Brokers on MSE

sultanabran

Not sure if you will be allowed to answer this as it may be classed as advertising but do any of the brokers on MSE work on a free (nothing is ever free, commission from lender) only basis?

I got my first mortgage with Abbey 12 years ago via a broker on here who was great. I can't remember his name or any of his details or even whether he is even still on here.

cahillg81

The question is why would you want to use someone who was free? The assumption I would make is anyone doing anything for free was pretty bad at their job.

ACG

Brokers are not allowed to advertise for business on here. So in theory they should not be PMing you, although I suppose if you are asking them to that is slightly different.

(I say that as a fee charging broker, so I wont be PMing you).

sultanabran

Well it's never really free, they get paid via the lender instead of from me (and the lender).

cahillg81

sultanabran wrote: »

Well it's never really free, they get paid via the lender instead of from me (and the lender).

Right then.


So when you want some electrical work done in your house are you hoping to find an electrician that works for free?


You are paying a broker for a professional service.

As a fee charging broker, I won't be contacting you either and wish you all the best with your endeavours but when it all falls apart I trust you won't be back on here crying.

koexelek

You can pull your own teeth out to avoid a dentist bill, service your own car to avoid garage bills and wire/plumb your own house ( have a look on youtube for instructions first;)) to save on an electrician /plumber....
but unless you know 100% what you are doing, I would not recommend it.
Same goes for mortgages.
Blame all the needless red tape and rules that brokers now need to charge fees to make any money, where as they never used to have to do previously.

kingstreet

sultanabran wrote: »

Not sure if you will be allowed to answer this as it may be classed as advertising but do any of the brokers on MSE work on a free (nothing is ever free, commission from lender) only basis?

I got my first mortgage with Abbey 12 years ago via a broker on here who was great. I can't remember his name or any of his details or even whether he is even still on here.

Unfortunately, the regulatory environment has changed dramatically in the last 10 years. The no-fee model has largely been abandoned in favour of a commission pus fee approach.

This is because what lenders require us to do has increased dramatically while what they pay us has remained the same. Compliance costs and fees have risen drastically and with the average case now taking around 13 hours from application to completion making a profit on all but the largest of cases has got harder, especially for those of us outside the SE.

minimike2

/shaggy "It wasn't me" / shaggy.

I've been waiting for a moment to say that.

OP - Have you tried asking friends / family for referrals?

silvercar

Would be worth reading this guide to finding a mortgage from the main MSE site:

Cheap mortgage finding

And reading this thread:

Martin's view of using mortgage brokers

xyz123

cahillg81 wrote: »

wish you all the best with your endeavours but when it all falls apart I trust you won't be back on here crying.

That's not very encouraging or helpful to anyone. Please don't scare people. U charge fee and that's completely your choice, but let's not pretend (like you did in ur first post) that free mortgage brokers (ones that don't charge applicant) are not any good.

Op- it all depends on ur circumstances. If its difficult then u may want someone with more experience and knowledge who is likely to charge. If its a routine case it's slightly easier.

My case was very straightforward, found a broker (not anyone here). After half hour tell con, I gave him information Thursday, he filled in form Friday and Monday I had a offer in my hand. Not bad for me without any fees, not bad for him as he got commission without a lot of work. So a win win....

sultanabran

It wasn't my intention to ruffle feathers or upset the brokers on here. It's clear from the posts above that things have moved on quite a bit since I last enlisted the use of a broker.