Countrywide mortgage advisor

Hi

I just had my first meeting with countrywide advisor (via bridgfords Estate agent). i am currently selling my property, hoping to move out of my flat to a house. I went via another estate agent.
I just wanted to ask if it's true that all mortgage brokers charge fees now. He mentioned that even london and country is now charging fees.

countrywide charges £175 when an application is made, and the final payment again of around £175 after the mortgage has been accepted.

I am just thinking of remortgaging my current deal and hopefully be able to port it once i sell and will be able to move house. However,i will be paying the same fees again when i'm ready to move. I'm currently with natwest at 4% SVR. i only have 67k left on a 105k prooerty, and i was just thinking that the remortgege fees is around 10 months' worth of savings on my mortgage payments..

any advice, please?

thanks.
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Comments

  • dunstonh
    dunstonh Posts: 119,189 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 7 October 2015 at 9:11PM
    I just had my first meeting with countrywide advisor (via bridgfords Estate agent).

    oh well, never mind.
    I just wanted to ask if it's true that all mortgage brokers charge fees now.

    No. That is not correct. It is certainly quite common to be charged a small amount. You tend to find a fee charged in areas where the property values (and therefore mortgage amounts) are lower. For example, my mortgage advisers charge £295 unless the commission generated on the mortgage is above a certain amount. However, we are in an area where you can still buy houses under £100k and 4-5 bedroom detached are £200k. Without the fee, they wouldnt earn enough for a lot of people. There are lots of pricing models on the market and there are still some that do not charge a fee.
    countrywide charges £175 when an application is made, and the final payment again of around £175 after the mortgage has been accepted.

    Expensive for a limited service.
    any advice, please?

    Ring around a few local independent mortgage advisers and see what they can offer. Plus, with them you will get whole of market on mortgage and insurance. Unlike Countrywide.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • marksoton
    marksoton Posts: 17,516 Forumite
    Ditch them and get a broker. Seriously.
  • betmunch
    betmunch Posts: 3,126 Forumite
    As far as I'm aware L&C don't charge fees. I'm far from their greatest fan, but I would still be honest and say they don't charge fees.

    This guy has shown himself up as a liar, I would ditch ASAP.

    Nothing wrong with charging fees, nothing wrong with being fees free, but being honest and trustworthy is important. To me at least
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ACG
    ACG Posts: 24,407 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Countrywide are technically whole of markt, in reality they tend to use a limited number of lenders.

    Most brokers do charge, but not all and L&C do not charge as far as im aware. Good way for the broker to start...with a load of rubbish!
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • betmunch
    betmunch Posts: 3,126 Forumite
    ACG wrote: »
    Countrywide are technically whole of markt, in reality they tend to use a limited number of lenders.

    Most brokers do charge, but not all and L&C do not charge as far as im aware. Good way for the broker to start...with a load of rubbish!

    Looks to me like he's not confident in his offering.

    You win business by showing how good you are, not lying about others proposition
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ACG
    ACG Posts: 24,407 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Completely agree.
    If you have to lie there is clearly an issue.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • dunstonh
    dunstonh Posts: 119,189 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    is it any wonder that Countrywide's reputation, and estate agent advisers in general, is in the gutter when you still get this sort of behaviour going on.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • thanks for your comments. i'm suppose to have a 2nd meeting with him next week. he was saying under the new law, they have to make 3 appointments with the clients and do extensive financial checks.
  • betmunch
    betmunch Posts: 3,126 Forumite
    thanks for your comments. i'm suppose to have a 2nd meeting with him next week. he was saying under the new law, they have to make 3 appointments with the clients and do extensive financial checks.

    The new rules do not have any guidance on the amount of appointments needed.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • amnblog
    amnblog Posts: 12,695 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Or indeed if appointments are needed at all.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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