Mortgage Broker?

Tlg1991

I went to see a mortgage broker as we have seen a house we want but i am in new employment and still in my probation period for another 4 months. So we decided to go with a broker.

just wondering what are the average fees for a broker he said about £900 for him. and also how long does it take for them to find something, we want to make an offer but want to make sure we can get the money first obviously. its been 3 days since we went, not including the weekend.

euromike

£900 sounds excessive. Brokers earn kickbacks from mortgage lenders, so even if you're getting the same rate as when applying directly with the lender, the broker actually earns his share, too. His fee, £900 in your case, comes on top. How much he earns from lender depends on the amount of mortgage so the higher the amount, the more they're willing to sacrifice their fee.

I've been quoted various amounts from £100 to £500 on £500k mortgage, from London as well as non-London based advisors.

The situation might be different if you're applying for a "difficult" mortgage with a specialist broker, e.g. self-employed etc. But for standard stuff it sounds like a lot IMO.

Tlg1991

he stressed the difficulty would come from my probation period in getting the mortgage and then bragged about getting someone with a zero hour contract a mortgage.

apart from that my partner is a student for a few more months then starts work but that doesn't matter to the lenders obviously and also the value of the house its having to go off my wage alone 26k and the house is on the market for 137k. we have a £15k deposit, he mentioned that as another factor that might stop us.

Mrs_Cheese

Ours was £500. We discussed quite a bit over the phone before paying a penny. We established what we could get and if we had potential lenders. He got us a MIP before we paid anything. We then paid £200 on application for the mortgage and will pay the rest on completion. He has been fab and a great help as I am newly self employed so he went through all the options available to myself and my husband and answered all of my questions patiently!!!

varghesejim

Tlg1991 wrote: »

I went to see a mortgage broker as we have seen a house we want but i am in new employment and still in my probation period for another 4 months. So we decided to go with a broker.

just wondering what are the average fees for a broker he said about £900 for him. and also how long does it take for them to find something, we want to make an offer but want to make sure we can get the money first obviously. its been 3 days since we went, not including the weekend.

There are plenty of free mortgage brokers who have whole of the market lenders with them. All of them have access to the same deals. So going to one particular broker is not going to benefit in getting a mortgage deal. Some can be relatively more helpful and friendly, that's it.

Use the following link and click on "how to apply" on the top mortgage. There you will see recommendations for mortgage brokers.

https://www.moneysavingexpert.com/mortgages/best-buys/

ashleyj722

I got multiple Quotes for our Mortgage broker and was going to go with an estate agent mortgage broker who was charging £400, £200 on application and £200 on completion. Mentioned this to another mortgage broker and he agreed to charge us £250 on completion. So like mortgage lenders, there is huge competition between the mortgage brokers.

kingstreet

We only charge £250. No negotiation necessary.

Unfortunately, we're so busy with our newbuild commitments we don't have any surplus capacity for other business.

We charge on submission of a full application and we only submit a full application when we are certain it will be accepted as we are required to do under the Mortgage Market Review requirements.

Red-Squirrel_2

Mine was £500, but I think I was a fairly straightforward case for them, they do charge up to about the same level as yours where there are complicating factors.

I was still in a probationary period when I went for the first meeting (out of it by the time I applied thankfully!) and I definitely got the message that it would have been a real problem for lots of lenders and make it hard to place.

How did you find your broker? Word of mouth? Are they good at what they do?