Mortgage Advisors that charge "after" completion of Mortgage

Scorpiogal13

Hi Guys, just wanted to know if there are any Mortgage advisors out there that charge their fee after the completion of a Mortgage?

I'm not really liking the fact that the ones i've seen charge an upfront fee. As anything could go wrong before the completion, meaning that fee will be wasted. And the ones that offer a free service don't seem to be that motivated.

So if anyone can recommend or let me know of any who charge a fee after everything's been done, that would be great.

K_S

@scorpiogal13 I'm surprised that everyone you've talked to charge an upfront fee.

Some brokers charge upon application, plenty (including myself) of advisors charge on receipt of mortgage offer, after which point the broker's influence on the process is largely as a bystander, there to provide any information/ support if needed and following up with the conveyancer occasionally.

Imho, charging upon completion isn't really viable for most brokers as there's a lot of work that goes into getting an offer out and our influence in the process post-offer is rather limited. In any case, as a customer you always have the free brokers to turn to if you don't want to pay a fee.

MWT

The 'free' ones that you find are not all that motivated are in fact the ones who get paid after completion by the lenders... They need high volumes of clients to make it work as the fees are not high and despite them doing all the work, not every client actually completes for a wide variety of reasons almost none of which are their fault...

I don't think you are going to find any of the fee charging brokers willing to roll the dice on what happens after their job is done between the lender making a confirmed offer and the completion actually happening.

They don't all charge up-front though so there is some latitude there at least...

The_Real_Cheddar_Bob

As above. Sometimes you need to employ a free broker, others a fee charging one. 
Depends on your circumstances

ACG

I think most will charge on offer - the reason for that is their work is 99% done at that point and they are really only on hand for moral support or if something goes wrong. I tried charging on completion, but people who were on the phone every 5 minutes started ducking my calls and emails after completion, so we started to charge on offer. 

Owleyes00

The broker I am using changes £95 upfront and then the rest of the money on completion (£500 I think). Not sure how normal this is.

dunstonh

My mortgage advisers charge on application.  

Scorpiogal13

Owleyes00 said:

The broker I am using changes £95 upfront and then the rest of the money on completion (£500 I think). Not sure how normal this is.

Can you send me his/her details in a private message please?

Thanks.

And thanks for the input Guys.

ukri

OP, you’re happy to pay £595 for a broker? Just so you know that’s quite high for standard requirements. You might be missing the wood for the trees here.

dunstonh

£595 fee?    thats high.  In our area, £150-£300 is the typical range.

ACG

We charge £500 on offer. Pretty much every broker I know charges around £500-650, I do know a couple of charge £295, but they are still quite new brokers and trying to build up their business.