Jump to content

Recommendations for Mortgage Broker


LV0210

Recommended Posts

  • 1 month later...

Can someone be kind enough to explain to me (ignorant but in need of a remortgage)


1) what's the point of getting a broker rather than looking round myself?

2) do they charge you or have some deal with the mortgage provider where they get a finder's fee?

1) If you have the time to do the leg work to shop around yourself, then why not ......... but if for any reason you may not have the pick of the whole market (ie. bad credit history, trouble proving your employment history/salary, certain types of property are difficult to mortgage, other mortgages/commitments), then a decent mortgage advisor/broker can narrow down the lenders you can deal with, saving time, effort, unnecessary credit checks and potentially paying wasted 'fees' only to find out that you don't fit their qualifying criteria.


2) Some charge you (a set fee), others receive a fee from the mortgage company = 'finders fee', or it can be a combination of both. Some people prefer to pay the set fee themselves, on the assumption they'd get a truly unbiased recommendation, but either way, the advisor/broker should be upfront about how they get their fee from the very beginning.

I used to wonder about this too, until I used a broker for the first time last year (Elliot Webb, who I have recommended above) Further to tllm2's post, I also thought I would have access to the whole market for a new BTL mortgage on my rental flat because I don't have bad credit etc, but in fact Elliot was able to get me an amazing deal with Santander which wasn't available on the open market and which frankly saved me a fortune. I don't know how all this works, or why only brokers get access to certain products, but I was most impressed, not least because (as I recall) for that product his fee was paid by Santander, not me! In other cases (pensions/ISAs) Elliot has a flat fee, but it is all very transparent. Good luck.


monkeyspanner Wrote:

-------------------------------------------------------

> Can someone be kind enough to explain to me

> (ignorant but in need of a remortgage)

>

> 1) what's the point of getting a broker rather

> than looking round myself?

> 2) do they charge you or have some deal with the

> mortgage provider where they get a finder's fee?

Archived

This topic is now archived and is closed to further replies.

  • Latest Discussions

    • I'd actually go the whole hog and do a fondue, we all remember them fondly from parties in the last century or trips to Switzerland.  As long as it is cheese, not chocolate, urghhh
    • Gosh, that all sounds so familiar!  Southwark are constantly holding up their Outdoor Events Policy as proof of process, but then constantly allow exceptions when things aren't quite done correctly. Point in case, Gala's licence application - extract from the Consultation Findings Report - "The GALA team formally submitted their application to hold GALA 2025 to the council on the 7 October 2024. It is usually a requirement that applications for larger scale events are submitted with a minimum of 9 months to process them, but discretion can be applied if there are mitigating circumstances. 8.4 of the Outdoor Events Policy clarifies that processing applications received outside the stated lead-in times is at the Council's discretion. In this case: • The council were aware that Assembled Gala were preparing an application for the event to take place in 2025 in advance of their submission date, with operational discussions already taking place • GALA festival has been taking place in Peckham Rye Park since 2018 – less time is needed regarding event planning than if it were a new event • The GALA team already have a Premises Licence in place for this event (this is a pre- requisite for the Event Licence to be issued), so no time needed to be factored in for a premises licence application and decision-making process" So despite the fact that there would need to be major planning decisions due to the change of site access, they didn't think Gala needed to adhere to the same rules as everyone else? Makes me wonder what other rules they are exempted from... On a similar note, has anyone received a Resident Communication letter, containing the contact details for issues? We haven't, and we live directly opposite the site on Colyton Rd. They were supposedly distributed on 29/4...
    • We find that just adding your own favourites is the best way - everyone likes different things and your guests will likely be happy enough
    • Sue, if you put on a Dog mask, I'm.sure Bob will say "nice bit of wensleydale Grommit?" to you at the drinks 
Home
Events
Sign In

Sign In



Or sign in with one of these services

Search
×
    Search In
×
×
  • Create New...