To Mortgage Broker or not Mortgage Broker

Jrterror

Hello
I'm after a little advice.
I shall attempt to keep it short.
Our Mortgage deal has ended
I have a friend who used to be an independent financial adviser. I asked him if he's still doing it. No! But he referred me to someone else.
I was told to find the best deals and then this guy would see if he could find better.
I sent a list of the best deals I could find
One of them being a 5 year deal with Tesco. Fixed rate 2.13%. £683 per month. No fees etc.
I have received a text from my friend saying his mate can get me a 5 year deal 2.12% at £682 per month. He hasn't specified who the mortgage is with.

I'm thinking, so he finds a deal that costs me £1 less per month, but I would have to pay him £350 for setting it up.
I can't help think, it wouldn't even pay for it self.
I don't know what this mystery mortgage would revert to after the deal ends either
Is there any advantage on paying someone, who can only save me £1 per month?

Any advice would be greatly appreciated
Thanks for reading

dunstonh

I have a friend who used to be an independent financial adviser. I asked him if he's still doing it. No! But he referred me to someone else.

Most IFAs dont do mortgages any more. They either employ or refer to a mortgage adviser.

I'm thinking, so he finds a deal that costs me £1 less per month, but I would have to pay him £350 for setting it up.
I can't help think, it wouldn't even pay for it self.

Going to a broker is not just about the deal. Its about the process and administration.

I don't know what this mystery mortgage would revert to after the deal ends either

Does it matter? You would no doubt look for another deal then.

Is there any advantage on paying someone, who can only save me £1 per month?

Depends on whether you value the service or not.