No fee independent mortgage advisors - recommedations pls

[Aqua 10]

I had an appointment with my independent mortgage advisor last week for a remortgage, and they are now charging a fee, which I'm not impressed with. Can anyone recommend one that covers whole of market mortgages that doesn't charge a fee?

 

Thanks,

Aqua

[TheTwirler 10]

It really depends what your looking for. Are you looking for a Broker because you don't understand the Mortgage Markets, or because your too lazy to do the searching yourself?

 

Genuine question before anyone starts..

[Aqua 10]

No I'm not too lazy to search myself. I don't fully understand mortgages, interest rates etc. and prefer to trust a professional to help with my remortgaging. Thanks for your extremely constructive reply.

[Heyesey 11]

I don't think you'll find one who is both independent, and non-charging. How's he make his money? Independent means he doesn't get commission on his sales, so if he doesn't charge you either, he's working for free.

[Aqua 10]

The one I've just used was non charging previously and I've used them twice before. They got their commission from the mortgage provider once it completed. Also, they have recently done a mortgage for my friends daughter and they didn't charge her a fee, so it seems they charge as and when they feel like it.

[carltoncdx 10]

Have a look for IMG mortgages.

Based at Totley.

Paul Moss is the guy to speak to.

Sorry not got a number.

[TheTwirler 10]

I'm a mortgage consultant, thats why I asked.

 

I did say it was a serious question. I was intending to explain it all for you, but you don't seem to appreciate the help..

[Heyesey 11]

The one I've just used was non charging previously and I've used them twice before. They got their commission from the mortgage provider once it completed.

 

 

So they aren't independent. They're on commission.

[Kronos47 10]

Hi have an IFA called John Shaw, great references and straight as a die.

Respond if you want his Details.

Al

[SHsheff 10]

So they aren't independent. They're on commission.

 

Just because they are on commission, it doesn't necessarily follow that they are not independent - the chap I use charges me a fee and is also paid by the lender. Everything is transparent, and I get to choose the best package for my circumstances taking everything into account: the interest rate, LTV, term of deal, exit fees, valuation fee, lender's fee, and broker fee etc.

 

The commission that the lender pays the broker doesn't (directly) come out of my pocket so is fairly immaterial to me. Nobody works for nothing, and you always have the choice of applying direct to lenders yourself. Personally, I've found that using a broker gives access to deals that aren't available direct to the public, and also saves me a whole load of hassle.

[TheTwirler 10]

Just because they are on commission, it doesn't necessarily follow that they are not independent - the chap I use charges me a fee and is also paid by the lender. Everything is transparent, and I get to choose the best package for my circumstances taking everything into account: the interest rate, LTV, term of deal, exit fees, valuation fee, lender's fee, and broker fee etc.

 

The commission that the lender pays the broker doesn't (directly) come out of my pocket so is fairly immaterial to me. Nobody works for nothing, and you always have the choice of applying direct to lenders yourself. Personally, I've found that using a broker gives access to deals that aren't available direct to the public, and also saves me a whole load of hassle.

 

 

This is correct, however it does not always lean in favour of the Broker, so its always worth having a scan on the Internet before you sign upto anything, just to see if there are any similar (but lower) rates available direct.

[jinnertomcat 10]

I don't think you'll find one who is both independent, and non-charging. How's he make his money? Independent means he doesn't get commission on his sales, so if he doesn't charge you either, he's working for free.

 

No it does not mean that at all. Independent in relation to mortgage advisors means that they are not tied to one particular lender and can search the whole market for the best deal for their client.

 

Advisers can be tied (only offer products from one lender), multi-tied (deal with a small number of lenders), independant for mortgages (no ties for mortgages but tries for other financial services such as insurance) or whole of maket independent (no ties at all to anyone for mortgages or other financial services)

 

My MA is independant for mortgages - he searches the whole market and comes up with the best option and receives a commission from the lender - but is tied to Legal and General for Insurance.