Contractor mortgage broker fees - is it worth it?

[MichaelaE]

Hi,

This is my first post here so hello to everyone.

We are hoping to move house and have been talking to a mortgage broker who specialises in contractors. We have had a mortgage agreed in principle with the Halifax and are ready to submit our application. However, the broker charges quite a hefty fee of £895. I have been offered the same deal with another broker without the fee (We haven't applied for a mortgage in principle with them - they have just said they can access the same product). We have spoken to the first broker who have said they have access to specialist contractor underwriters etc which makes them different. Conversely, the 'free' broker says he deals with contractors all the time (although not a specialist) so the specialist underwriters don't seem to be an issue.

Is it worth paying the fee to the specialist broker? I guess we are just trying to work out what the value is and would like to hear anyones experience.

Thanks

[northernladuk]

Is the fee for the mortgage or the agents fee? Have they made it clear?
Why not go for the in principle to test the waters. If the new agent is telling porkies he should get caught out at this point surely?

[EVI]

I went with as-financial and couldn't be happier with the service received. Speak with Martin. There's no charge for cuk members and I know I couldn't have got a better service had I paid for it. They also have access to specialist underwriters. It's the reason they were able to sort out my mortgage so quickly. If you want more info, feel free to pm me and I'll forward on the details

[MichaelaE]

Thank you. I have checked out AS Financials website.

[MichaelaE]

Is the fee for the mortgage or the agents fee? Have they made it clear?
Why not go for the in principle to test the waters. If the new agent is telling porkies he should get caught out at this point surely?

Its the fee for the broker payable before the application is made. I just wonder if we should apply through someone who doesn't charge? I cant figure out what I am getting for £895

[northernladuk]

Its the fee for the broker payable before the application is made. I just wonder if we should apply through someone who doesn't charge? I cant figure out what I am getting for £895

It does seem a tad high but what is the guy doing for nothing. Seems odd if it's then same product. You'd think the commission would be same.

[MichaelaE]

I went with as-financial and couldn't be happier with the service received. Speak with Martin. There's no charge for cuk members and I know I couldn't have got a better service had I paid for it. They also have access to specialist underwriters. It's the reason they were able to sort out my mortgage so quickly. If you want more info, feel free to pm me and I'll forward on the details

Duncan has just replied to me - so thank you for that tip.

[Ruprect]

What kind of deal did you get?

[EVI]

Duncan has just replied to me - so thank you for that tip.

No problem. I spent ages deciding on a broker so I hope I've saved you some time and money

[TheCyclingProgrammer]

Speak to Ben at Power Mortgages. He's very good and his fees are very competitive.