Reply to: Contractor Financials now charge a £900 mortgage fee!

[BoredBloke]

When we went to buy our flat (2nd property) we initially went to a contractor specialist broker. We didn't have a huge deposit, so we got a choice of 2 mortgages. Neither proved to be suitable. In the end I went to Clydesdale and got a mortgage that was cheaper than the 2 I was being offered by the broker and the deposit was 10% rather than the 15% required by the 2 the broker suggested.

[Scruff]

Using a Broker / Mortgage Advisor opens a whole additional product group, which are not available to the "Man on the Street". What you pay as a professional fee is more than recovered over the period of the Mortgage by having more options, with a combination of lower rates / early termination / exit fees etc.

Good Brokers / Mortgage Advisors usually offer a "Value Added" service, taking into account Life Cover / Critical Illness / Income Protection, which are particularly relevant to us, as small business owners.

[BoredBloke]

Why use a broker? There are a few contractor friendly mortgage providers out there. We used Clydesdale bank and it was very simple to arrange, all done over the phone.

[kaiser78]

Used these guys a couple of years ago and overall pretty pleased with them.
I have recently enquired re a mortgage for a potential move and they have informed me they now charge a £900 fee! Quite the increase from the fee free last time.

I am currently in talks with Freelancer financials, still a mortgage fee, but half the price and service has been impressive so far.

Does anyone know of alternative contractor brokers I should be looking at too?

R

It is negotiable though - you should be able to halve this fee at least.

[Zigenare]

Freelancer Financials sorted my last mortgage. Excellent Service.

[babybel]

avoid AS financial

I did use these guys many times but this time was a real let down so I'm avoiding from now on. Last week I gave all my details to CMME who are now not bothering to return my call to progress. Am beginning to get paranoid.

Currently looking for a decent broker who will actually get a wriggle on with my (relatively simple) application! Don't mind paying for it. Don't want to pay for it & get tulip service.

Recommendations gratefully received.

[Martin@AS Financial]

No issue with paying a fee for a certain level of service, just more of a surprise that it went straight to the £900 mark when previously they were fee free!

I am aware brokers are remunerated by way of a commission from the mortgage provider, so the fee must be additional to this.
And today I'm sure there is 0% chance they could get away with selling a mortgage based on a higher rate of commission!

I can see AS financial provide fee free contractor mortgages and can see some great reviews too. I'll give them a call tomorrow.

R

Thanks Ristic - looking forward to speaking to you.

[Martin@AS Financial]

I have just completed a remortgage with Martin at A S Financial and was very happy with the service.

Thanks for the positive feedback Pogle - that is really kind of you.

[northernladuk]

Im in the process of completing a purchase (started in November), im not being charged a fee. They're getting the fee from lender via product placement.

Is this for a contractor specific mortgage or a fairly standard product though? As ours are a little different and not popular I didn't think the lender paying the fee option would be feasible.

[Barley]

Im in the process of completing a purchase (started in November), im not being charged a fee. They're getting the fee from lender via product placement.

[Pogle]

Nice avatar

I've been BUSY!

[northernladuk]

I have just completed a remortgage with Martin at A S Financial and was very happy with the service.

Nice avatar

[Pogle]

I have just completed a remortgage with Martin at A S Financial and was very happy with the service.

[Ristic]

No issue with paying a fee for a certain level of service, just more of a surprise that it went straight to the £900 mark when previously they were fee free!

I am aware brokers are remunerated by way of a commission from the mortgage provider, so the fee must be additional to this.
And today I'm sure there is 0% chance they could get away with selling a mortgage based on a higher rate of commission!

I can see AS financial provide fee free contractor mortgages and can see some great reviews too. I'll give them a call tomorrow.

R

[diseasex]

Oh ffs, are you a contractor or what? Round it up to £1000 and tell them to keep change!

That's the MF way.

waste money where you can to show off your style! People will restecpa you then ;P