CMME Fees

[freelancelife]

I recently used CMME for a remortgage. A few years ago they didn't charge fees (apart from the commission fee added to the mortgage. They charged an application fee of £499 I believe. This is refunded if the mortgage isn't approved.

They were able to secure a much better rate than I could directly with Halifax. The process was straight forward and handled efficiently.

[ladymuck]

Also do as NLUK suggested and chuck some numbers into a mortgage calculator on a few lenders' sites and see how the interest rate varies depending on the LTV. Finding more cash for a deposit can make a huge difference. It may only look a small % (or fraction of) but it's a lot of interest over the lifetime of the loan.

That said, any broker is required to give you a full illustration so you should be fully aware of the interest rate etc before you agree to anything.

[xenomorph]

got it
will shop around brokers
thanks all

[GordonHunterSuperContract]

Hi all
I been in contact with CMME and they said they see no issues with being able to secure a good deal for me based on my current debt and day rate compared to amount I need to borrow.
However they said Fee is over £950! Only if application is successful which is something but I am wondering are they expensive for what they do? As I have seen some that do it for £450 or even free.

Thanks

Mortgage brokers can charge a range of fees, but it is a service you are paying for. For example, we charge up to £395 for our service but that's only payable on submission of a full mortgage application to the lender.

[northernladuk]

Do you mean the interest rate I get offered for the 5% mortgage would be higher then going via someone else?

My main reason for wanting to use a company like this is they might be able to work around amount of outstanding credit I have and amount of time I been contracting.

And that's why I went to a similar set up offering the same service to contractors and it worked very well for me so stuck with them.

The market has changed now and lenders are much more savvy now. Many contractors are getting their own contractor mortgages from Halifax now so not as onerous as it was. They all still have different lending criteria so the advisors still do help.

I am pretty sure the interest will be more for 5%. It certainly drops as you go down 80 to 75 LTV etc.

Look at he comparison sites and change the deposit and you'll get your answer.

[xenomorph]

Don't let them pressure you though. I'd imagine you'd be paying a premium for a 5% mortgage so if you are willing to wait for a better rate you'll pay a lot less in the long run.

Let them do the legwork but don't be hoodwinked in to something you didn't want.

If that's attractive to you and you want to move ASAP then fair enough.

Do you mean the interest rate I get offered for the 5% mortgage would be higher then going via someone else?

My main reason for wanting to use a company like this is they might be able to work around amount of outstanding credit I have and amount of time I been contracting.

[Scruff]

My wife is an independent Mortgage Advisor, and her fee is £295. On top of that she earns a commission from the Lender.

They have products available, which are not accessible by "the man on the street", so the savings made over the term of the mortgage offset the commissions. At the end of the day, you are paying for someone's Professional Services, and the skills that they have developed over a lifetime. Its a bit like most IT people, where you can give the client the .iso and they can click "next, next, next, finish", or pay a Pro a Daily Rate...

[northernladuk]

Thanks
They told me they can probably find me a lender who can offer 5% deposit so that would mean I can purchase sooner so will put process on hold after I seen the offers so I know what I need to save.

Don't let them pressure you though. I'd imagine you'd be paying a premium for a 5% mortgage so if you are willing to wait for a better rate you'll pay a lot less in the long run.

Let them do the legwork but don't be hoodwinked in to something you didn't want.

If that's attractive to you and you want to move ASAP then fair enough.

[xenomorph]

Thanks
They told me they can probably find me a lender who can offer 5% deposit so that would mean I can purchase sooner so will put process on hold after I seen the offers so I know what I need to save.

[ladymuck]

Good to know.
One thing I dont understand is why they eager to get me to start the process this early. As I am nowhere near ready in terms of having enough funds for deposit. Most likely will have saved enough by this time next year.

Slightly off topic but what is recommended way of withdrawing large amount for a deposit from company as dividend? Is it better to do it in smaller chunks over the year or one big lump?

Best to ask them that. If it was a few months then I'd understand but a year is a long way away. Lots can change in that time and no mortgage offer will last that long IIRC

[northernladuk]

Makes no difference when or how you do it.

[xenomorph]

It depends on what the service is worth to you. No harm in making enquiries with other brokers but find out exactly what they will/will not do for you. As well as find you a competitive product, they should also help speed up the process by ensuring the right documents are ready at the right time.

CMME come highly recommended by people here and people I personally know so they must be doing something right.

Good to know.
One thing I dont understand is why they eager to get me to start the process this early. As I am nowhere near ready in terms of having enough funds for deposit. Most likely will have saved enough by this time next year.

Slightly off topic but what is recommended way of withdrawing large amount for a deposit from company as dividend? Is it better to do it in smaller chunks over the year or one big lump?

[ladymuck]

It depends on what the service is worth to you. No harm in making enquiries with other brokers but find out exactly what they will/will not do for you. As well as find you a competitive product, they should also help speed up the process by ensuring the right documents are ready at the right time.

CMME come highly recommended by people here and people I personally know so they must be doing something right.

[xenomorph]

Hi all
I been in contact with CMME and they said they see no issues with being able to secure a good deal for me based on my current debt and day rate compared to amount I need to borrow.
However they said Fee is over £950! Only if application is successful which is something but I am wondering are they expensive for what they do? As I have seen some that do it for £450 or even free.

Thanks