CMME Fees

[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

[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]

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?

[northernladuk]

Makes no difference when or how you do it.

[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

[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.

[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.

[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...

[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.

[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.