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Mortgage Broker Charges

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    #11
    Originally posted by LondonPM1 View Post
    The broker should not charge - They get .3% as a procuration fee - Try LondonAndCountry mortgages

    As explained above, this does not happen with independent mortgage advisors. They do not get paid a commission by the lenders as this can be seen as a way of preventing them providing independent advice, instead choosing to offer the mortgages that give them the biggest commission.
    Therefore, any advisor that gets paid a % is not truly independent and should be avoided.
    …Maybe we ain’t that young anymore

    Comment


      #12
      Originally posted by WTFH View Post
      As explained above, this does not happen with independent mortgage advisors. They do not get paid a commission by the lenders as this can be seen as a way of preventing them providing independent advice, instead choosing to offer the mortgages that give them the biggest commission.
      Therefore, any advisor that gets paid a % is not truly independent and should be avoided.

      All of them including freelancer financials and contractormortgages do get the procuration fee -

      Nothing is free in life indeed - Some people are happy with a small slice of cake and others want a fatter share of the cake for the same work

      Try LandC or even moneybackmortgages - Same mortgage advise service

      Comment


        #13
        Originally posted by LondonPM1 View Post
        All of them including freelancer financials and contractormortgages do get the procuration fee -

        Nothing is free in life indeed - Some people are happy with a small slice of cake and others want a fatter share of the cake for the same work
        Garbage. Plenty of advisors do not take kickbacks.

        I did not say they did it for free, I said they did not get a % kickback from lenders.
        And therein lies the problem - you won't get impartial advice from someone receiving a kickback.
        You'll get the advice that earns them the most money.

        So, if you want impartial mortgage advice, choose a broker who doesn't take kickbacks.
        …Maybe we ain’t that young anymore

        Comment


          #14
          Originally posted by WTFH View Post
          Garbage. Plenty of advisors do not take kickbacks.

          I did not say they did it for free, I said they did not get a % kickback from lenders.
          And therein lies the problem - you won't get impartial advice from someone receiving a kickback.
          You'll get the advice that earns them the most money.

          So, if you want impartial mortgage advice, choose a broker who doesn't take kickbacks.
          Give me one broker who does not take a procuration fee - Most IFAs dont want to do mortgages but rather want to sell you life insurance - Thats where the real commissions are

          Comment


            #15
            Originally posted by WTFH View Post
            Garbage. Plenty of advisors do not take kickbacks.

            I did not say they did it for free, I said they did not get a % kickback from lenders.
            And therein lies the problem - you won't get impartial advice from someone receiving a kickback.
            You'll get the advice that earns them the most money.

            So, if you want impartial mortgage advice, choose a broker who doesn't take kickbacks.
            They aren't kickbacks (which implies something below-board)? It is a fee earned for services rendered and the amounts are fully disclosed to the client, before proceeding. The savings that a Mortgage Advisor makes for a client exceeds this amount, or else the advice would be to "stay where you are". The £295 procuration fee covers this advice.
            I was an IPSE Consultative Council Member, until the BoD abolished it. I am not an IPSE Member, since they have no longer have any relevance to me, as an IT Contractor. Read my lips...I recommend QDOS for ALL your Insurance requirements (Contact me for a referral code).

            Comment


              #16
              Originally posted by LondonPM1 View Post
              Give me one broker who does not take a procuration fee - Most IFAs dont want to do mortgages but rather want to sell you life insurance - Thats where the real commissions are
              Just tick the boxes down the side for "Fee" and "Fixed fee":
              Top 20 Independent Mortgage Advisers & Brokers in SW1A | Mortgage Advice | unbiased.co.uk

              There's a list of a few that do not get a % commission from the lender, but are independent advisors
              …Maybe we ain’t that young anymore

              Comment


                #17
                Originally posted by WTFH View Post
                Just tick the boxes down the side for "Fee" and "Fixed fee":
                Top 20 Independent Mortgage Advisers & Brokers in SW1A | Mortgage Advice | unbiased.co.uk

                There's a list of a few that do not get a % commission from the lender, but are independent advisors
                I am telling you that you are mistaken - Have you done any mortgages before?

                Please provide ONE name of a mortgage broker who charges a fee and who does not get a procuration fee - I want to call them to find out where the procuration fee goes !!

                Comment


                  #18
                  Originally posted by LondonPM1 View Post
                  I am telling you that you are mistaken - Have you done any mortgages before?

                  Please provide ONE name of a mortgage broker who charges a fee and who does not get a procuration fee - I want to call them to find out where the procuration fee goes !!

                  I've just provided you with a list.

                  Here's a bit more for you to explain how mortgages work these days.
                  Mortgage Advisor Fees
                  or here:
                  Guide to financial adviser fees - Money Advice Service

                  My last mortgage was taken out in 2009. The fee was £250. The advisor received no payment from the lender (as was clearly laid out in the factsheet).
                  I would need to check back to the mortgage I got in 1995, I believe that back then the advisor got a % commission (or "procuration fee" or whatever term you choose to use)
                  …Maybe we ain’t that young anymore

                  Comment


                    #19
                    Originally posted by WTFH View Post
                    Garbage. Plenty of advisors do not take kickbacks.
                    And therein lies the problem - you won't get impartial advice from someone receiving a kickback.
                    You'll get the advice that earns them the most money.

                    So, if you want impartial mortgage advice, choose a broker who doesn't take kickbacks.
                    I don't care how much money they make, as long as I get a good mortgage deal (easy to check these days) and it's free for me. No reason to pay for something you can get for free.

                    Comment


                      #20
                      Originally posted by zonkkk View Post
                      I don't care how much money they make, as long as I get a good mortgage deal (easy to check these days) and it's free for me. No reason to pay for something you can get for free.

                      It's "free" for you, because you're not seeing it as a single payment, instead it's a sum added on to the mortgage repayment.

                      These guys are not charities, they are in a job to make money.
                      Some do it by getting money from the lender, some by getting money from the client, and some from both.
                      …Maybe we ain’t that young anymore

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