Costs of mortgage advisor

Carrot007

marsman802 wrote: »

Have a shop around - my IFA charges nothing but takes commission from the lender.

Not really important how you get the money, YOU PAY EITHER WAY.

What is importent is to get a whole market broker.

Mine said that I would not be charged if the chosen package allowed him to "charge" the lender (aka me on the sly), or I would if the lender did not allow it.

As long as I am getting the best deal from WHOLE MARKET who cares?

Have used him twice now, first time I paid, second I did not.

Though remember either way you pay. Hiding payment means nothing.

spaceboy

I dont trust mortgage advisors after my buying experience where I'm sure she was getting commission from the life insurance company.

bike_saving_expert

spaceboy wrote: »

I dont trust mortgage advisors after my buying experience where I'm sure she was getting commission from the life insurance company.

the commission from selling a mortgage is usually 0.35-0.5% of the loan which is not a huge amount.

The real money is always made selling life insurance. it's Dependant on exactly how your set up with the life insurance companies tied multi tied some may even be whole of market.typical commision from life insurance is dependant on the premium but typically can be anything from £1000- £10,000 or even higher depending on a number of factors.

If you advisor seems pushy on life insurance this is why its potentially the next miss selling scandal but what is offered really is a good product if properly understood and well sold.

spaceboy

I didnt feel the life cover I was sold was a good product and I cancelled it a few months afterwards.

amnblog

spaceboy wrote: »

I didnt feel the life cover I was sold was a good product and I cancelled it a few months afterwards.

..and replaced it we hope

ACG

L&C get very mixed reviews, it tends to be a love hate thing with them going off reviews on here.

typical commission from life insurance is dependant on the premium but typically can be anything from £1000- £10,000 or even higher depending on a number of factors.

The last 2 life policies I sold were about £300-400 in commission. I have never sold a policy that generates £10,000 or anywhere close to that. I think the highest I have done is around £1200.

Our fees start at £500 for new customers and go up £1250, but we do a lot of adverse. For those with no bad credit, or just a few minor blips in the past it would be £500, none of which is charged upfront. So we charge a little more but you only pay if you get a Mortgage offer. Part of the reason I charge a fee is so that I am not having to be pushy on the insurance side, it is very much down to the individual, no sales spiel just a quick explanation and thats about it.