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Financial Advisors

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.

Comments

  • LRmortgage
    LRmortgage Posts: 484 Forumite
    Fifth Anniversary 100 Posts Name Dropper
    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.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • jamie_128
    jamie_128 Posts: 252 Forumite
    100 Posts First Anniversary
    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.
  • What explanation were you given for not getting the deal you found?
  • jamie_128
    jamie_128 Posts: 252 Forumite
    100 Posts First Anniversary
    Similar to what LRMortgage said.
  • ACG
    ACG Posts: 24,690 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    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.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • amnblog
    amnblog Posts: 12,762 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Mortgages are like a supermarket where not everyone can buy every product.

    A deal you see may be one that you cannot get.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • 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
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