Karlsson
Central Defender
First Mortgage NE. Absolutely fantastic service and all for free as well
Yep I’ve used First for the last 10 years. Always spot on!
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First Mortgage NE. Absolutely fantastic service and all for free as well
Don't use a broker. I made that mistake. They are only there to make commission. Total rip off merchants. All of them.Can anyone recommend a decent one in the Sunderland/Durham area?
Don't use a broker. I made that mistake. They are only there to make commission. Total rip off merchants. All of them.
L&C got me a 1.59% 5year fix when I best I could find myself was 1.89%. It was fee free so why not?
Can anyone recommend a decent one in the Sunderland/Durham area?
I’ll try and some balance to this discussion working in the industry. Like all industries you will get some good and some bad at what they do.
A good mortgage broker/financial adviser can save you thousands over the period of a five year deal. Some will charge a fee some won’t. It depends on their business model, L&C advisers for example are employees, others mentioned on this thread will be self employed with different costs to their business.
Let me correct some of the myths from this thread to help you decide if you want to use one.
@42 is very clued up on financial matters as he’s commented on other financial threads such as ISA’s and pension threads. He states if it’s a small mortgage probably not worth it. He’s right, low mortgage with a short term, saving .025% isn’t going to break the bank on your monthly payment. In addition to this, it’s a lot of work for an adviser for the fee he would receive from then lender. He therefore would probably have to charge you a fee if he was self employed unlike L&C who would probably do it without a fee.
Now onto ‘commission’ or what is called a procuration fee. Some on here have stated that the broker will put you with the one who pays the most commission. In my experience 98% of the lenders in the market pay the same 0.4% fee to the networks. Adverse lenders who take more risk due to a clients credit file tend to pay 0.5%. From the initial conversation with the broker/adviser, they should be able to tell you if they need to charge a fee or not based on the procuration fee they’ll receive.
Now onto that recommended deal, residential mortgages are regulated by the FCA. If an adviser is not recommending one at the top of the research table, they need to justify why not. It could be the lenders underwriting is poor and you need a quick offer, it could be that it doesn’t fit affordability despite the research table showing it does. The first point of the recommendation is to start at the cheapest and work down if it doesn’t fit.
Exclusive deals, as the like of L&C and other large networks who advisers work through, put so much volume of business to the lenders, they do get exclusive deals you sometimes can’t see or access. This again can be a huge saving.
There are a number of reasons to use a broker or financial adviser for your mortgage. Every lender underwrites differently and the amount you can borrow can vary hugely from one lender to another. It’s not just about the headline rate.
Every client I deal with is either a repeat existing client or recommended to me from an existing client. I don’t pay for introductions or advertising, no need to, busy enough.
Find a good one who your mates or family have used and are happy to recommend. I love this place for the knowledge everyone shares but it is like shouting your question out loud in the pub. There’ll be varying experiences.
A previous poster on here Shirleyshammel left the site because of the crap he got from people who thought they knew better than him who was a regulated financial adviser. This was typically from one man having a bad experience with an adviser years ago.
Good luck!
Let’s not get started on solicitors! Have dealt with most in Sunderland and usually decent. I’m not going to name names but there are a couple who are shocking.I was recommended a broker off some dude on here. Took over 6 month for the mortgage to come through. They told me to use a certain solicitor who were absolutely useless.
Tried to rip me off on house insurance. Just go on a comparison site and do it yourself. It's not worth the risk.
Never used one since I got suckered into an endowment mortgage as a young un. DIY ever sinceApart from when they mess it up or recommend/push an unsuitable product which is what happened to me
Was there a product fee with that mortgage?
On the topic of mortgages...howcome rates are currently (in some cases) lower than the bank of england base rate? I didnt realise that was possible
On the topic of mortgages...howcome rates are currently (in some cases) lower than the bank of england base rate? I didnt realise that was possible
yea, the usual £999 that I was getting when I searched myself, so no difference there.