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How much should EA brokers charge..
ferry
Posts: 2,017 Forumite
Firstly I'm not knocking EA mortgage brokers and certainly dont expect a service for free,but my fixed rate is up soon and my broker wants to charge me £300 for finding me the best deal.
He's whole of market and did a good job in finding me my original deal.
Just out of interest does this sound like a lot of money for this service.
Ferry
He's whole of market and did a good job in finding me my original deal.
Just out of interest does this sound like a lot of money for this service.
Ferry
:j
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Comments
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If you trust him and you believe he's doing you a good job, then it's a fair price.I am a Mortgage Consultant and don't like to be told what I can and can't put in a signature so long as it's legal and truthful.0
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In some areas house prices are too low for mortgage advisers to really not make a charge.
Also, if he is making a charge but then recommending true whole of market (which includes lenders that do not normally transact through brokers) then its better advice.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I think you need to clarify what the charge is for, and, just to add an EA broker can be equally as good as a non EA broker - it really does just depend on their level of experience.
Go back to your broker, ask if he is including all non commission paying lenders due to the research fee (which I think is high, so don't be afraid to haggle a little with him/her).
If they are including the non commission paying deals a fee is justified, if not tell him to stuff it and go elsewhere.
MMI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
The fee seems OK.
You could test the whole of market declaration by getting the brokers reaction to the HSBC fixed rate match scheme as they do not pay commission / procuration fee.
Is the broker refunding the procuration fee to you on completion? Or getting paid twice."The true measure of a man is how he treats someone who can do him no good."(Samuel Johnson 1709-1784)
Lots of years in financial services, still learning!0
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