Mortgage Broker - MAP

smessom32

Hi

Has anyone had any dealings with the company

Mortgage Advice & Practice Ltd

Just spoken to a mortgage consultant from this company who seemed to know his stuff and is going to get back to us with the best deal for us.

I have read Martins guide to mortgage brokers and I underdstand that this company offers me Whole of Market advice (Good Thing) but also now know they charge a Fee of upto 2.75% of the mortgage taken, capped at £2995 (Bad Thing) as martin says dont pay more than 1.5% for this.

Should I listen to what he has to offer and find out the fee I will be charged?

Should I go with the company or are there better option for me out there?

They are doing a credit check on us that which agreed too, but I am a little concerned that they can charge £2995.

Your opinions will be much appreciated

Scott

lucasmum

Hi,
Surely you could find a broker who is fee free? My whole of market broker is fee free and just takes his commision off the mortgage lender on completion.
£3K is ALOT of money!!!!
Good luck x

dunstonh

I have read Martins guide to mortgage brokers and I underdstand that this company offers me Whole of Market advice (Good Thing) but also now know they charge a Fee of upto 2.75% of the mortgage taken, capped at £2995 (Bad Thing) as martin says dont pay more than 1.5% for this.

Thats damned expensive. Thats more expensive than most investment advisers handling investments.

A small fee in a cheap area (i.e. low house prices) is fair enough as commission on mortgages is quite low typically (0.3% average). That charge of 2.75 plus commission of 0.3 takes it over 3% and with respect to the mortgage advisers, that is seriously overpaying for his skills.

Rick62

Your just a little concerned about their fee??? - how did you manage to find this website?

Rick62

dpesky, are you promoting your own site and are you a broker? If so please read the posting rules for brokers.

Dan_Collins_2

I dont normally say stuff like this but that is a rip off!

AndrewSmith

dpesky: Please read the posting rules for mortgage brokers, you are doing yourself no favours by trying to promote your own business, merely showing how desperate you are without leads to resort to touting public forums.

smessom32: Do not pay their fees, use local advertising or word of mouth to find an alternative broker who has a more pallateable fee structure or who is fees free. You are paying well over the odds for no reason.

unite79

Does a whole of market notr provide the right mortgage for his/her client, does that ocme from a fact find - If a Long term fixed is correct for the client, does a WHOLE of Market broker not recommend this - Because surely the Financial Services Act is there to protect the consumer -

This is the question to the Director of MAP.

Tiddler_2

I've got to say this - what utter tosh! Interesting that it's taken you 10 months to think up your response!!

TYPICALLY brokers will recommend a deal which meets their customers requirements, this may be a 2 year deal, it may be a 3 year deal, 5 year etc etc. I have come across so many companies in my 20 years in the mortgage market who charge these one-off "lifetime servicing" fees only for them to never contact the customers again at the end of their deals because all they are interested in is the customers first mortgage - i.e the one where they pay the MASSIVE fee.

You are trying to scare the forum readers by saying that a TYPICAL broker will recommend a deal which will cost a customer a valuation fee & legal fee every 2 years. The vast majority of customers will get a free valuation and free legal work on a remortgage and have done for the last few years.

You say that lots of your customers are on deals at around 5% - not if they've taken their deals out in the last 12-18 months they are not (except those lucky enough to be on trackers - but that will be more down to luck, than your advice!)

I think you will probably find that whilst some brokers will charge a fee for every deal they arrange, lots will not charge existing customers - particularly if they have recommended friends & colleagues to the broker.

I have worked for a company who charged massive fees for a year or so, and I can say honestly say that they are completely unjustified!

toonfish

As above, i'd be interested to know who you have arranged fully flexible 10 or 15 year fixed rates with below 5%?

As you only charge your extortionate fee once do you then pay for any future legal or survey costs, arrangement fees and so forth, as well as refunding future proc fees, or are you just shafting the client because they can't all be on 15 year fixed rates?

koexelek

dunstonh wrote: »

Thats damned expensive. Thats more expensive than most investment advisers handling investments.

A small fee in a cheap area (i.e. low house prices) is fair enough as commission on mortgages is quite low typically (0.3% average). That charge of 2.75 plus commission of 0.3 takes it over 3% and with respect to the mortgage advisers, that is seriously overpaying for his skills.

Perhaps they give you your mortgage offer in a solid gold frame :rotfl: