor I used last time (who's very nice), has now moved to another company and my renewal is due. She is still whole of market, and her fees are the same but she now charges the £195 which is payable on application (where last time it was on completion). Does this mean I will physically hand over the amount, or will it be involved in the mortgage? ...yes I know I can ask her this, but I also was intrigued to know if £195 is expensive or if it's worth lookin in to doing it myself. My mortgage is relatively low in comparison to LTV and I like hunting for the deals myself also.

Thanks!
:beer:

Paully232000

I don't know if that is cheap or we paid too much. However, we paid £299 on application for mortgage advice. This was written as refundable should they not be able to source a mortgage, but they did.

Best money we spent, but we were not as straightforward as some, and I did not have the time, or the inclination to do it myself.

amnblog

£195 is expensive only if you believe her service is not worth it.

ACG

From your perspective £195 may be expensive if you do not feel you need her help.
From an advisors perspective, smaller the mortgage = smaller commission.

If its chargeable on application then you may have to pay on application or they may roll it into the mortgage, you need to ask the broker.

I charge my fees on offer of a mortgage, but in reality its very rare I get the fee within 2-3 weeks of the mortgage being offered as I dont usually send an invoice until the end of the month.

dunstonh

but I also was intrigued to know if £195 is expensive or if it's worth lookin in to doing it myself.

Depends on how you value your time. In our area, my mortgage adviser charge £250 when not doing it on independent basis but whole of market. That is because mortgagees are small and they need to earn money from it. So, in term of the typical, then £195 is fine. However, you are comparing it to DIY. So, you have £195 and less work from you vs £0 and more work done by you.