Going to multiple brokers?

martyp · 21 February 2019 at 10:12PM

Hi all,

My previous fee free broker contacted me about a month ago for more business and I've not been impressed with what they're offering so have gone to another fee free broker to see what they offer.

Is that safe/ok/normal? Are the 'fee free' brokers 100% free as in I won't have to pay anything if I don't take up their offers and go elsewhere?

ACG · 21 February 2019 at 10:46PM

They have to provide you with a Terms of Business which will set out their terms. If nothing has been provided, then they can not charge you a fee.

It is not normal to use multiple brokers for the same job. It is safe so long as you do not have them both doing DIPs/applications.

martyp · 22 February 2019 at 1:45PM

I had a look at the terms of business linked from the e-mail and it advises:
"does not charge a fee for mortgage, or protection advice, but you should be aware of the possibility that other taxes or costs relating to the services that we provide for you may exist even though they are not paid through us, or imposed by us."
I have had a couple of recommendations but haven't progressed with the new one, the old one came back after a credit check saying I couldn't get the full amount.
I wanted to see what the other broker would come back with as they asked questions the others didn't which could have more of an impact such as private pensions and savings which the other one didn't ask about and both might give me an advantage for deals.

ACG · 22 February 2019 at 1:48PM

The broker did a credit check to see how much you could lend?
I would ditch whichever broker is doing that. The broker should be checking how much you can lend with an affordability calculator.

Going to multiple brokers?

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