Reply to: Mortgage broker recommendation?

[GB9]

We would always recommend the best deal available based on your circumstances, we cannot search based on commission paid.

If it would help to ease your mind I am sure the any of my colleagues here would take the time to explain why they haven't recommended someone who appears to have a cheaper rate and why you don't meet their criteria if this is the case. Its usually an open discussion and consultation between client and broker and you should feel free to ask any questions you see fit.

I hope this helps

It does, thank you. And don't apologise for being out of the office

Your colleague was very helpful, thank you.

[carling]

but expensive?

The broker fee was a flat £495 at the time.
The actual mortgage deal was fairly good though, slightly better rate than the same bank was offering on the high street. If I remember correctly though this was offset some by the bank offering a free valuation survey for high street customers, which I had to pay for.
One down side is that they do try and cross sell you various insurance, financial planning etc.
Overall though they were good, but probably not the very cheapest.

[northernladuk]

I've used Contractor Mortgages Made Easy before. Found them decent.

but expensive?

[carling]

I've used Contractor Mortgages Made Easy before. Found them decent.

[Emma Power Mortgages]

Even though Emma hasn't replied to me I'm going with Power.

CF/CMME are both charging ridiculous fees and seemed far more interested in cross selling to me.

FF didn't answer the phone.

Power even suggested that I may get a better deal using previous accounts which was one of my key points.

My apologies I have been out of the office, thank you, be sure to mention you have come from the forum it will benefit you

[Emma Power Mortgages]

I won't ask what all the 'additional' work and regulations are........

If I pay you a fee, how do I know I am getting the best deal and not the one that gives you the greatest commission? (I actually thought getting both was illegal these days).

And if I have years worth of accounts, can you get access to the best rates?

Ta

We would always recommend the best deal available based on your circumstances, we cannot search based on commission paid.

If it would help to ease your mind I am sure the any of my colleagues here would take the time to explain why they haven't recommended someone who appears to have a cheaper rate and why you don't meet their criteria if this is the case. Its usually an open discussion and consultation between client and broker and you should feel free to ask any questions you see fit.

I hope this helps

[GB9]

Even though Emma hasn't replied to me I'm going with Power.

CF/CMME are both charging ridiculous fees and seemed far more interested in cross selling to me.

FF didn't answer the phone.

Power even suggested that I may get a better deal using previous accounts which was one of my key points.

[Gumbo Robot]

No was with BM. They were originally happy with my contract ending in 3 months. Then they took so long it was coming to end of the 3 months and asked for another 3 months (fair enough). They were happy again and sorted the survey.

A couple of weeks after this they then said 3 months wasn't long enough and asked for 6 months - luckily the business I am contracting with were happy to write a letter stating this, otherwise it probably wouldn't have happened.

Halifax were happy with the original 3 months and needed nothing else.

Halifax okayed mine with 2 weeks to run.

Shame the purchase fell through....

[JohnJizzle]

Could that be because the broker didn't get the right details from the start?

No was with BM. They were originally happy with my contract ending in 3 months. Then they took so long it was coming to end of the 3 months and asked for another 3 months (fair enough). They were happy again and sorted the survey.

A couple of weeks after this they then said 3 months wasn't long enough and asked for 6 months - luckily the business I am contracting with were happy to write a letter stating this, otherwise it probably wouldn't have happened.

Halifax were happy with the original 3 months and needed nothing else.

[GB9]

Most charge a fee these days, whether specialist or not, to cope with the extra regulation and 'behind the scenes' work that goes into a mortgage application. This enables them to provide a high level of service standards as well as satisfying all additional FCA requirements.

I won't ask what all the 'additional' work and regulations are........

If I pay you a fee, how do I know I am getting the best deal and not the one that gives you the greatest commission? (I actually thought getting both was illegal these days).

And if I have years worth of accounts, can you get access to the best rates?

Ta

[GB9]

Look at it a different way. You apply for a contract. The agency charges you for the application. And then charges the client commission too. And I thought providing professional advice was part of winning the work.

As I said, I don't mind paying for the service but I was also under the impression that paying a fee would result in unbiased advice, not advice that could end up with the agent making commission from the product they sell too.

[Scruff]

They do this to overcome punters who know the cost of everything, and the value of nothing. They don't get paid twice - you pay them for their Professional Services and the Finance Company pay them a Commission. If you try and do this yourself, you will, in most instances, not be able to achieve savings over and above this. Good advice is priceless.

[Emma Power Mortgages]

Do any of these not charge an application fee?

Contractor Financials have started charging one since they were bought out. They also get commission on any mortgage arranged and I don't fancy paying twice if I can help it.

Most charge a fee these days, whether specialist or not, to cope with the extra regulation and 'behind the scenes' work that goes into a mortgage application. This enables them to provide a high level of service standards as well as satisfying all additional FCA requirements.

[GB9]

Thanks all, many useful leads there

Do any of these not charge an application fee?

Contractor Financials have started charging one since they were bought out. They also get commission on any mortgage arranged and I don't fancy paying twice if I can help it.

[pjclarke]

Thanks all, many useful leads there