Mortgage advisor or not?

flotmangooner

I am looking to borrow extra on my existing mortgage. I am happy dealing direct with my current lender but was wondering if there were any advantages if I appoint an Advisor to do the work for me. I'm confused as to how they earn their commission - I have read some posts which say they get their fee direct from the lender you take the mortgage out with whereas other posts say that the borrower has to pay a fee direct to the advisor and the fee is a certain percentage of the amount borrowed? If it is going to cost me say 1% of the amount borrowed I'm inclined just to deal with my current lender direct but if the advisor earns his money from the lender then I think I will let them do the work. Any comments appreciated. Thanks 

ACG

Some brokers get commission, other lenders get commission and charge a fee. 
The amount will vary from broker to broker. If you are looking to stick with the same lender, you may as well do it yourself. Unless you are applying for an extra £100k, I cant imagine any brokers being interested in doing a further advance for £20k without charging a fee - £20k extra would be about £65 commission.

flotmangooner

ACG said:

Some brokers get commission, other lenders get commission and charge a fee. 
The amount will vary from broker to broker. If you are looking to stick with the same lender, you may as well do it yourself. Unless you are applying for an extra £100k, I cant imagine any brokers being interested in doing a further advance for £20k without charging a fee - £20k extra would be about £65 commission.

Our current mortgage is approx £75k and will be looking to borrow an additional £75k for an extension. House value is £260k

Thrugelmir

Still going to require you to do some legwork. Not a concierge service on offer!