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Mortgage Broker Fees
Comments
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TooManyQ's wrote: »
- Do you all charge for remortgages? I can see the need for charging on purchases, but remortgages are easy really. Do you charge for these too? Or have a lower fee?
Youre living the bream my friend. My network have managed to make remortgages the most difficult business to transact!!!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.0 -
No carping about networks outside the Broker Blues thread!
Fish pun heaven!I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
MortgageMamma wrote: »That to me is extortionate, I would never charge 1.6k to do a resi mortgage, even an adverse one!
If you are a broker, your signature needs to reflect this or the moderaters will block your account.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.0 -
TooManyQ's wrote: »Thank you DunstonH. What you have said about people saying no (on one hand) is everything I have heard from many others who work in the same network/national as me. For some reason I made it a big selling point that I wasn't charging when many brokers to me were and I have built up a decent business with it. However after about 15 years of arranging them and thinking I know a lot, I really do feel a huge disappointment in myself that I am underselling myself, especially a property falls through. I think I need to overcome my mindset ASAP!
I think I need to consider a flat fee on application, with a potential reduction based on other business that may come my way at the same time. Thanks again.
Are you saying you have done say £100,000 re-mortgage cases, with no fee?
£310 proc fee less PII, FCA or Network Fees, Less George's share.
With a following wind you might pick up £180 after business costs and tax, and you also get to pick up the risk.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.0 -
How did you get to £797? It seems a little exact
.
A function of a three stage fee priced under the round number.
Does it sound like we have thought about it?
Last 12 months we have been thinking it is perhaps several hundred too light.
In interesting discussion yesterday. Post offer case and Lender has improved product available. Client saves £6,000 over two year on new rate, lender charges £199 fee to switch.
We need to organise the switch, how much should we charge?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.0 -
£195 plus commission (considering only commission paying deals) or £750 with commission rebated (and non-commission deals considered)
Assuming average commission is ~0.35%, for any loan over 220k it would be cheaper for the client to choose the £750 option.
Does my maths make sense?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Assuming average commission is ~0.35%, for any loan over 220k it would be cheaper for the client to choose the £750 option.
Does my maths make sense?
We have been offering the lenders procuration fee refund/flat fee option for years, no one ever takes it up.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.0 -
kingstreet wrote: »No carping about networks outside the Broker Blues thread!
Fish pun heaven!
Someone's after a job in compliance!!!
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.0 -
kingstreet wrote: »No carping about networks outside the Broker Blues thread!
Fish pun heaven!
Hello hello, what's this secret message?
Am I going to have to check all your posts for fish puns now????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.0 -
Agh, white text fail.Hello hello, what's this secret message?
Am I going to have to check all your posts for fish puns now????
You inadvertently started it with "bream" in the post before.
Ant chance of a fish punathon shouldn't be wasted.
I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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