Which Finance Advisor to choose ...

Bucki

UPDATE

Hello Everybody.

We managed to get an offer accepted and am panicking!
Because I do not know where to start, who or which finance advisor to go for etc.

The house was adversited by William H Brown, which a lot of you suggested to avoid the estate Finance Advisors. So, in return I managed to find a local self-emplyed Finance Advisor but now unsure whom to trust and choose from.

• William H Brown is charging £599 one-off payment which provides unlimited remortgage for life. On otherhand, they still charge £99 for every time you remortgage with them and they would assist you with the solicitor paperwork (i believe they have their predefined solicitors and unsure of the costs) and everything along / around the application. UPDATE: Now she has decided to wafe off £599 lifetime membership however there are following fees: + £20 electronic transfer fee + £65 to remove bank names from property +  solicitor fee £1664 but can use any solicitor as long as they are on the lender's panel - whatever that means???
  

• The self employed local Finance Advisor is charing £399 and there is no additional fees at the remortgage where there are no fees applied by the lender. So, if lenders don't charge and there is no change in the application then there is no fees. However, she offered me 3 x quotes of local solicitors with the cheapest being £1150.00 and noted that the solicitor's form needs to be filled out by me (by myself). Note, she emailed me a Mortgage Illustrator stating "Lender Conveyancing fee £129.75 payable to solicitor" but unsure what that is for hmm.
  

The property:
Offered £165K with a deposit of £41,250 / borrowing: £123,750.00
This would be a LTV of 75%

The potential Lender:
They both, find that NATIONWIDE is best / cheapest option.
Fixed at 2 year fixed at 1.94% and a monthly payment of round £455
(no fees + no evaluation fees + £500 Cash Back incentive)

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What do you suggest?
Is there a better deal out there and which option is best to go with (as above)?

Also what's this for " £65 to remove bank names from property" ? Is this necessary and is that part of standard procedure ...should it be always included and is it required?

How do I find a solicitor which is on the lender's panel?
As well as , where to find a solicitor that deals with the process of this?

lonibra

If 2 MBs have recommended Nationwide then you are probably a very normal case. You don't have to use the solicitors recommended by the MB though I do because my MB helps floow up when there are delays during conveyancing. You could even use one of the free MBs recommended by Martin.

kingstreet

Conveyancing fee on a mortgage illustration is there only because it forms part of the APRC calculation. It is not a separate charge and will be included in your chosen conveyancer's quote.

ACG

£1664 solicitors fee is high. It is probably about £300 more than what it should be and around £500 more than what it could be if you want to look at the very cheapest end. I suspect when you get the quote there is probably a £250-300 kickback in there. 

[Deleted User]

Any insurance you take through the william h brown advisor will be loaded by about 30% as well btw

If you dont take insurance and they dont charge a lifetime fee then that advisor will earn around £60 commission on your case (with the rest going to their many layers of management above them).  How many hours do you realistically expect to get help with paperwork before they realise they are working for less than minimum wage and move on to someone else and ignore your calls?

If the other broker is in a small firm then they only pay themselves and you will get a much closer service as they don't need to do loads of cases.   Also their insurances will be cheaper and they should have a wider range of insurers to choose from 

[Deleted User]

Also, 99.99% of solicitors will be on the panel for nationwide

amnblog

No wonder borrowers get confused!
Don't mix the Solicitors costs up with the Broker costs. The only connection is that the Broker is probably getting an introductory fee from the Solicitor.
It sounds like WHB have waived their Broker Fees whilst the other Broker is requesting £399.
The Broker has about £370 to be made on the borrowing from the Lender so unless WHB are filling their pockets elsewhere there is no profit in it for them.
Option 2 for me - at least the other Broker has been upfront and not tried to get a £599 Lifetime Fee (what is that supposed to mean anyway!) out of you before deciding they don't need it.

dunstonh

The house was adversited by William H Brown, which a lot of you suggested to avoid the estate Finance Advisors. So, in return I managed to find a local self-emplyed Finance Advisor but now unsure whom to trust and choose from.

William H Brown don't employ financial advisers I believe.  Just mortgage brokers.    But you don't need a financial adviser.  You need a mortgage broker.  Most FA/IFA firms will do mortgages as well but its typically not the FA/IFAs but dedicated mortgage brokers.

is charging £599 one-off payment which provides unlimited remortgage for life.

I'm surprised that model still exists considering the number of people that have lost out in the past when other firms that did this collapsed.  Partly due to lack of income in later years where they had to do mortgages but couldn't collect a fee.

Bucki

Hello Everybody,

First and foremost, thank you very much for your advise and support.
I wouldnt find all this information without your help.

Via William H BRown it would cost me in total over £1800
Whereas via the self employed lady it would cost me just over £1500

The self employed advisor is much cheaper and has been very helpful.
I assume there won't be any cheaper Solicitor's than the quoted £1123, I guess?

To be fair, I also have no clue where to look out for local cheap solicitors.
Moving forward, I will go with the Indipendant Advisor.

Just small notes:

Do I need to "remove bank names from the property" as detailed by William h Brown?
What is that for and is it necessary .... or is that done by default free of charge anyway?

Will also have to look to get a Life Insurance and a WILL.
Very excited but stressed / worryied as well ... hope everything goes well.

ACG

£1100 is about right, you can probably get it a little cheaper but for the hassle for the sake of maybe £50, it is probably not really worth it. 

"Remove bank names from the property" that is a deeds release fee/exit fee from the lender and will be around £100 give or take. Every lender charges this at some point, but it is never upfront. It is not specific to WH brown and the fee goes to the lender, not the broker. 

Bucki

ACG said:

£1100 is about right, you can probably get it a little cheaper but for the hassle for the sake of maybe £50, it is probably not really worth it. 

"Remove bank names from the property" that is a deeds release fee/exit fee from the lender and will be around £100 give or take. Every lender charges this at some point, but it is never upfront. It is not specific to WH brown and the fee goes to the lender, not the broker. 

I have decided to go with the self employed person.
When I asked her about the "remove bank from property", she was not aware about it.

So I assume it will be NATIONWIDE that will charge me at the end?