Useless Mortgage Broker

[Deleted User]

I approached a mortgage broker recommended by my accountant to remortgage my house. He is whole market and when I asked about fees he said 'it depends'. Hmmm...I started feeling suspicious. You either do, or you don't. Then he asked if he could speak to my husband. When I said that 'I' deal with finances in our family, he asked if I was sure. :rolleyes: Not a good start!
So I give him my details and tell him that we are leaning more towards a tracker because we want to see what the rates will do and want to be able to overpay. I even told him that we had our eyes on the Woolwich's lifetime tracker and could he find something better. Anyway, the following day he emails me details of the best tracker he could find, without telling me who the lender is.
This is what I got:

5.92% Lifetime Tracker
No Early Redemption Charges
Free Valuation
Free Legal Fees
No Arrangement fee
£1220.94p/m

Of course he must have though I was an idiot because that IS the Woowich's tracker rate, which I already had my eyes on. He also forgot to mention that for the priviledge of 'helping' us he was charging us a £350 flat fee plus 1% of our loan, but said that he would speak to his boss to 'negotiate this fee for us as we were looking at this as a cost saving basis' :rolleyes: Needless to say I wasn't impressed and my accountant is going to have his ears bashed.

I have now approached London & Country (no fee brokers) as recommended by Martin and am waiting to hear from them, but I have a feeling that there is nothing else for us out there at the moment.

herbiesjp

Woolwich charge a £275 exit

There is a similar deal with C&G - you pay a £99 upfront application fee, but no exit fee, so assuming all else if the same, the C&G saves a bit on the fees side

That is if you are looking at deal with incentives i.e. free legal fees and valuations etc

toonfish

those 2 are pretty much the "top sellers" at the moment if you want total flexibility

Merlot

Van1971 wrote: »

I approached a mortgage broker recommended by my accountant to remortgage my house. He is whole market and when I asked about fees he said 'it depends'. Hmmm...I started feeling suspicious. You either do, or you don't. Then he asked if he could speak to my husband. When I said that 'I' deal with finances in our family, he asked if I was sure. :rolleyes: Not a good start!
So I give him my details and tell him that we are leaning more towards a tracker because we want to see what the rates will do and want to be able to overpay. I even told him that we had our eyes on the Woolwich's lifetime tracker and could he find something better. Anyway, the following day he emails me details of the best tracker he could find, without telling me who the lender is.
This is what I got:

5.92% Lifetime Tracker
No Early Redemption Charges
Free Valuation
Free Legal Fees
No Arrangement fee
£1220.94p/m

Of course he must have though I was an idiot because that IS the Woowich's tracker rate, which I already had my eyes on. He also forgot to mention that for the priviledge of 'helping' us he was charging us a £350 flat fee plus 1% of our loan, but said that he would speak to his boss to 'negotiate this fee for us as we were looking at this as a cost saving basis' :rolleyes: Needless to say I wasn't impressed and my accountant is going to have his ears bashed.

I have now approached London & Country (no fee brokers) as recommended by Martin and am waiting to hear from them, but I have a feeling that there is nothing else for us out there at the moment.

I used to use a Mortgage broker and didn't have a very good experience, he took far too long sorting the paperwork out etc etc, so I took Martins advice and used L & C, and I have got to say they are fantastic, Lewis and Michelle (two brokers at L & C couldn't have done enough for us, kept me informed all the way, got me a good mortgage deal, I certainly recommend them and they don't charge you, they received £400 from the Abbey for the recommendation, and for that £400 they worked very hard, they even phoned me up and told me that they had to get the mortgage application in before lunchtime to quarantee the current rate as they had knowledge that Abbey would increase their rates that afternoon/the following morning at the latest, this was some months ago, and they were right, that afternoon Abbey increased the rates, and the best thing I liked, it was a paperless application, it took no more than 10 minutes to go through the questions on the phone with the brokers and 10 days later I had the offer in on the doorstep.

Even if they do come back with the same deal as your broker, I would go with L & C, but thats my personal opinion only.

[Deleted User]

herbiesjp wrote: »

Woolwich charge a £275 exit

There is a similar deal with C&G - you pay a £99 upfront application fee, but no exit fee, so assuming all else if the same, the C&G saves a bit on the fees side

That is if you are looking at deal with incentives i.e. free legal fees and valuations etc

Is the C&G deal only available through brokers, because I can't find it on their website? Thanks!

toonfish

Van1971 wrote: »

Is the C&G deal only available through brokers, because I can't find it on their website? Thanks!

it is yes, an intermediary exclusive

herbiesjp

Van1971 wrote: »

Is the C&G deal only available through brokers, because I can't find it on their website? Thanks!

Yes, I believe it is

As you are looking for fee free brokers, there are plenty that can place this for you

[Deleted User]

Thank You both! :beer: