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is there such a thing as a free Mortgage broker?
Comments
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As a follow up to my earlier post about paying fees can be cheaper than fees free, one of my mortgage brokers is on a case this morning that will pay £1800 commission if fees free or £1000 fee with commission rebated.
So, by paying £1000, the borrower will get £1800 back. An £800 difference going to the client. Whereas the fees free route would cost nothing but result in no rebate to the client.
The case is more complicated than the norm (hence the higher fee) but it shows that going fees free can be false economy.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.0 -
Is there any way to explore whether going fee paid would be cheaper than fee free without (to quote amnblog), 'wasting the time of one of these brokers'?0
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edinburgher wrote: »Is there any way to explore whether going fee paid would be cheaper than fee free without (to quote amnblog), 'wasting the time of one of these brokers'?
Basically large mortgages or poor quality borrowing are usually better on fee with commission rebate.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.0 -
What's 'large' in the world of mortgages, roughly speaking?0
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edinburgher wrote: »Is there any way to explore whether going fee paid would be cheaper than fee free without (to quote amnblog), 'wasting the time of one of these brokers'?
Perhaps if you are going to waste anyone's time you may as well waste the time of the broker who does not put a value on it.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 -
I've decided to go with the broker who charges a fee.
Spoken to a few people this week who have used him and have had only good things to say.
hot an appointment tomorrow morning, straight after my second viewing on a property
Cheers for all responses0
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