How does one acquire a broker?

IvyFlood

Sorry might seem like a silly question but we're thinking of using one now! We just went direct with our bank when we first got our mortgage 4 years ago, we didn't shop around!

How do you know whos good? Do you have to pay them upfront? Is it just a case of doing a google search?

Orchid96

There are many brokers who work without fee. They get paid from the lenders. You should be able to find them locally through contacts or google search. When I took mortgage first time, I got recommendation from a family friend. 

BSW89

We also got a recommendation from a friend. Ours charges £300 when a mortgage application is submitted (then he also gets commission from the lender), but doesn't charge for informal conversations up to that point.

Jonboy_1984

I had conversations about our needs with a couple - one stood out as on the ball (£295 fee at point of offer, plus lender commission), the other as a copy and paste merchant (lender commission only).

IvyFlood

Jonboy_1984 said:

I had conversations about our needs with a couple - one stood out as on the ball (£295 fee at point of offer, plus lender commission), the other as a copy and paste merchant (lender commission only).

This is what I mean! Sounds like you pay for what you get...

dunstonh

How do you know whos good?

Most will be.    Typically you look for a whole of market/independent.   Often best to avoid estate agents or national firms.

Do you have to pay them upfront? 

Some areas will have a small advice charge as the property values mean that they cannot earn enough from the lender due to smaller mortgages.   In areas of high house prices, that is usually not necessary.  Some charge more for those with challenging credit records.

MrCarrot

I used a broker who charges a fee once he gets you an offer.  And he gets a commission from the lender too.  I have my own business and some "unique" requirements / circumstances, and my broker was very good and got me what I wanted.  I am not sure a "fee free" broker would have done the same, although I could be wrong there.

IvyFlood

So I just tried to make contact with a one very local to me - in business for a while, all outstanding reviews etc.

Called a mobile, she said ring back on landline so I did that.

Explained we were looking to remortgage and wanted advice and she said 'can I just ask you a couple of questions first'. Asked me who lender was I said Nationwide, then asked when it was up and I said 'next September' to which she bluntly interrupted me saying she had another call and had to take it. Could have been entirely genuine but she way she was about it made me think it was her way of not wanting to talk to me! Just found it bizarre!