Financial Advisors

jamie_128

Are they worth it?

For a change ive gone with one on my new house purchase, however after comparing the deal ive got vs the ones i can find on moneysupermarket it is actually costing me more per month.

I have been told theres usually a lot of hidden costs and you wont get the rate advertised on comparison sites, is this true? Ive asked her and she seemed to give a decent explanation, just wondering if its a marketing thing or not.

Im still going with her regardless as im in the process now anyway.

LRmortgage

The problem with price comparison sites, is that you have no idea if you fit criteria with the lender with the “best” rate.

Of course, as advisors we always try to get the very best rate for our clients, but that is with a lender that will accept your case.

We can and should always be able to justify why we are going with one lender over another.

Sometimes it will be because the situation isn’t vanilla or the case doesn’t fit affordability with the lender with the “best” advertised rate.

I think we’re worth using, it saves you time and stress and potentially money in the long run.

On one further note, cheapest rate doesn’t always mean cheapest overall cost for you. You need to account for fees, cash back, valuation costs and sometimes even legals in the over all cost over the product length to do a true comparison.

jamie_128

Yeh fair enough, the thing is i have a good credit rating but not excellent as ive never had a credit card etc, never missed a payment or anything though.

[Deleted User]

What explanation were you given for not getting the deal you found?

jamie_128

Similar to what LRMortgage said.

ACG

More per month but less overall? What are the fees? Is there any cashback?
Do you fit criteria and affordability with the cheaper lenders?

People get too caught up in the rate.

Speak to the broker, tell them you have found cheaper deals and see what they say.

amnblog

Mortgages are like a supermarket where not everyone can buy every product.

A deal you see may be one that you cannot get.

[Deleted User]

jamie_128 wrote: »

Similar to what LRMortgage said.

I meant, why were you told you couldnt have that rate? Not fitting criteria is a very broad term. Did they give you a specific reason why you wouldn't get that rate?

If im not giving a client the top rate i have to justify the specific reason for not doing it, along with every other deal higher than the one i choose.

It may be as simple as 'doesnt hit affordability' or 'not in credit policy'.

Just curious if you were fobbed off or given the actual reason you couldnt get the one you felt was cheaper