Mortgage broker fee
Discussion
The bloke we used to use started charging a flat fee as the commission earned wasn't what it was. I did my own remortgage last time around but think I'd use someone now if going through the process due to the excessive amount of information the lenders need now days plus all the other back and forth stuf between them solicitors and so on.
Shop around I guess. Should be able to find a number of IFAs and ask what they charge.
Shop around I guess. Should be able to find a number of IFAs and ask what they charge.
If you have straightforward circumstances then I don't think there's much actual graft involved even today, *if* you already know the product you want. I think people find the value in the broker in advising them of the appropriate products for them, rather than purely handling the paperwork. For more difficult cases I'm sure there's a lot of legwork in researching products and finding out if the client meets the requirements, collating into a report and then discussion back with the client and then to-ing and fro-ing sorting it all out.
Edited by Gareth79 on Wednesday 8th May 18:48
Many people need life cover tinkered with or readjusted, especially when they take another mortgage or remortgage.
The guy my missus used last year did just that and charged us zero for the mortgage work (other than what he got from the lender) plus gave the missus a not inconsiderable backhander from the fee he got from the life insurance work which ended up better than before he got involved.
The guy my missus used last year did just that and charged us zero for the mortgage work (other than what he got from the lender) plus gave the missus a not inconsiderable backhander from the fee he got from the life insurance work which ended up better than before he got involved.
I think a broker earns their money when there are non-standard pieces of the puzzle.
If you're financially literate, been working at the same PAYE place for years and have a decent LTV then less so..
If you're a contractor, have less than perfect credit, and a 5% deposit, then IMHO a decent broker's probably worth every penny
If you're financially literate, been working at the same PAYE place for years and have a decent LTV then less so..
If you're a contractor, have less than perfect credit, and a 5% deposit, then IMHO a decent broker's probably worth every penny
Broker I used in the past charged a fee (somewhere between £250-500 iirc) but found us an improved rate over what we found online and the product had cash back equal to the value of his fee so essentially he was free.
Most good brokers should show you the deals they can get you before actually charging anything/signing the contract.
Most good brokers should show you the deals they can get you before actually charging anything/signing the contract.
I just bought two flats & got two BTL mortgages, my income is low PAYE & mostly dividends income from my own businesses
I paid a broker £250 to find & arrange both these mortgages, at very good rates & with legal fees cash back of £450 per mortgage
I think that was cheap, he liaised direct with my accountant & I did virtually nothing, he even showed me where to sign the application form
I paid a broker £250 to find & arrange both these mortgages, at very good rates & with legal fees cash back of £450 per mortgage
I think that was cheap, he liaised direct with my accountant & I did virtually nothing, he even showed me where to sign the application form
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