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Financial advisor fees
ilikebeer
Posts: 3 Newbie
In the past, any financial advisor I have used didn't charge - they took a cut from whatever they sold.
When I visited a new one today to discuss remortgaging, he told me that they charge - £295 for a new customer, £149 for an existing customer and £495 for a 'sub-prime customer'.
Is this standard practice now?
When I visited a new one today to discuss remortgaging, he told me that they charge - £295 for a new customer, £149 for an existing customer and £495 for a 'sub-prime customer'.
Is this standard practice now?
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Comments
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No not really - did they say if they also keep the commission that is due from the lender?
There are still plenty fee free advisers out there.
Alternatively you can go for one that charges a fee, but then rebates the commision from the lender back to youI am a Mortgage AdviserYou 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 -
Dont rule out paying fees if commission is rebated. In some cases, that is the cheaper option. Although that option is more common on the financial adviser side rather than mortgage adviser side.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
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Assuming that fees are not rebated and I decide not to go with this guy (as I don't want to be ripped off!), will I still be liable to pay him as I have already had an hour or so meeting with him.0
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If you have not signed for anything then you will not have to pay him.I am a Mortgage AdviserYou 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
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Advisers are required to inform you of the point you will start incurring charges to give you a chance to say no thanks. First meetings are usually free because you have to be told about the charges before you can agree to them.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
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Don't think that just because they are charging you a fee you are being ripped off. I work in an estate agency, there are around 10 mortgage advisers down the same street as me. I am the only one who charges a fee. People walk up and down the street and see us all. They still come back to me. I feel I am worth the fee because I offer a better service than my competitors. If people don't want to pay a fee, they can go elsewhere, but they get what they pay for...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
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