Recommendations for fee free mortgage advisor? Trussle?

sdurand

Hi, I’m due to remortgage in the next 3 months so am starting to think about alternative lenders.
In the past, I’ve found my own deal and also used a mortgage advisor who I’ve paid a fee for setting up my mortgage.
I’d like to ideally consolidate some debt and finding my own deal feels a bit out of my remit...as to lending multiples etc (due to needing to declare debt as outgoings, but nowhere to say, additional lending will cancel this out, not add to it!).
Just wondering if anyone has experience with a fee free company that will assist me...?
Looking on here, I can see MSE lists a few nationwide companies..one being Trussle which caught my eye.
If I have to, I’ll pay a fee but would prefer not to if at all possible.

Any help/ advice is much appreciated.
Many thanks,
Sarah x

dunstonh

Usually, it is recommended to use a localised broker rather than a factory line service unless your affairs are really straightforward.

[Deleted User]

Im sure there are plenty local brokers doing fee free at the moment.  I know plenty if friends in the industry who have dropped their fees until they can offer a face to face service again.    In my opinion its always better to support a local business than a big corporate 

RauHughes

I'm using Mojo Mortgages currently and I deeply regret my decision. In the ~40 call attempts I've made to them I've gotten through to them a grand total of... zero times!

They take 2-3 days to respond to every email, if they email you for clarification on something and you immediately respond to query what they need, you have to wait another 2-3 days to get clarification, then you send the details, wait 2-3 days to get confirmation it's received... It's a literal nightmare. In hindsight, I'd have gladly paid someone £500 to feel like I'm being supported through one of the most stressful and financially impactful decisions I'll likely ever make. 

I thought the solicitors would be the nightmare to deal.woth, but they've been prompt and helpful every step of the way!

Still, nearly there now. Hopefully! ( Come on Halifax, don't make us suffer another week!!!)

sdurand

Thank you for your replies, much appreciated!
This is what puts me off using a company which is national, as it’s a faceless service, and my circumstances are not totally straightforward, as they previously have been.
I’ll look to seek out a local advisor. As I said previously, I’m happy to pay if needs be. To think that advisors have dropped their fee actually makes me feel bad taking up that service, as I’m not bothered if I can’t meet them face to face!
 So I’ll enquire locally and forget trying to save and cause myself further hassle! 
Can I be cheeky and ask what you charge for your advice to set up a mortgage? ( as I see you are both financial advisers), or what you would think is fair?...is it done on a percentage of the mortgage that is being arranged?
I completely understand if you don’t want to say. I only ask, as I felt my previous financial advisor’s fees were getting unmanageable..hence me shopping elsewhere.
Again, thanks for your replies! 

haras_n0sirrah

Some of us who post here are advisors. We are recognisable by our signatures. Why not read the boards and pm someone who you feel gives good advice. We are not allowed to approach posters but most of us are happy to answer pm's 

[Deleted User]

sdurand said:

 you are both financial advisers), or what you would think is fair?...is it done on a percentage of the mortgage that is being arranged?
I completely understand if you don’t want to say. I only ask, as I felt my previous financial advisor’s fees were getting unmanageable..hence me shopping elsewhere.
Again, thanks for your replies! 

A lot of brokers will have a firm fee structure, and some will be flexible depending on the case.   If you have a mortgage of £50k then a broker wont be too willing to do it fee free as the income from the lender is barely £200 and there are a lot of people getting a cut.  If your mortgage is £500k then most would drop the fee as the lender will pay them enough to justify doing it fee free.   The amount of work doesnt really change depending on the size of the loan and we all need to run a business so people will just have different cut off points. 

Plenty of brokers will do fee free as their business model anyway and the ones that have lowered fees have made that decision as a business choice so dont feel bad about it .  Some might charge a fee.  £150-£350 is fairly average for a full priced remortgage around my part of the country (Cambridgeshire).  

Remortgages have the benefit at the moment of being business that will actually complete.  So many purchase deals fall through and the broker doesnt end up getting the lenders commission so some brokers are happy to do it lower fees as its much much more likely to actually be something they get paid on.  

Also,  most brokers should tell you their fees if you ask over the phone or my email/message and its not an awkward thing to ask,  we get the question everyday anyway. 

amnblog

Consolidating debt on remortgage carries additional risk for the borrower, and that means additional risk for the Adviser.  It takes thought and experienced to be handled correctly.

Any Broker that decides to handle such a case without earning enough to cover that risk needs to question their business model in my view.

Our set fee for such a case is £299 which may seem modest but we feel it is enough to make the business commercially sensible for us.