Costs of mortgage advisor

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boring1
boring1 Posts: 69 Forumite
Debt-free and Proud!
in Mortgages & endowments
Hi

I have just been quoted the following:

£99 on DIP
£295 on offer

Does this sound reasonable?

Many thanks
«1

Comments

  • FTB_1
    FTB_1 Posts: 7 Forumite
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    boring1 wrote: »
    Hi

    I have just been quoted the following:

    £99 on DIP
    £295 on offer

    Does this sound reasonable?

    Many thanks

    I am going through the process at the moment and our broker is £395 but this is as a lump sum - so about right compared to that
  • amnblog
    amnblog Posts: 12,445 Forumite
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    This sounds mid to low for the market.

    What are you getting for your money?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • boring1
    boring1 Posts: 69 Forumite
    Debt-free and Proud!
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    The lady said she would come round and chat through all our documents (bank statements etc) she has already had sight of our credit files (experian) and she would then package everything up how the lender likes it and send if off.
    Have read online reviews and they are v positive.

    Is there anything else I should be looking for them to do?


    Thanks
  • Fisa002
    Fisa002 Posts: 145 Forumite
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    I paid £350 for my broker. For dip and offer. Can really say that they have been worth the money and definitely wouldn!!!8217;t hesitate to use a MB again ! The amount of information and support you get from one is worth it imho
  • NelliePie
    NelliePie Posts: 280 Forumite
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    edited 7 February 2018 at 3:09PM
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    I didn't pay anything! Our experience of L&C was great and I couldn't recommend them highly enough. We had a single point of contact, who got to know what we wanted, acted professionally and quickly. If you want to PM me I can give you the details of the person at L&C we used - if its free you may as well compare the offer you get from these to the offer you get from the one you're paying for.
    Little One born 19/12/18
    5/5/18 I became Mrs Pie
    FTB June '17 - £144k mortgage, £134k remaining
  • boring1
    boring1 Posts: 69 Forumite
    Debt-free and Proud!
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    Thanks - when did you first get in touch with yours was it once you'd had your house valued?
  • NelliePie
    NelliePie Posts: 280 Forumite
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    Not sure who you're asking, but we were FTB so we spoke to them right from the off to get an idea of how much we could borrow with our income & affordability, then when we were ready to start looking & had a deposit saved, then when we made the offer and needed a mortgage. The whole way through we had one person dealing with everything - which made our lives a lot easier.
    Little One born 19/12/18
    5/5/18 I became Mrs Pie
    FTB June '17 - £144k mortgage, £134k remaining
  • boring1
    boring1 Posts: 69 Forumite
    Debt-free and Proud!
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    NelliePie wrote: »
    I didn't pay anything! Our experience of L&C was great and I couldn't recommend them highly enough. We had a single point of contact, who got to know what we wanted, acted professionally and quickly. If you want to PM me I can give you the details of the person at L&C we used - if its free you may as well compare the offer you get from these to the offer you get from the one you're paying for.

    I quite like the idea of meeting someone face to face which I don't think you can do at L&C?
  • NelliePie
    NelliePie Posts: 280 Forumite
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    No, but everything was done over the phone (they call you so no bills) and they have quite good opening times, 8am-8pm I think. At no point did I feel like meeting in person would have been any benefit as with our end on speakerphone the broker, my partner and I could all converse freely.
    Little One born 19/12/18
    5/5/18 I became Mrs Pie
    FTB June '17 - £144k mortgage, £134k remaining
  • marsman802
    marsman802 Posts: 558 Forumite
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    Have a shop around - my IFA charges nothing but takes commission from the lender.
    His approach is that he'd rather get you on the books as you more likely to then talk about savings/investments and other items. And he's right as his company manage one of my pensions...but there's no requirement to do so.
    Admittedly this only works if you're arranging large mortgages as the commission payback warrants it.
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