Mortgage Broker recommendations

Newtoitall24

Hi everyone! Been reading through threads and found some info really interesting! 

I and partner will be looking at going for a mortgage end of the year, however looking for some broker recommendations due to me asking in the local area if they are whole or the market and if they charge a fee which all seem to charge a fee? Is this the new norm as I thought most were commission based but last time we saw an adviser was 9 years ago. 

We believe we probably will need one that has extent knowledge with adverse lenders due to some previous Defaults. 

Thank you in advance 

amnblog

Expect a Broker fee for a case with credit issues

ACG

The level of work with lenders and regulatory has increased massively in the last 10 years. 
We do receive commission, but unless you are looking for a large mortgage (im thinking £500k +) a fee is usually charged by brokers especially where there is adverse as the commission alone is not normally enough.

There is a saying, good, quick, cheap - you can have any 2. 

mexican_dave

I am using https://www.3-mc.com and on-line broker, yes they charge like many seem to, but maybe if you ask for a cash- back offer of about £300 that will likey off-set their fee. 3-mc produce a list of all the mortgage companies they have canvassed to produce their deal, usually enough to fill a page of A4. Seemed to work for me. As with any mortgage application the paperwork was huge, but 90% on-line, we all seem to be treated as money-launderers and criminals, until proven innocent!

Newtoitall24

Thank you for your replies!
 As long as I know it is the norm I don’t mind paying ☺️

ACG

mexican_dave said:

I am using https://www.3-mc.com and on-line broker, yes they charge like many seem to, but maybe if you ask for a cash- back offer of about £300 that will likey off-set their fee. 3-mc produce a list of all the mortgage companies they have canvassed to produce their deal, usually enough to fill a page of A4. Seemed to work for me. As with any mortgage application the paperwork was huge, but 90% on-line, we all seem to be treated as money-launderers and criminals, until proven innocent!

The cashback on mortgages comes at a cost...
Usually a higher interest rate. 

3-mc is a packager not a broker. 3-mc usually works as a middle man when you have a new/inexperienced broker, which means you are probably paying your broker AND 3-mc (check section 4 of your offer/illustration).