Fee Free Mortgage Advisors

[revelator1969]

There’s no such thing.
HTHBID

ok you have been a great help

[Lance]

Hypothetical situation coming up

So lets say i contact a fee free mortgage advisor, give them all my details, they come back with a deal for the Nationwide 2.39% starting rate, 2 year fixed, no fees from lender.

I contact a popular mortgae advisor, give them all my details, they come back with a deal for Nationwide 2.29% starting rate, 2yr fixed, no fees from lended, advisor fees are between £600-£900.

So from what i can see on the 2 Keyfacts Illustrations, they are both identical except i will be paying a lot more to the second advisor for the same deal. Am i missing something. WHy would i go with the advisor asking for a fee of £600 to £900.

It depends on the size of the mortgage.
0.1% of an unknown amount is unknown.

Why the different quotes from Nationwide is a better question. What different information is the adviser giving them?

[ladymuck]

Hypothetical situation coming up

So lets say i contact a fee free mortgage advisor, give them all my details, they come back with a deal for the Nationwide 2.39% starting rate, 2 year fixed, no fees from lender.

I contact a popular mortgage advisor, give them all my details, they come back with a deal for Nationwide 2.29% starting rate, 2yr fixed, no fees from lended, advisor fees are between £600-£900.

So from what i can see on the 2 Keyfacts Illustrations, they are both identical except i will be paying a lot more to the second advisor for the same deal. Am i missing something. WHy would i go with the advisor asking for a fee of £600 to £900.

You would need to look at how much you're paying in interest over those two years. If you plug those rates on a 25 year, 300k mortgage into a basic mortgage calculator, you'd pay just shy of 4.5k more interest on the fee free advised loan over its lifetime (assuming that the rate doesn't change; I was too lazy to find one that would do an illustration where the rate changes after a set time).

I paid for mortgage advice yonks ago and got a deal that didn't feel great at the time but was easily affordable. Then came the mighty crash and rates plummeted. My 1.5% above base rate lifetime tracker with offset was a godsend. I kept the payments fixed at the rate I took the loan out at and ended up overpaying by about 60% each month. My offset savings negated most of what little interest I was paying. It was a deal I couldn't have gotten without a broker and I believe they earned every penny of their fee.

[revelator1969]

It depends on the size of the mortgage.
0.1% of an unknown amount is unknown.

Why the different quotes from Nationwide is a better question. What different information is the adviser giving them?

I stupidly made a mistake, both have the same interest rates, nationwide is just an example and their current no fees mortgage. The deals are identical. The APRC is the same, everything is the same in the Illustrations. The fee free one seems logical to me. All things being equal in the deals.

[Dark Black]

I recently used Super Contractors

Fee free, they get their money via the lenders. They got a me a deal I was very happy with and I can't praise them enough. I'm not connected to them in any way, just happy with the service.

If people here want to pay up front that's up to them, personally I'm happy with using a "fee-free" advisor who is upfront about how they make their money.

[PhiltheGreek]

I made a mistake opening this thread in general. There seems to be so many people who defend paying a fee. I asked for fee free suggestions. If you cant comply with my request then please refrain from posting more irrelevant nonsense.

FTFY

Also-

If you weren't such an aggressive twat, somebody might have been on to advise you that you're looking to find a broker who can smooth the application past the underwriters. Standard credit policy at most lenders would preclude contractors, so what is needed to process your application is some 'discretion' on behalf of the lender - you're paying a fee to make this happen. You'll also benefit from lender specific rates which aren't available in the branch window - they're made available to broker firms, not to regular punters. You'll also benefit from not having to spend f*c*ing hours in a branch dealing with MCOB trained box tickers. So, without wishing to piss on your chips, you pay the fee because:

It's cheaper in the long run

HTH

[revelator1969]

I recently used Super Contractors.

Fee free, they get their money via the lenders. They got a me a deal I was very happy with and I can't praise them enough. I'm not connected to them in any way, just happy with the service.

If people here want to pay up front that's up to them, personally I'm happy with using a "fee-free" advisor who is upfront about how they make their money.

Many thanks for your help. Thats the kind of replies im looking for. Ill check them out and im so glad you got a good deal and service from them.

[revelator1969]

FTFY

Also-

If you weren't such an aggressive twat, somebody might have been on to advise you that you're looking to find a broker who can smooth the application past the underwriters. Standard credit policy at most lenders would preclude contractors, so what is needed to process your application is some 'discretion' on behalf of the lender - you're paying a fee to make this happen. You'll also benefit from lender specific rates which aren't available in the branch window - they're made available to broker firms, not to regular punters. You'll also benefit from not having to spend f*c*ing hours in a branch dealing with MCOB trained box tickers. So, without wishing to piss on your chips, you pay the fee because:

It's cheaper in the long run

HTH

Well there is so much negativity and ridiculing from some of the initial replies. Im just making a point i want simple answers, not a debate. Im so glad you have joined the bandwagon. Paying an advisor is not cheaper if they are getting you the same deal to the letter as the fee free one. If you have money to burn fair enough, i believe in saving money where i can and put it towards my deposit. Im not looking for special advice or some special guidance.

Oh and most of the advisors who do charge, most of them started as fee free, once they build up their reputation and business then they start to charge people like you. So at what point did these advisors become worth paying for when they used to be free, are they offering something wonderful and exotic that they did not before.

My circumstances are simple now and i have no requirement to pay over the top fees. Im glad you think its worth your while but i personally dont. Good luck to you but your way oi thinking does not make sense. You have paid your fees and you need to believe it was good value for money.. Good for you.

I have successfully applied for many mortgages in the past, at what point does this process become worth £1000. Oh yeah the 'advice'. Some advise for free, some advise for £1000.

[northernladuk]

I think I know what you are after. You want a fee free mortgage advisor.

That advice was for free.

[revelator1969]

I think I know what you are after. You want a fee free mortgage advisor.

That advice was for free.

No there is always hidden fees. Someone told me this. Always.