Mortgage broker fee sharing?

tbtb

Hi,

I know exactly which specific mortgage I want, so don't need any broker advising me - are there any mortgage brokers around who are willing to share the fee they are getting from the lender, given they only need to process? Mortgage eligibility is not the problem.

Many thanks

ACG

Its not just the processing, there are compliance costs involved. I have to pay x on every pound I earn. Added to that a lot of lenders do not accept non advised cases now (unless you are in the industry or a hnw person), because of that there is also the insurance to cover future risk of a complaint down the line.

And then if that were not enough, every broker I know has business coming out of their ears and charge a fee on top of any commission so im not sure you will find many (if any) brokers prepared to split the commission.

God loves a trier though.

minimike2

Would you go to work and be ok being asked to share part of your salary with someone because "they know what they want"?

betmunch

I think you would be hard pushed to find anyone.

Out of interest which lender and how much are you borrowing, I'll let you know what would be shared if you did find someone to do it

dunstonh

Perhaps the OP still thinks commissions are what they once way and not the pittance they are currently.

marsman802

Mine doesn't charge although he has also got critical illness cover, my newborns pension and JISA, my wife's pension and our buy to let so he's happy to take commission from lenders and not us

Ayles

That would make me think you havent got a very good broker in the first place if they need to have half of something rather than nothing. You wouldnt go to sainsburys and say I know what shopping I want so can i get it half price please or i know what i want and because i came and collected it please can you pay half my petrol for getting it......mortgage consultants have had to go through exams changing critera mortgage regulation changing and even more EU rules coming in early next year, they earn there money through hard work and if they are good there reputation not because they refund commissions

amnblog

As ever in life our OP will get what they pay for.

A broker that will pick up the risk on the advice and gift away part of the revenue has a problem with their business.

kingstreet

Are there any lenders accepting execution-only business from brokers these days?

I can't say any are falling over themselves to suggest they do.

amnblog

MMR allows us to do it for High Net Worth Individuals and Industry Professionals.

Our OP does not sound like either.

marsman802

Haha - he's my brother-in-law and works for a very well known Financial Services company in the City.

He does do this for people I've recommended as well and when I asked him in the past he never charges commission on top of the lenders intermediary commission.
He has been brilliant in the past and most recently with our remortgage ahead of my wifes maternity leave - to avoid all that nonsense around issues with statutory maternity pay he found a lender who allow 6-month applications.
Wife is back to work next month and it really saved a load of hassle we could have done without.

I'm certainly no HNW individual but his client list is packed full - wish I hadn't mentioned it now.

My point was if you look around you may well find what you are after.