Using Freedom Finance mortgage broker

homer_j_3

Conrad wrote: »

Many brokers are'nt very intelligent hence they recommend 2 or 3 year deals. This means 2 things;

1) They get to earn another commission when you come back in just 2 or 3 years

2) The costs of remortgaging now can be considerable. Many high st lenders, let alone sub prime lenders will charge you in excess of £1500 setting up costs + legal fees AND INTERIM INTEREST (this last item is charged on both the redeemed and new mortgage).

As a general principle 5 years is a more appropriate fixed rate term.

Check the advisers IDD - make sure he is 'whole of market' and 'gives advice'.

If he doesnt give advice (many imply they do and thier clients dont read the IDD that states no advice to be given) this gives you a lot less protection in the event of misselling as he will be able to say 'the cleint chose the deal, it was'nt my advice'.

Shop around

:rotfl: Many brokers aren't intelligent - should we class you one of these brokers with those kind of comments! Its like any profession, you get the good, bad or indifferent.

Some brokers will imply because they charge a fee, their advice and service is superior to those that do not. This is not always the case. Whenever choosing a broker, you should have trust and feel comfortable that this person knows what they are doing.

If you find a broker that you are comfortable with and they charge a fee that you are happy with, then fair enough but understand that if you have to add this to the mortgage, more interest accrues and it could be a lot more expensive then the amount you think you are paying.

In general, the length of time you should tie yourself into a deal for is - as long as your circumstances warrant it for.

As already stated, if you have had some adverse credit a 2 or 3 year deal could be enough to get you back on the high street lender radar. 5 years and you could have spent 2 or 3 years paying over the odds!

Then again it could be in some cases a 5 year fix is the right deal - its different for everybody and its not right that a broker who doesn't comply with forum rules should be making such sweeping statements.

UK007BullDog

Have you tried the high street? Abbey and Birmingham Midshires take on some light adverse.

Otherwise take the phonebook and call and ask them. I find £3K extortionate to ask for a fee.

Such_2

Thanks for all you replies, Have certainly given me something to think about!
I will discuss the fee situation with the broker and see if he is willing to reduce it by a grand or so!

I've just tried MONEYSMART who will be getting back to me later today. They do not charge any fees, so i've been told!