Mortgage adviser or not?
Discussion
We are looking to re-mortgage to help fund some home improvements. LTV is currently low at ~15-20% and this won't change a great deal. Affordability is good. So as re-mortgages go there are no special circumstances or issues envisaged.
What are the benefits of paying to use a mortgage adviser over simply shopping around and speaking to existing lenders etc?
Do most people use advisers or go it alone?
How are mortgage advisers paid these days? A one off fee or some sort of hidden commission by the mortgage provider or both? Should these costs be transparent?
A five minute search suggested we may be able to get a 5yr fixed for around1.67%. We would be looking to buy out of a fixed rate (2.09) with about 18 months left to run.
Thoughts?
What are the benefits of paying to use a mortgage adviser over simply shopping around and speaking to existing lenders etc?
Do most people use advisers or go it alone?
How are mortgage advisers paid these days? A one off fee or some sort of hidden commission by the mortgage provider or both? Should these costs be transparent?
A five minute search suggested we may be able to get a 5yr fixed for around1.67%. We would be looking to buy out of a fixed rate (2.09) with about 18 months left to run.
Thoughts?
I've used the same advisor for a mortgage on a new property and 2 subsequent remortgages at the end of the fixed rate period. Each time he's been able to get me a better deal than I can find myself. His fees are typically paid by the provider. It might be cheaper to do it differently but I'm happy with the results he's getting me.
breamster said:
We are looking to re-mortgage to help fund some home improvements. LTV is currently low at ~15-20% and this won't change a great deal. Affordability is good. So as re-mortgages go there are no special circumstances or issues envisaged.
What are the benefits of paying to use a mortgage adviser over simply shopping around and speaking to existing lenders etc?
Do most people use advisers or go it alone?
How are mortgage advisers paid these days? A one off fee or some sort of hidden commission by the mortgage provider or both? Should these costs be transparent?
A five minute search suggested we may be able to get a 5yr fixed for around1.67%. We would be looking to buy out of a fixed rate (2.09) with about 18 months left to run.
Thoughts?
They get a fee from the provider and is shown in the paperwork (or is on all the mortgages I've taken out).What are the benefits of paying to use a mortgage adviser over simply shopping around and speaking to existing lenders etc?
Do most people use advisers or go it alone?
How are mortgage advisers paid these days? A one off fee or some sort of hidden commission by the mortgage provider or both? Should these costs be transparent?
A five minute search suggested we may be able to get a 5yr fixed for around1.67%. We would be looking to buy out of a fixed rate (2.09) with about 18 months left to run.
Thoughts?
Some advisors also charge you a fee, some don't. Mine doesn't charge me anything, they just take the comission from the mortgage company.
LordHaveMurci said:
Mortgage advisors used to have access to products that us general plebs didn’t, not sure if that’s still the case?
They do indeed. However, equally some mortgage providers will only offer some deals direct to the public. Advisors come into their own if you are a special case, bad debt / credit history etc.If you have a few hours available just scan the deals on the internet. Otherwise, just get an advisor to do it.
It's the 21st Century, you can either do it yourself or pay someone to use the internet for you.
98elise said:
LordHaveMurci said:
Mortgage advisors used to have access to products that us general plebs didn’t, not sure if that’s still the case?
Anyway, isn’t the default answer ‘talk to sarnie’?!
I believe Sarnie charges, however he always gets good feedback on here.Anyway, isn’t the default answer ‘talk to sarnie’?!
BigBen said:
98elise said:
LordHaveMurci said:
Mortgage advisors used to have access to products that us general plebs didn’t, not sure if that’s still the case?
Anyway, isn’t the default answer ‘talk to sarnie’?!
I believe Sarnie charges, however he always gets good feedback on here.Anyway, isn’t the default answer ‘talk to sarnie’?!
I've been thinking this the last few changes, however having used the same guy since 2004 he has ways got me what I belive is a good deal, we wouldn't have been able to move to this house going off the advise of another advisor given by the developer, quite big difference not only on monthlies but time length and lender.
I've never paid him anything but he takes a commission from the lender and the protection side who he does try to push at a higher level than perhaps I would choose.
My self employed mate just stays with his bank and has borrowed more of late to fund extension and a new van and has a rate of 1.45 I think it was, he tried an advisor and he could only match it so he just stayed with the bank.
I've never paid him anything but he takes a commission from the lender and the protection side who he does try to push at a higher level than perhaps I would choose.
My self employed mate just stays with his bank and has borrowed more of late to fund extension and a new van and has a rate of 1.45 I think it was, he tried an advisor and he could only match it so he just stayed with the bank.
Pickled Piper said:
LordHaveMurci said:
Mortgage advisors used to have access to products that us general plebs didn’t, not sure if that’s still the case?
They do indeed. However, equally some mortgage providers will only offer some deals direct to the public. Advisors come into their own if you are a special case, bad debt / credit history etc.If you have a few hours available just scan the deals on the internet. Otherwise, just get an advisor to do it.
It's the 21st Century, you can either do it yourself or pay someone to use the internet for you.
We recently took out a small mortgage to part fund a place on the coast. 5 year fix at 0.75% although I suspect that this may not be available now. You should be able to do a lot better than your current deal though.
Always use a broker as, not only does he understand our finances and how to reflect them to a lender and do the work of finding the best rates, his office deals with all the soul-crushing sh*t of filling in all the forms, talking to Tracey in the call centre in Middlesborough, arranging the valuation etc etc
Always use a broker as, not only does he understand our finances and how to reflect them to a lender and do the work of finding the best rates, his office deals with all the soul-crushing sh*t of filling in all the forms, talking to Tracey in the call centre in Middlesborough, arranging the valuation etc etc
Not particularly relevant in this case, but anyway...
My son just brought a house and whilst he could have got the same deal regardless, he (and I) found it very helpful having someone to help out with various questions along the way.
The guy sorted out a life cover policy, talked him through various 'what if?' scenarios, set him up with a solicitor and arranged his buildings and contents insurance.
Local firm, but one with a good reputation and if they made a few quid from those products then so be it. The solicitor was excellent and the mortgage/policies are with decent providers.
They charged £295.00, and in my opinion that fee was worth every penny.
My son just brought a house and whilst he could have got the same deal regardless, he (and I) found it very helpful having someone to help out with various questions along the way.
The guy sorted out a life cover policy, talked him through various 'what if?' scenarios, set him up with a solicitor and arranged his buildings and contents insurance.
Local firm, but one with a good reputation and if they made a few quid from those products then so be it. The solicitor was excellent and the mortgage/policies are with decent providers.
They charged £295.00, and in my opinion that fee was worth every penny.
Bumping up an older thread, but I'm wondering what is the best way to find a good mortgage advisor?
When buying we used the estate agents in-house advisor, he was ok, but it was far from a smooth process for various reasons.
Obviously current climate is more mixed, first five years are up and renewal due in June.
Thanks
Daniel
When buying we used the estate agents in-house advisor, he was ok, but it was far from a smooth process for various reasons.
Obviously current climate is more mixed, first five years are up and renewal due in June.
Thanks
Daniel
breamster said:
Pickled Piper said:
LordHaveMurci said:
Mortgage advisors used to have access to products that us general plebs didn’t, not sure if that’s still the case?
They do indeed. However, equally some mortgage providers will only offer some deals direct to the public. Advisors come into their own if you are a special case, bad debt / credit history etc.If you have a few hours available just scan the deals on the internet. Otherwise, just get an advisor to do it.
It's the 21st Century, you can either do it yourself or pay someone to use the internet for you.
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